R. Kelly Reportedly Facing Foreclosure On Mansion

Singer's suburban Chicago home reportedly not worth the millions still owed on it.
By Gil Kaufman

R Kelly
Photo: WireImage

The foreclosure crisis has left millions of homeowners across the nation in danger of losing their homes, but would you believe that Grammy-winning singer R. Kelly is one of them?

According to Crain's Business Chicago, Kelly is facing a $2.9 million foreclosure lawsuit on his suburban Chicago mansion over claims that he has failed to make mortgage payments on the home since June 2010.

The suit was filed in Cook County Circuit Court last month by JPMorgan Chase Bank over the 11,140-square-foot home built by Kelly in the south suburb 11 years ago. Kelly has reportedly not lived in the home for more than a year and he is said to have stopped making payments on the mortgage in an attempt to force the bank to negotiate a loan modification on the 3.7-acre property, which has six full bathrooms, seven half bathrooms and a four-car garage.

The appraised value of the home fell 26 percent last year to $3.8 million, compared to $5.2 million in 2009, making it now worth less than the debt owed on it. The original loan issued for the home in 1999 was for $3.5 million and the current balance due is more than $2.9 million, not including unpaid interest, which is rolling up at a rate of $251 per day.

Kelly's spokesperson could not be reached for comment at press time. While he declined to comment on the foreclosure, he told The Associated Press on Tuesday that the "I Believe I Can Fly" singer is not in financial trouble.

The financial issues don't appear to have slowed Kels down any, as the singer showed support for his choice for MTV News' Song of the Summer recently when he jumped on a remix of Britney Spears' "Till the World Ends."

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• Robert Kelly

Source: http://www.mtv.com/news/articles/1667175/r-kelly-foreclosure-mansion.jhtml

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