Queen of Soul Aretha Franklin’s $700,000 home in Detroit’s Bloomfield Hills is in danger of being foreclosed for a meager $445 worth of late fees and taxes that Franklin failed to pay in 2005 which ultimately amounted to back taxes worth $19,192 as of 2007. Franklin however said she will pay up before the March 31 deadline even as she blamed her lawyer for the non-payment of taxes.
The 65-year old Grammy-winning singer has been earning a lot so the non-payment of such a meagre tax amount came as a surprise to most people. The singer, who is known for her 60’s hit songs including “I Say A Little Prayer” and “Chain Of Fools”, has encountered problems with one of her properties when she failed to pay $225,618 worth of taxes in 1992.
Franklin’s dilemma is only a microscopic version of the bad state of Detroit’s housing market which topped the United States’ foreclosure rates in 2007. Experts however claim that this is just the start of an ever-worsening real estate market which can get even worse in 2009.