Rapper/actor Common may need to put out an album quick as it seems that his cash flow is running low this according to Bank of America who has filed suit against the Chicago-born artist and his manager, accusing them of failing to make monthly payments since March on a Near South Side condo. The suit said they owe $345,389.52.
The suit names Common by his real name, Lonnie Lynn, and manager Derek Dudley. The condo is at 100 E. 14th St. in a building known as 1400 Museum Park.
A publicist for Common said in an emailed statement, “The Chicago property is not being foreclosed on. They have reached an agreement to sell the property to an individual with a closing date set for early August. Bank of America is aware of this fact.”
Records show Lynn and Dudley paid $402,000 for the condo in June 2008 and financed the deal with a mortgage of $361,511.
Two years ago, Common listed the two-bedroom, two-bath condo for rent, asking $2,500 per month. No word yet on how this matter will be resolved.