Bank Files Foreclosure on R. Kelly's Mansion

R&B singer may lose his multimillion dollar home in suburban Chicago

July 13, 2011 9:00 AM ET
 Bank forecloses R Kelly mansion
R. Kelly
David Livingston/Getty Images

R. Kelly may lose his multimillion-dollar mansion in the suburbs of Chicago after failing to make mortgage payments for more than a year. J.P. Morgan Chase Bank N.A. has filed a foreclosure action against the R&B king, claiming that he had not made a monthly payment on his Olympia Fields, Illinois home since last June.

Photos: R. Kelly Live at Radio City Music Hall

The suit states that the current principal balance on his loan is more than $2.9 million, not including unpaid interest, which accrues at a rate of $251 a day. The singer's original loan was issued in 1999 for $3.5 million, with monthly payments of $24,345.12.

On top of all that, the property has a number of liens on it, including nearly $2 million from the Department of Treasury.

Photos: Cee Lo, Erykah Badu, R. Kelly, Ne-yo, Bruno Mars and more from the 2010 Soul Train Awards

It is notable that Kelly's original loan came at the tail end of the record industry's boom years, and just after the singer released his most commercially successful album R., which has been certified platinum eight times over in the United States. Though the singer is still a best-selling artist, his most recent album Love Letter has thus far only been certified gold since its release in December.

To read the new issue of Rolling Stone online, plus the entire RS archive: Click Here

Music Main Next

blog comments powered by Disqus
Around the Web
Powered By ZergNet
Daily Newsletter

Get the latest RS news in your inbox.

Sign up to receive the Rolling Stone newsletter and special offers from RS and its
marketing partners.


We may use your e-mail address to send you the newsletter and offers that may interest you, on behalf of Rolling Stone and its partners. For more information please read our Privacy Policy.

Song Stories

“Long Walk Home”

Bruce Springsteen | 2007

When the subject of this mournful song returns home, he hardly recognizes his town. Springsteen told Rolling Stone the alienation the man feels is a metaphor for life in a politically altered post-9/11 America. “Who would have ever thought we’d live in a country without habeas corpus?” he said. “That’s Orwellian. That’s what political hysteria is about and how effective it is. I felt it in myself. You get frightened for your family, for your home. And you realize how countries can move way off course, very far from democratic ideals.”

More Song Stories entries »