TMZ has reported that the singer bought the house in 1997, and took out a $3.5 million mortgage to fund it, and since 2011 it’s been under legal wrangling because Kelly had not made mortgage payments in over a year. It has been reported that Kelly had stopped making payments in order to get the bank to work with him on a loan modification.
JP Morgan has purchased the home for a mere $950,000 and once the purchase is official the bank can them have the police evict Kelly from the property. My question is how the heck can a multi-platinum singer that has grossed over $38 million dollars have his own home foreclosed?
This is not the first time Kelly has made headlines because of his financial woes. Back in 2010 TMZ reported that the R&B singer owed a whopping $4.85 million in unpaid taxes, because from 2005-2010 he failed to pay a dime to the IRS. Despite the fact that the 46-year-old pied piper owes money to the IRS and has been foreclosed on by the bank his spokesman Allan Mayer had stated that Kelly is not having any financial problems. I tell you this much—From this foreclosure and owing the IRS he definitely has BAD CREDIT!
Here’s a throwback video for all of you!
What do you think about R Kelley losing his mansion? Let us know!!!