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The well-known rapper and host of MTV’s Pimp My Ride is a hair’s breadth away from filing for bankruptcy – for the third time since 2009. According to The Detroit News, Alvin Joiner owes $959,523 in unpaid federal taxes.
Xzibit stated very clearly that the cancellation of the MTV show and the foreclosure of his home in Woodland Hills, California, are the main causes of his financial decline.
He may even be right, as his yearly income plummeted from $497,175 in 2007 to a meagre $67,510 one year later, once Pimp My Ride was off the air.
His two previous attempts at filing for bankruptcy were denied for various reasons. Despite his tribulations, he listed assets totalling $739,433 (mainly houses in California and New Mexico) as of July 2009. However, his liabilities totalled 1.4 million.
If you’re a fan of Xzibit, you were probably wondering why he didn’t release a Christmas album or collaborate with Justin Bieber, but don’t be surprised if you see a “Best of” album popping up in record stores in the not so distant future…
Source: The Detroit News