Mary J. Blige
R&B singer, Mary J. Blige, is facing a personal financial
crisis. Three months ago, Blige was sued for $2,200,000 by Signature
Bank in New York for defaulting on a $2,000,000 loan. Months prior to
that incident, Blige was heavily criticized for misappropriating
charity money donated to create scholarships for students. Her charity
is currently under formal investigation. This week, Blige has been sued
over a $500,000 loan she has defaulted on as well.
Five-years ago, Blige purchased a large 8-bedroom, 18,000 square
foot mansion in Saddle River, New Jersey for $12,300,000.Blige had to
place her property up for sale three years after moving in, listing the
home at the inflated price of $17,000,000. She then dropped the asking
price to $13,900,000. However, Blige's home has been on the market for
2-years with no takers and it's due to the price.
Mary J. Blige's house in New Jersey
Blige bought the mansion at the end of the property boom in America
right before the financial crisis hit. Property values have since
decreased, creating a significant amount of negative equity in the
property. Her neighbors include Russell Simmons, Chris Rock, Beyonce
and Jay-Z. Like Blige, Beyonce and Jay-Z bought into the neighborhood
during the property boom and their property also suffers from negative
equity.
