R. Kelly Faces $2.9 Million Foreclosure on Chicago Mansion
It looks like even R. Kelly isn't immune to the downward economy. The Grammy-winning R&B singer is reportedly facing a $2.9 million foreclosure on his 11,140-square-foot Chicago mansion.
According to Crain's Chicago Business, JPMorgan Chase Bank filed the foreclosure lawsuit last month in Cook County Circuit Court, stating that Kelly has failed to make his monthly mortgage payments since June 2010.
The 'Number One Hit' singer's suburban home in Olympia Field, Ill. was appraised at $3.8 million last year, while his original 1999 loan was for $3.5 million. The principal on Kelly's loan is reportedly more than $2.9 million.
The R&B star's spokesman, Allan Mayer, declined to comment about the foreclosure, but insists that Kelly is not in financial trouble. His latest release, 'Love Letter,' peaked at No. 2 on the Billboard R&B/Hip-Hop Albums chart, and Mayer says his recent tour with Keyshia Cole and Marsha Ambrosius was successful.
According to Business Insider, Kelly is unlikely to lose his home. Celebrities may be irresponsible with their money, using it to buy material items instead of paying down their mortgage, but in Kelly's case, chances are he has or will find the funds to cover any outstanding payments.
Listen to R. Kelly, 'Number One Hit'