Grammy award winner R. Kelly is facing a foreclosure lawsuit on his Olympia Fields, Illinois mansion. This is brought about after Kelly missed more than a year of mortgage payments.
According to Crain’s Chicago, Chase Bank filed the lawsuit against Kelly last month in the Cook County Circuit Court.
Apparently the 11,140-square-foot home’s appraised value fell 26 percent in a year to $3.8 million in 2010 as compared to its 2009 value of $5.2 million. A person reportedly close to Kelly told Crain’s the singer had stopped making payments on the mortgage in order to force the bank to renegotiate the loan.
The R&B singer, born Robert Sylvester Kelly has not lived in the home for more than a year and faces debts on the property. Reports say that the principal due is more than $2.9 million.
A spokesman for Kelly, Allan Mayer, refused to comment about the foreclosure but he did say that R. Kelly is NOT in financial trouble.
Source: AP