Lil Wayne Settles Jewelry Suit, May Have Income Tax Troubles

ginnane · 08-13-2008, 01:13 PM

Quote:

Lil Wayne has just settled a lawsuit over some allegedly unpaid pieces of jewelry, but now troubles with the IRS may be brewing.

As previously reported by Yo! Raps, Jack Sutton, a New Orleans jeweler, took Lil Wayne to court claiming the rapper only paid him $24,000 for a $138,000 diamond ring and a $32,000 gold and diamond necklace in 2006.

According to reports, Sutton claimed Wayne told him that he would be making monthly payments on the jewels but failed to make good on their arrangement or return emails.

Ron Sweeney, Wayne's lawyer, told The Miami Herald that the case had been settled and both parties had come to an agreement. Sutton is expected to get his money sometime this week and it is said that Wayne may be returning the $138,000 ring.

"We reached a settlement," Sweeney said. "Everybody's happy."

All seemed well until Wayne's income tax payments were questioned.

Wayne apparently owes $977,840.81 in income tax according to a notice of federal tax lien filed with Miami-Dade County.

Wayne moved to Miami after Hurricane Katrina devastated his hometown of New Orleans.

According to Sweeney though, Wayne has paid the taxes he owed but The Herald is insisting a release of lien has not been recorded with the county.

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