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
Picks From Around the Web
blog comments powered by Disqus