Lawyers have agreed to seek a buyer for Teddy Riley's Future Records Recording Studios as the former hit-making producer attempts to pay back some $1 million owed to creditors.
According to Pilotonline.com, on Friday, February 1st, 2008, lawyers representing creditors agreed to seek a buyer for Riley's studio in Thalia, Virginia.
Countless recording artists have recorded at the studio including Michael & Janet Jackson, Heavy D and Blackstreet among others. When it opened in 1991, it was a state-of-the-art studio that cost upwards of $3 million. However, its equipment and facilities are now outdated given current industry standards.
"I'm trying to save this iconic studio for the cultural heritage it represents," said lawyer Richard J. Conrod Sr. "It would be a shame for it to be mowed down or become anything but a recording studio."
Conrod said the studio is worth more as a going business than as real estate. If the studio is sold, Conrod said Riley told him last year that he "will use his influence to bring artists to Virginia Beach."
In 2002, Riley filed for Chapter 11 bankruptcy protection. This didn't stop his money troubles as he continued to encounter issues with the IRS and creditors.