Storch Waves Goodbye to His Waterfront Home

The former music producer for Britney Spears, 50 Cent and Mariah Carey continues his legendary fall from grace -- Scott Storch has lost his massive Miami Mansion.

SunTrust Bank took back ownership of the home Storch defaulted on last July, buying it back at an auction on Friday for $5.5 million.

The 10-bedroom, 16-bath home was valued at around $7 million.

The bank had been trying to foreclose on Storch for months, but couldn't because he had declared for bankruptcy (it was recently dismissed).