LOS ANGELES (LALATE) – The R Kelly mansion (photos below) is heading to foreclosure. R Kelly’s house might have mortgage problems but the songwriter doesn’t have money troubles, says his rep to news today. When news of the foreclosure hit yesterday in Crain’s Chicago Business report, the singer’s spokesman, Allan Mayer refused comment. But Mayer said that his client doesnâ€™t have money troubles.
The R Kelly mansion is located on Maros Lane in Olympia Fields, reports a J. P. Morgan Chase Bank N.A. foreclosure lawsuit. R Kelly hasnâ€™t made payments on the mansionâ€™s mortgage since June of last year claims the complaint. This is the second lawsuit against the singer revealed this month. In June he was sued by his former manager.
The mansion boosts nearly twelve thousand square feet, is only about a ten years old, sits on nearly four acres, and was appraised a $5.2 million in 2009. Now its value has fallen to $3.8 million; the mansion is worth less than the debt against it. R Kelly took a loan for the house in 1999 for $3.5 million and has $2.9 million in principal still owed.
The mansion features six bathrooms, seven baths, and a four car garage. The J. P. Morgan Chase Bank suit seeks $2.9 million.
His former management firm Prospect Park LLC is also suing him for $1 million in Los Angeles.
Below is local news video of the foreclosure.
Celeb Homes, R Kelly