December 04, 2016  

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.

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. Mantis Reveals Star-Lord's Deep Dark Secret in 'Guardians of the Galaxy 2' New Trailer
  2. Watch: Rita Ora Drops Her Top in Raunchy Love Advent Video
  3. Britney Spears Gets Surprise Birthday Cake on Stage at 2016 Jingle Ball
  4. Granger Smith Broke His Rips and Punctured His Lung After Falling From Stage
  5. Madonna Wants to Remarry Sean Penn for $150,000 at Miami's Art Basel
  6. Chris Evans Feels 'Rage' Over 'Last Tango in Paris' Real Rape Scene
  7. Mariah Carey Not Too Keen on Comparison Between Her Alter Ego Bianca and Beyonce's Sasha Fierce
  8. Mark Wahlberg Criticizes Fellow Celebs Who Talk About Politics