James F. McDonough
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Mary J. Blige Faces Tax Lien on New Jersey Mansion
Author: James F. McDonough
Date: February 21, 2013
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Grammy winner and R&B artist Mary J. Blige is facing a host of financial issues that recently culminated in a $900,000 tax lien being placed on her home.
The state of New Jersey imposed the lien on Blige’s 18,250-square-foot mansion in Saddle River after Blige violated tax law by failing to pay back taxes. She bought the home with her husband in 2008 for the price of $12.5 million, and quickly ran into financial issues trying to make the annual $100,000 property tax payments. The French country-style home features an indoor movie theater, fitness center, gourmet kitchen and eight bedrooms, according to AOL Real Estate. The lien is not the only issue the top-selling artist is facing.
She is currently facing a lawsuit from Bank of America, which sued the singer after defaulting on a $500,000 loan. The bank said she took out the loan in 2005 and stopped making payments in 2012. In addition, Blige’s former landscaper is also suing the singer for $4,000 in back tax payments. In May 2012, the New York Post reported that Blige’s charity, which is designed to empower women, failed to file tax returns for the last several years, and is missing hundreds of thousands of dollars in donations. Further, the organization defaulted on a $250,000 loan from TD Bank.
“The problem is that I didn’t have the right people in the right places doing the right things,” Blige said of the charities problems, according to the Post.
In all, the singer and her husband are on the hook for more than $3 million in defaulted mortgages. In an effort to overcome these financial woes, Blige dropped the original $14 million asking price of her New Jersey home – which has been on the market since 2011 – to its valued $12.5 million.
- Practices: Tax and Trusts & Estates, Corporate Tax Planning
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