March 28, 2017  

R. Kelly Facing Foreclosure on Multimillion-Dollar Chicago Mansion

July 13, 2011 (7:42 am) GMT
In a complaint filed in Cook County Circuit Court, J.P. Morgan Chase Bank claim the 'I Believe I Can Fly' hitmaker had not made a monthly payment on the property since June 2010.
R. Kelly

Grammy-winning singer may lose his multimillion-dollar home in Chicago. According to Crain's Chicago Business, the "I Believe I Can Fly" hitmaker is facing a $2.9-million foreclosure suit after J. P. Morgan Chase Bank N.A. filed a complaint in Cook County Circuit Court back in June.

In the complaint, J. P. Morgan stated that the 44-year-old singer has failed to make monthly mortgage payments on his Olympia Fields mansion since June 2010. Meanwhile, Crain's reported that the home's appraisal value dropped 26% in a year from $5.2 million in 2009 to $3.8 million in 2010.

According to the complaint, the original loan issued in 1999 was for $3.5 million. Currently, the principal balance on the loan was more than $2.9 million. It does not include unpaid interest, which accrues at a rate of $251 per day, and other charges.

Allan Mayer, a spokesman for Kelly, declined to comment about the foreclosure. Nonetheless, he did insist to The Associated Press that the R&B singer, who was acquitted on child pornography charges in 2008, is not in financial trouble.

TODAY'S HEADLINES

  1. Drake Reportedly Has 'Weed Overdose'
  2. Kanye West 'Would Love to Have More Kids' With Kim Kardashian
  3. Justin Bieber Facing Arrest in Brazil Over Graffiti Case
  4. Peter Parker Wants to Be Like Iron Man in New 'Spider-Man Homecoming' Trailer
  5. Kris Jenner and Corey Gamble Break Up
  6. Cuba Gooding Jr. Generates Online Outrage After Lifting Up Sarah Paulson's Skirt at PaleyFest
  7. New Footage of 'Blade Runner 2049' Is Screened at CinemaCon
  8. Nina Agdal Flaunts Her Enviable Figure in Skimpy Bikinis for New Swimwear Campaign