R. Kelly is an incredible R&B Grammy award-winning artist known for everything from “I Believe I Can Fly,” which was featured in the hit movie Space Jam, to “Ignition (Remix).” However, as he faces foreclosure on his Chicago mansion he himself may be rehearsing the lyrics “If I Could Turn Back the Hands of Time.”
Kelly has reportedly avoided payments on this multimillion dollar mansion for over a year—a decision that may be catching up to him now. However, something just does not seem right about Kelly’s foreclosure—he is financially stable and just completed a very successful tour last year.
R. Kelly’s situation seems to mimic that of other celebrity situation. The news and popular real estate blogs are filled with information on celebrity foreclosures. However, these foreclosures even include the successful celebrities that continue to bring in a surplus of income due to high-profile tours and lead roles in popular films. Clearly, they are receiving enough income to pay their mortgage payments—aren’t they? Why, exactly, are these hot celebrities refusing to pay their mortgage? Simple: Because they can.
When it comes to celebrity foreclosures it appears to be one of two things. One: the celebrity is living outside of his or her means and banking on future success to successfully pay their mortgage payments. However, as they leave the spotlight they are struggling to make ends meet. Or two: instead of paying mortgage payments they splurge on new cars, luxury vacations, and other perks reserved for the rich and famous. In the first scenario these celebrities are like many other Americans facing foreclosure—they simply did not alter their lifestyles in time to account for the recession. In the latter situation, these celebrities are using the money to pay for other ego-centered desires—to have the newest and best of everything. The second category is exactly where R. Kelly resides.
In the end, many of the celebrities either come up with the money to pay off their delinquent mortgages (as is probably the case with Mr. R. Kelly), while others simply sell their homes capitalising on their fame and therefore appealing to their wealthy fans. R. Kelly may be facing foreclosure, but the chances of him actually losing his home to foreclosure are slim to none. Rest assured, R. Kelly has more than enough money to make his mortgage payments and is simply living the “new” lifestyle of the rich and famous.
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