Is R.Kelly’s Chicago Mansion in Foreclosure Trouble?
R.Kelly Grammy award winner R. Kelly is facing a foreclosure lawsuit on his Olympia Fields, Illinois mansion. This is brought about after Kelly missed more than a year of mortgage payments.
R.Kelly
Grammy award winner R. Kelly is facing a foreclosure lawsuit on his Olympia Fields, Illinois mansion. This is brought about after Kelly missed more than a year of mortgage payments.
According to Crain’s Chicago, Chase Bank filed the lawsuit against Kelly last month in the Cook County Circuit Court.
Apparently the 11,140-square-foot home’s appraised value fell 26 percent in a year to $3.8 million in 2010 as compared to its 2009 value of $5.2 million. A person reportedly close to Kelly told Crain’s the singer had stopped making payments on the mortgage in order to force the bank to renegotiate the loan.
R.Kelly’s Olympia Fields’ home
The R&B singer, born Robert Sylvester Kelly has not lived in the home for more than a year and faces debts on the property. Reports say that the principal due is more than $2.9 million.
A spokesman for Kelly, Allan Mayer, refused to comment about the foreclosure but he did say that R. Kelly is NOT in financial trouble.
Source: AP
Imported from the original WordPress story.
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