Gucci Mane has lost $270,000 in a suit filed by jewelry company A&A Diamonds, based out of Georgia.
According to TMZ, the company filed the lawsuit earlier this year on grounds that it loaned him a $130,000 diamond pinky ring and a diamond necklace and bracelet that totaled $110,000.
The rapper had 15 days to return the jewelry or pay for them, and instead of ignoring both options, he handed over only $40,000.
A&A sued for the cost of jewelry plus interest and attorney’s fees, amounting to $274,523.34. Since Gucci didn’t show up in court for the hearing, the court placed a default judgment against him in April, while a lien was placed on his property.
HipHopDX will keep you updated as more information comes to light.