R. Kelly Facing Foreclosure
R&B legend R. Kelly is, once again, in legal trouble after it was reported yesterday, June 12, that his Chicago mansion is now facing a $2.9 million foreclosure lawsuit after failing to pay his mortgage for more than a year.
According to Crain’s Chicago, J. P. Morgan Chase Bank N.A. filed a complaint against Kelly last month, claiming that the singer has failed to pay mortgage on his 11,140-square-foot Olympia Fields mansion since June 2010.
Constructed 11 years ago, the value of the Grammy-winning singer’s home, which sits on a 3.7 acre lot, has plummeted in recent years. In 2009, the home was appraised for $5.2 million but in its most recent appraisal, the home’s value dropped a staggering 26 percent to $3.8 million. It’s now assumed that Kelly faces debts on the home that exceed its current value.
According to a source close to Kelly, the Trapped In The Closet singer hasn’t lived in the home for more than a year and ceased making payments on the home in order to force the bank to renegotiate his loan.
In the complaint, the bank claims that they originally issued a $3.5 million dollar loan to Kelly in 1999. The current principal balance due is more than $2.9 million, not including unpaid interest.
This isn’t the first time Kelly has had financial issues with his Olympia Fields home. According to Curbed, Kelly was sued by the village in 2006 for keeping tour buses and dogs at the property. Kelly also was forced to tear down a guardhouse that was constructed without proper permits.
Just last month, Kelly was sued by his former manager Jeff Kwatinetz for breach of oral contract and fraud, claiming that the singer used his fees as hush money to pay off several parties accusing him of sexual misconduct. –nicholas robinson