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Ollen Bruton Smith claims in Nevada district court that he guaranteed a $3.75 million bank loan to Mr. Las Vegas so the singer could refinance his debt. According to the complaint, the loan was secured on a 38-acre property in Las Vegas and a $2 million private jet, both owned by Newton.
Smith, owner and CEO of Nascar track parent Speedway Motorsports and one of the top billionaires in the world, according to Forbes, says he’s been unable to collect repayment from Newton, who has failed to “sell personal assets to pay off” the defaulted loan.
Newton has been hounded in court by others in recent years, including by a former employee who operated that above-mentioned jet for him and tried to have the singer’s wages garnished. The troubles led MGM to act as an intervener in court before booking the singer to perform — and also led Newton to abandon the now infamous jet at a Michigan airport.
And yes, even the airport went after him for $60,000 for having to move the jet.
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