Trapped in the Closet Chapter 7 or 13?
Robert Sylvester Kelly, better known as R & B singer R. Kelly, is facing foreclosure on his home in Olympia Fields, Illinois. J.P. Morgan Chase Bank filed the $2.9 million foreclosure suit against R. Kelly last month. It appears that R. Kelly has not lived in the home since early last year. Kelly has not made any mortgage payments on the house since June 2010. The 11,140 square foot home is located near Chicago and was built in 2000. The home includes six full and seven half bathrooms, and a four stall garage.
Additional details include reports about Olympia Field home’s appraised value that fell 26% in a year, to $3.8 million in 2010. R Kelly’s original loan in 1999 was for $3.5 million, the principal due is more than $2.9 million.
The foreclosure suit is not the first of Kelly’s financial legal problems. His former manager reportedly sued him last month for $1 million in unpaid commissions.
