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R Kelly Faces Foreclosure On $2.9 Million Chicago Mansion

Grammy winning singer R. Kelly is facing a $2.9 million foreclosure on his Chicago-area mansion.

Chicago Real Estate Daily reports that J.P. Morgan Chase Bank has filed a complaint in court that the singer and songwriter has failed to make monthly mortgage payments since June 2010 on the property on Maros Lane.

The appraised value of the home fell 26%, to $3.8 million, in 2010, compared to $5.2 million in 2009, according to an Assessor estimate. The property is now said to be worth less than the debt owed on it.

The R&B singer's spokesman, Allan Mayer, declined to comment about the foreclosure but insists his client isn't in financial trouble.

There has been speculation that Kelly stopped making the payments in an attempt to force the bank to renegotiate the loan but it didn't work.

The two-story house sits on a 3.7-acre site. It includes six full bathrooms, seven half-baths and a four-car garage.

July 13, 2011 |

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