R. Kelly's Illinois Mansion Facing Forclosure

 

R. Kelly is on the verge of losing one of his cribs according to Crain's.

The singer's mansion in Olympia Fields, Illinois is facing a $2.9 million forclosure. Kels hasn't made a payment on the home since June 2010, according to J. P. Morgan Chase Bank N.A., who filed the motion last month in Cook County Circuit Court.

According to the report Kelly was trying to get the loan modified because the home's value has plummeted due to a steep decline in residential property values.

 

The 11,140-square-foot property was appraised for $5.2 million in 2009, but is now worth less than the debt.

 

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Tags: Facing, Forclosure, Illinois, Kelly's, Mansion, R.

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Comment by NSIMA on July 14, 2011 at 11:41am
KELLY YOUR PROPERTY STILL BELONG TO YOU BUT BE HOPEFUL.
Comment by japhala on July 14, 2011 at 10:17am
Kels should quit the music biz an become a Bishop! Bishop Kelly! how does that sound!
Comment by Infamou$Hill on July 14, 2011 at 9:28am
Yeah, the housing crisis is still hitting people in the face.
Comment by Kashane on July 14, 2011 at 9:16am
Damn you poverty reterds! Type in Debt Equity vs Value into Google and then use your brain to figure out why he hasn't made a payment since June 2010. He ain't broke not the way you want him to be anyway.
Comment by URKILLER on July 14, 2011 at 7:28am
If R.Kelly broke then all these n***** out here sayin they got money lyin like a muthafucka!
Comment by Coogie'YO,OnlyIfYouLanguishTruth on July 14, 2011 at 6:28am
He in it for the business not for the love of living in that house (as if he aint got no place to stay).

When your losing money plus intrest on property that will never get back to it's original estimated value, you should just slowly lego. Cause taking money to the bank got a different meaning when u actualy dealing with the bank. Ya'll... I mean We all need to holla at the Rothschild's
Comment by Danielle on July 14, 2011 at 5:48am
just when you think certain ppl money is long...its not or mayb he be tricken it on these young girls. idk....its only one of the houses not the main one....he'll be ok..
Comment by Tony balance on July 14, 2011 at 1:32am
dude aint broke...nigg just dont wanna pay the s***
Comment by big visu87 on July 13, 2011 at 8:55pm
i guess he aint got not closet to get trapped in no mo lmao
Comment by miniman01 on July 13, 2011 at 8:43pm
lolollol niggazzz are broke É
broke a** n******

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