R. Kelly facing foreclosure on mansion home
Grammy-winning singer R. Kelly faces a $2.9m (€2.06m) foreclosure on his suburban Chicago mansion.
Crain’s Chicago Business reported that JPMorgan Chase Bank filed the foreclosure lawsuit last month in Cook County Circuit Court.
The complaint states that Kelly has not made monthly mortgage payments since June of last year.
Crain’s reports the Olympia Field home’s appraised value fell 26% in a year, to $3.8m (€2.7m) in 2010.
The original 1999 loan was for $3.5m (€2.5m). The principal due is more than $2.9m (€2.06m).
