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Gucci Mane Losing Over $270K In Jewelry Lawsuit

Jun 02, 2012 | 11:30 AM    Written By: Michael Hughes
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Gucci Mane Losing Over $270K In Jewelry Lawsuit

You've got to be extremely responsible when it comes to returning very expensive pieces of jewelry. Sadly for Gucci Mane, he was not. Now he's paying the price, plus interest.

Earlier this year the jewelry company Rafaello & Co., based out of NYC, loaned Gucci Mane some very expensive bling with only one condition: either return the items in 15 days, or pay for them.  Seems pretty simple, right?

Well, for some reason Gucci didn't return them within the 15 day period, nor did he pay for the total price of the merchandise. Rafaello & Co. loaned him a diamond pinky ring worth $130,000, along with a diamond necklace and bracelet that combined came out to be worth an additional $110,000. The grand total of these three diamond pieces would have been $240,000. Instead of paying the total price after he neglected to return them on time, he only coughed up $40,000, falling short by $200,000.

As you can imagine, the jeweler was upset and sought legal action against the rapper.  They filed a lawsuit, suing Gucci for the cost of the jewelry plus interest and attorney's fees, which came out to a total of $274,523.34!  

Now, had Gucci shown up to his court hearing he probably could have fought to have this hefty sum deducted a bit, but since he neglected to show up in court, the judge decided to place a default judgement against him in April, making it mandatory that he pay the entire $274,523.34 fee.  A lien has also been placed on his property as well.

Just think, if only he had returned the jewelry on time, he wouldn't have to deal with this stress.

Source: TMZ

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