Business

How Yo Gotti almost lost his 15 houses because he didn’t know he had to pay property taxes

Mario Sentell Giden Mims, better known as Yo Gotti, is an American rapper who has been in the music industry for decades and got his breakthrough with his 2016 album, The Art of the Hustle, which reached No. 4 on the Billboard 200 album chart.

In a recent interview, his properties became the center of discussion over his inability to pay property taxes for years due to a lack of information. Speaking to “Earn Your Leisure,” he revealed that he was unaware he had to pay back taxes to the government.

He recalled viewing taxes as a celebration because he used to receive gifts from his mother around tax season. Little did he know that he was receiving these gifts because his mother had received a tax refund.

“I grew up thinking, when you heard of taxes, my mama and ’em got tax money. That’s when we got new Jordans. We got new outfits… It was a celebration when it was tax time,” he said. “We was waiting on tax time. It was better than Christmas. So, I didn’t know… even in my early stages of getting money, I didn’t know we had to pay. I didn’t know because of a lack of information; they didn’t teach me that in school,” AfroTech quoted him as saying.

He carried his lack of financial literacy into his business deals which nearly landed him in trouble. As a real estate investor, he recalled purchasing 10 to 15 homes with cash but later got a letter warning that his property could be confiscated.

“I was buying real estate early right, and I just happened to get a letter. They said like, ‘Yo, we’re gonna… seize your property if you don’t pay this,’ and I didn’t even know you had to pay property taxes on a house that you paid cash for,” he said.

“At this time, bro, I got 10, 15 houses I done paid cash for that I had for four, five years that I’d never paid a property tax on because I didn’t know. So, it just so happened that I get a letter in the mail telling me that… they’re going to seize the properties if I don’t pay these property taxes… So, I hit my lawyer, they weren’t even a tax lawyer… he was criminal lawyer… So I hit him like, ‘Yo, let me, I ain’t seen these papers.’ and he sent me to a tax lawyer and a CPA… and I sat down with them, and they they pretty much put me on game.”

Now he is working to ensure that his colleagues do not go through what he did. One way he is doing this is by advising his artists to hire a certified public accountant (CPA) while providing additional advice about financial literacy.

“One of the things I do, we make sure that first time we give you a dollar, we give you money, make sure you’re doing this, and we even advise certain things, ‘Make sure you get you a CPA,’” said Gotti, who is the founder and CEO of record label Collective Music Group. “I’m givin’ you the information, like, ‘Yo, you need this’ and ‘This why,’ and I’m giving them examples. ‘This is what happened to me. This what happens, so make sure this don’t happen to you.’”

The rapper, who never finished college, has built a massive empire worth $100 million, according to Forbes. In an interview, he revealed that he was inspired to pursue higher education by the way billionaire celebrity rapper Jay-Z has conducted himself over the years.

In the in-depth interview about his $100 million empire with Forbes in February, the 43-year-old musician disclosed that, since December 2023, he has been enrolled in classes at UCLA’s Anderson School of Management, focusing on corporate valuation as part of moves to grow his empire.

He said that along the way of his music career, he ventured into entrepreneurship. Yo Gotti’s empire now includes multiple businesses. One of his major businesses is the record label Collective Music Group (CMG). Under CMG, he oversees a roster of talented artists, including Moneybagg Yo, GloRilla, and BlocBoy JB.

The 43-year-old also owns the restaurant Prive, which is located in his hometown of Memphis, TN, and holds a minority stake in the Major League Soccer team, D.C. United.

In addition to his businesses, he also has a collection of luxurious properties. The rapper owns a 10,000-square-foot Tuscan-style mansion just north of Malibu. Also, he has an impressive watch collection that he claims is worth about $10 million and includes timepieces by Patek Philippe, Rolex, and Vacheron Constantin.

Abu Mubarik

Abu Mubarik is a journalist with years of experience in digital media. He loves football and tennis.

Recent Posts

Man told he wasn’t British after living in UK for 50 years granted indefinite leave to stay by Home Office

A retired shopkeeper, Nelson Shardey, who faced the threat of deportation despite residing in the…

12 hours ago

Khaby Lame is 2024’s most-followed TikToker, with another content creator following closely in 2nd position

Senegalese-Italian TikToker Khaby Lame is the most followed content creator on the platform in the…

12 hours ago

Meet the Nigerian artist transforming scrap metal into colorful sculptures

Dotun Popoola has become known as "Africa's Iron King" for his incredible sculptures that he…

14 hours ago

Woman allegedly used deceased man’s severed thumb to access his financial apps, only to use funds on booze

A woman allegedly used a deceased man's severed thumb to access his financial apps and…

17 hours ago

Giannis Antetokounmpo to make history as first Black athlete to carry Greece’s flag at the Olympics

Giannis Antetokounmpo, the celebrated Greek basketball player and two-time NBA MVP, is set to make…

17 hours ago

How Styles P is making waves in the health and wellness industry after opening hip-hop’s first health food store

Rapper Styles P is now in the health and wellness industry with over 20 projects…

17 hours ago

Woman told she can’t open her braid shop because there are too many similar shops: ‘I’m only here to survive’

Awa Diagne claims she was informed she couldn't open her shop because it is similar…

20 hours ago

The story of Lorenzo Johnson, who was wrongfully convicted and served 22 years in prison

Lorenzo Johnson was 22 years old when he was wrongfully convicted of the 1995 shooting…

21 hours ago

Meagan Good’s reaction when friends advised against her decision to date Jonathan Majors: ‘I trust God’

Meagan Good, an actress and model, has been transparent about her relationship with well-known actor…

22 hours ago

Man who was offered job interview after he changed the name on his resume sues

The Shinola Hotel in downtown Detroit is facing a discrimination lawsuit from a 27-year-old Black…

22 hours ago

74-year-old Ghanaian business mogul ties the knot with 24-year-old fiancee

Ghanaians on social media responded with mixed reactions after it was reported that a wealthy…

23 hours ago

The Jordan Brand, now led by a woman, is Nike’s best-performing division with $7B in revenue

At the peak of his career, Michael Jordan was the favorite of renowned brands, including…

1 day ago

Here is why Andre Iguodala rejected a $60M offer to accept a lower deal with the Golden State Warriors

Andre Iguodala joined the Golden State Warriors in 2013 with a four-year, $48 million contract,…

2 days ago

Hijab-wearing Moroccan activist wins first AI beauty pageant

Talk about the world of abstracts, and definitely, the competition to crown the maiden queen…

2 days ago

‘Khaby Is Coming To America’: How the TikToker got his own show featuring Alicia Keys, David Beckham, others

Media company Group Black and American multinational consumer goods corporation Procter & Gamble (P&G) have…

2 days ago