R. Kelly Losing Mansion To Foreclosure
Even though he has a successful new album with “Love Letter”, and his recent tours across cities in the US have been pretty much sold out, there is trouble on the homefront. One of R. Kelly‘s homes is in default and going under foreclosure.
Via Access Atlanta:
A Crain’s Chicago Business publication reports that JPMorgan Chase Bank filed the foreclosure lawsuit last month in Cook County Circuit Court. The complaint states that Kelly hasn’t made monthly mortgage payments since June of last year.
Crain’s reports the Olympia Field home’s appraised value fell 26 percent in a year, to $3.8 million in 2010. The original 1999 loan was for $3.5 million
The principal due is more than $2.9 million.
The R&B superstar’s spokesman Allan Mayer declines to comment on the foreclosure. But he tells The Associated Press that Kelly isn’t having financial trouble.
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