LOS ANGELES (LALATE) – The R Kelly mansion (photos below) is heading to foreclosure. R Kelly’s house might have mortgage problems but the songwriter doesn’t have money troubles, says his rep to news today. When news of the foreclosure hit yesterday in Crain’s Chicago Business report, the singer’s spokesman, Allan Mayer refused comment. But Mayer said that his client doesn’t have money troubles.

The R Kelly mansion is located on Maros Lane in Olympia Fields, reports a J. P. Morgan Chase Bank N.A. foreclosure lawsuit. R Kelly hasn’t made payments on the mansion’s mortgage since June of last year claims the complaint. This is the second lawsuit against the singer revealed this month. In June he was sued by his former manager.

The mansion boosts nearly twelve thousand square feet, is only about a ten years old, sits on nearly four acres, and was appraised a $5.2 million in 2009. Now its value has fallen to $3.8 million; the mansion is worth less than the debt against it. R Kelly took a loan for the house in 1999 for $3.5 million and has $2.9 million in principal still owed.

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The mansion features six bathrooms, seven baths, and a four car garage. The J. P. Morgan Chase Bank suit seeks $2.9 million.
His former management firm Prospect Park LLC is also suing him for $1 million in Los Angeles.

Below is local news video of the foreclosure.

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LOS ANGELES (LALATE) – Aaron Spelling Mansion (photos below), inherited by Candy Spelling, has been sold to Petra Ecclestone. The Aaron Spelling Mansion listing price was $150 million. The estate sold for $85 million to Ecclestone, daughter of Formula One head Bernie Ecclestone (net worth $4 billion). When listed the Spelling mansion made news as the most expensive residence on the market for $150 million. But at $85 million, this sale did not make celebrity real estate history. The biggest sale this year, rather, was the Yuri Milner (Digital Sky Technologies) purchase of the house owned by Fred Chan (ESS Technology) in March.

After putting her mansion on the market, Spelling made news by buying a two floor condo in Century City recently at $45 million. When built, the Spelling mansion broke records as the largest home in Los Angeles County – a French chateau-style mansion spanning 56,500 square feet of space on a 4.6 acre lot abutting the Los Angeles Country Club.

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As news of Spelling sale came in, photographers were chasing daughter Tori Spelling. In an attempt to get away, Spelling said she took down a section of the school’s wall. “[The] paparazzi chased me w/the kids 2school. I was trying to get away from him and had a pretty big accident. Took down whole wall of school.”

But the biggest residential home sale ever was in March this year. Yuri Milner’s price of $100 million made news as the highest amount ever paid for a single family residence in the U.S., claimed news reports in March of this year. The Fred Chan house (photo HERE) is located in Los Altos Hills near Silicon Valley. Chan founded ESS Technology which makes audio and video equipment. Milner’s Digital Sky Technologies is a fund that has multiple Silicon Valley investments including a $200 million purchase of Facebook stocks two years ago.

In comparison, Ron Baron paid $103 million for a residence in East Hampton, N.Y. But the Baron purchase wasn’t for a “home”. It included forty acres of residential vacant land with no single family residence on the property.

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LOS ANGELES (LALATE) – Mark Zuckerberg’s new $7 million mansion (photos below) near Facebook headquarters is turning Palo Alto heads today. Mark Zuckerberg purchased a $7 million mansion in recent weeks in an affluent section of town boasting well manicured lawns, reports local news. Today, real estate and technology news is discussing the home for a man the Winklevoss twins once called “the poorest rich person I’ve ever seen in my life.”

Zuckerberg has moved twice in one year. In January he was in a rented home. Within days, one website posted his street address. Days later, Zuckerberg had an uninvited guest and need to get a restraining order.

Today San Jose’s Mercury News published details about the house, but not the address. But the paper did publish unique property details that could lead any real estate news site to conclude the listing. Within hours, two websites did exactly that.

The Mercury News said the home boasts at least five thousand square feet, five bedrooms, five full baths. But the unique discerning features included a music alcove, a saltwater pool, a glass in sunroom, and an approximate $7 million listing price.

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The paper said “This newspaper is not printing the address because of concerns for the privacy of the sellers, who still live there, and Zuckerberg”.

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Within hours, two real estate websites re-published MLS real estate photos of the believed home. Ironically, the two websites disagreed about the listing. But one listing, boasting the salt water pool in the foreground, is believed the correct property. It was listed for $7 million, boasts the correct number of baths and bedrooms and square footage.

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LOS ANGELES (LALATE) – The Yuri Milner (Digital Sky Technologies) purchase of the house owned by Fred Chan (ESS Technology) has set a record. Yuri Milner’s price of $100 million is the highest amount ever paid for a single family residence in the U.S., says reports today.

Of note, Ron Baron paid $103 million for a residence in East Hampton, N.Y., but that was 40 acres of vacant land with no single family residence on the property. The Fred Chan house is located in Los Altos Hills near Silicon Valley. It boasts a 25,500 home.

Who were the sellers and buyers? Chan founded ESS Technology which makes audio and video equipment. The Chans will carry at $50 million note on the house. The house was reportedly not publicly listed for sale. In addition to this home, the Chans are trying to also sell a 5.4 acre mansion on Oahu for $80 million.

Milner’s Digital Sky Technologies is a fund that has multiple Silicon Valley investments including a $200 million purchase of Facebook stocks two years ago.

Neither Milner nor Chan has commented about the transaction.

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NEW YORK (LALATE) – Albemarle House is heading to a foreclosure auction February 16 reports local news. Albemarle House for Patricia Kluge, the ex-wife of the late John Kluge, is the latest in a series of troubled assets. But for a property as important as Albemarle House, the glory of a legendary property may have finally come to an end.

Albemarle House had no buyers in 2009 when Kluge put it on the market. At a price tag of $100 million, buyers just weren’t interested, even though the seller boasted the property as “one of the most important” homes in American, not just today, but “since the Golden Age”.

What was Kluge to do?

News reports claim that buyers didn’t wish to pay a golden price tag for the eight bedroom, twenty-four thousand square foot mansion in Charlottesville, Virginia. So Kluge slashed the price to $48 million.

While the home (photo here) is near Monticello, buyers (and perhaps even tourists) still didn’t come. With a $23 million loan against the mansion, Kluge had to come up with another idea. News claim she next listed the home now for a “bargain” price of $24 million. A home that had drawn historians was now attracting  dire financial news.

The bank had enough. It’s set to sell it in a foreclosure auction February 16.

Kluge was once called “The Richest Brit in Virginia”. Now her Albemarle House is making news as the most discounted, mortgaged estate in Virginia.

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