Dr. Dre, whose real name is Andre Young, is being sued for $1,220,500 by Paramount Recording Studios for allegedly breaching a contract. The production company claims that Young failed to pay his bill for using the studio facilities. The seven-figure lawsuit was filed in Los Angeles Superior Court Friday.
Dr. Dre's record company, Aftermath Entertainment, rented the studio from April through June 2010 and failed to make payments, according to Paramount Record Studios.
Aftermath Entertainment has used Paramount Studios for about 10 years. Dr. Dre allegedly agreed to settle the payments by July 13, but Paramount claims he failed to do so, thus leading to the million dollar-plus lawsuit. Dr. Dre was working on his long-delayed "Detox" album.
He also owns Beats by Dr. Dre headphones, a popular consumer electronics imprint. As one commenter on SoundSlam put it, "you would think with the amount of money he's making with these expensive headphones, he'd pay his bills." Either that or he turned the grooves up so loud, he can't hear the creditors knocking.
In 2008, 'Forbes' magazine estimated Dr. Dre's net worth at $15 million.
What is Short Selling?
Make a profit when stocks prices fall.View Course »