R. Kelly might want to send JP Morgan Chase Bank a love letter, because they have slapped him with a $2.9 Million foreclosure lawsuit. It's the unpaid amount he owns on his 11,140-square-foot Olympia Fields manison. Why purchase a house the size of a mall if you can't afford to live that sort of lifestyle?
Via Chicago Realestate Daily Grammy Award-winning R&B artist R. Kelly is facing a $2.9-million foreclosure suit on his Olympia Fields mansion, a vivid reminder of the steep decline in residential property values.
The singer-songwriter, whose full name is Robert S. Kelly, has failed to make monthly mortgage payments since June 2010 on the property on Maros Lane, according to a complaint filed by J. P. Morgan Chase Bank N.A. last month in Cook County Circuit Court.
The 11,140-square-foot home was constructed in the south suburb 11 years ago by Mr. Kelly, whose hits have included “I Believe I Can Fly,” “Bump N Grind” and “Ignition.”
The two-story house sits behind an imposing gate on a 3.7-acre site. The structure features six full bathrooms, seven half-baths and a four-car garage, according to the Cook County Assessor's website.
Mr. Kelly has not lived in the Maros Lane home for more than a year, according to a person familiar with his affairs. The singer stopped making payments on the mortgage in an attempt to force the bank to negotiate a modification of the loan, according to the source.
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 home is now worth less than the debt, the source said.
A spokesman for Mr. Kelly declined to comment. A spokeswoman for JPMorgan Chase declined to comment.
The original loan was issued in 1999 for $3.5 million, according to the complaint. The current principal balance due is more than $2.9 million, not including unpaid interest, which accrues at a rate of $251 per day, and other charges.
Moral of the story: Stop perpetrating!!!