R. Kelly’s Million-Dollar Chicago Mansion Facing Foreclosure
There’s word that grammy-award winning singer-songwriter R Kelly hasn't made a mortgage payment on his multimillion-dollar Chicago-area home for more than one year and is on the verge of losing it.
According to Crain Chicago, a foreclosure action was filed in Cook County Circuit last month by JP Morgan Chase Bank NA. It said that the singer, whose full l name is Robert S. Kelly, has skipped payments on his home in Olympia Fields in south suburban Chicago since 2010.
The suit claims the current principal balance on the loan was more than $2.9 million and does not include interest, which is adding up at a rate of $251 a day.
The original loan issued in 1999 was for $3.5 million and the monthly payments were $24,000.