Cash-strapped music producer Scott Storch has lost his longrunning battle to save his Florida mansion from repossession.

The star hit the headlines earlier this year after he missed payments on his massive Miami, Florida home.

Storch defaulted on the 10-bedroom property last July, but staved off foreclosure after he was declared bankrupt.

The bankruptcy order has now been dismissed and the SunTrust Bank bought the property back at auction on Friday for $5.5 million - $1.5 million less than its estimated value, according to TMZ.com.

Storch, 35, who also fell behind with his child support payments, recently opened up about his financial worries, blaming his money situation on a drug habit that saw him blow his multi-million dollar fortune on cocaine.