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