Wayne owes a Milli. Owes for jewelry too.

Lil Wayne was recently sued by Jack Sutton, a Louisiana diamond dealer who says Lil Weezy bought a diamond ring and a gold and diamond necklace in 2006, but has only made one payment since. Sutton sued Lil Wayne claiming Weezy only paid $24,000 of the $170,000 he owed for the two items.

A Miami-Dad Circuit Judge ruled and approved the order that will make Lil Wayne responsible for paying the bill stating “which sum shall bear interest at the rate of 11 percent a year.” Lil Wayne is expected to return the ring instead of paying the bill. Wayne's lawyer Ron Sweeny said “We reached a settlement,” finishing, “Everybody’s happy.”

In related news, it's reported that Lil Wayne owes nearly $1 million dollars to the IRS for an income tax issue. The Miami Herald obtained a federal tax lien notice saying Weezy owes $977,840.81, but Lil Wayne's lawyer says “it’s been paid” claiming the payment has yet to be recorded.