Reports say that R.Kelly is facing a $2.9 million foreclosure suit on his Olympia Fields, Illinois mansion. According to Chicago Real Estate Daily, the complaint filed by J.P. Morgan Chase Bank N.A. filed last month in Cook County Circuit Court said the singer has failed to make monthly mortgage payments since June 2010 on a property on Maros Lane.
The two story house sits on a 3.7 acre site. It features six full bathrooms, seven half-baths and a four car garage. A person familiar with his affairs said that Kells hasn’t lived in the home for over a year. The source said that the singer stopped making payments on the mortgage in an attempt to force the bank to negotiate a modification of the loan.
- The 11,140-square-foot home was constructed 11 years ago by the singer. The appraised value of the home fell 26%, to $3.8 million, in 2010, compared to $5.2 million in 2009. The source added that the home is now worth less than the debt, the source said.
