Is The Reverend Run Broke???

: Rumors have begun to circulate that Joseph “The Reverend Run” Simmons may be close to financial disaster.

Since his decision to stop touring, the Reverend has reportedly been living off of the money from his MTV reality show Run’s House and his savings. But a person familiar with the Reverend’s MTV deal told MediaTakeOut.com, “the money Run’s making from MTV definitely isn’t enough for a celebrity to live on.”

And Run may not have much money saved from his Run DMC days either. In 1993 the famous rap trio went bankrupt – telling a court that they went through nearly all of their money.

This hasn’t stopped Run from spending extravagantly. Shortly after his decision to stop touring, Run purchased a monstrous Saddle River mansion. Instead of moving into the palace, the rapper shelled out another $2M for renovations – which included adding an indoor basketball court and 24-karat gold crown molding. The Reverend also purchased a $325,000 Rolls Royce and a $30,000 diamond watch.

And in what many would consider to be excessive tithing, the Reverend admits to giving as much as 30-50% of his income to his church and charities. In one example of Run’s generosity, the rapper presented his minister, Bishop E. Bernard Jordan, with a $325,000 Rolls Royce Phantom (to match the one he owns).

All of the free spending seems to be taking its toll on the legendary rapper. In a move that many speculate was an effort to offset mounting expenses, Run put the family’s Saddle River mansion up for sale last fall. And the news only gets worse. A source tells MediaTakeOut.com that the Reverend has yet to find a buyer for the home, even though he’s reduced the asking price significantly.

But not everyone thinks that the Reverend Run is in trouble. One insider close to the Simmons family tells MediaTakeOut.com that Run is notoriously good with money. According to the insider, “I doubt he’s in any real trouble, and besides if he was having problem – he’d just go to Russell [Simmons].”

Representatives for the Reverend Run were not available for comment.

Developing…