The Celebrity: R. Kelly
When He Faced Foreclosure: March 2013
Why It Happened: Once upon a time, Kells' Chicago-area mansion was worth $5 million. But about three years ago, he stopped making payments on it and then attempted to sell it to avoid foreclosure. He didn't have any luck, though. So earlier this year, the bank bought his home back for less than $1 million during a foreclosure auction, meaning he lost $4 million because he had his home foreclosed. To make matters worse, he's still on the hook for $5 million that he owes to the IRS. This was a bad deal for him all around.