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Post Info TOPIC: R. Kelly's Chicago Mansion In Foreclosure


Born Again

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Posts: 850
Date: Jul 14 02:05:33 2011
R. Kelly's Chicago Mansion In Foreclosure


The US foreclosure crisis has apparently reached Grammy-winning R&B singer R. Kelly.  According to court documents, JPMorgan Chase has filed initial foreclosure paperwork on the singer's suburban Chicago mansion.  The vakue of the massive home reportedly fell 26 percent between 2009 and 2010, to $3.8 million, and the principal remaining on the loan is $2.9 million.  The original loan, taken out in 1999, was for $3.5 million, and the bank claims that Kelly hasn't made payments since last June.

 

R. Kelly has declined through a representative to comment on the foreclosure, but did say that he is not in financial trouble.  His spokesman says that Kelly is living in Chicago and that his 2010 album and tour were very successful.

 

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