CHICAGO (AP) — Grammy-winning singer R. Kelly faces a $2.9 million foreclosure on his suburban Chicago mansion.
A Crain’s Chicago Business publication reports that JPMorgan Chase Bank filed the foreclosure lawsuit last month in Cook County Circuit Court. The complaint states that Kelly hasn’t made monthly mortgage payments since June of last year.
Crain’s reports the Olympia Field home’s appraised value fell 26 percent in a year, to $3.8 million in 2010. The original 1999 loan was for $3.5 million
The principal due is more than $2.9 million.
The R&B superstar’s spokesman Allan Mayer declines to comment on the foreclosure. But he tells The Associated Press that Kelly isn’t having financial trouble.
Mayer says the singer now lives in Chicago. Mayer says Kelly’s recent tour and 2010 album, “Love Letter,” have been successful.
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Information from: CRAIN’S CHICAGO BUSINESS.
Copyright 2011 The Associated Press.
