Mary J. Blige Facing Serious Money Troubles And Bank Lawsuits

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Mary J. Blige Facing Serious Money Troubles And Bank Lawsuits

February 9. 2013

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.