Bank moves to foreclose on R Kelly’s Chicago mansion

2011-07-13 11:03

Chicago – Grammy-award winning singer-songwriter R Kelly has failed to make mortgage payments on his multimillion-dollar Chicago-area home for more than a year and may lose the property to lenders, court documents show.

In a foreclosure action filed in June in Cook County Circuit Court, JP Morgan Chase Bank said that the singer, whose full name is Robert S Kelly, had not made a monthly payment on the home in Olympia Fields in south suburban Chicago since June 2010.

The suit said the current principal balance on the loan was more than $2.9 million (R20 million), not including unpaid interest, which accrues at a rate of $251 a day.

The original loan issued in 1999 was for $3.5 million, according to the lawsuit, and the monthly payments were $24 345.12.

The property has a number of liens on it, according to the lawsuit, including nearly $2 million from the Department of the Treasury.

The 44-year-old R&B star, who won three Grammy awards in 1998 for his song I Believe I Can Fly, is no stranger to controversy. In 2008 a jury acquitted him of child pornography charges.

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