Troubled R&B singer R.Kelly is facing foreclosure on his $2.7 million Chicago mansion, according to Access Atlanta.
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.
Kelly’s spokesman Allan Mayer declined to comment on the foreclosure. But he told the Associated Press that Kelly isn’t having any financial problems.
This might be one of those situations when a rich person walks away from properties that are worth much less than what they owe on it.
