Singer of “I Believe I Can Fly” Brought Down by Foreclosure

Award-winning R&B artist R. Kelly is facing a $2.9 million foreclosure suit on his mansion in Olympia Fields.

The music artist has not made a payment on his mortgage since June 2010 according to a complaint filed by J.P. Morgan Chase Bank N.A. in Cook County Circuit Court. The bank filed the lawsuit in June 2011.

The mansion is a two-story house on a 3.7-acre site. Included in the home are six full bathrooms, seven half-baths and a four garage, as listed by the Cook County Assessor’s website.

Mr. Kelly constructed the 11,140-square-foot home in 2000, but has not lived there for over a year according to an individual familiar with his movements. The source said that payments were stopped in an attempt to force the bank to negotiate a modification of the loan.

At issue is the current appraisal amount on the home. The mansion appraised for $5.2 million in 2009, but fell 26% to $3.8 million in 2010. The home is now worth less than the debt, according to the source.

The current principal amount due is over $2.9 million. Not included in the debt is unpaid interest, which is accruing at the rate of $251 a day, and various related charges from the bank.

Benjamin Brand Services – Chicago foreclosure attorney

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