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R. Kelly Facing Foreclosure On His Chicago, Illinois Mansion
posted Tuesday July 12, 2011 at 09:01AM PDT | 15 comments
Kellz is facing some problems with his south suburban abode.
R. Kelly is facing foreclosure on his 11,140-square-foot Olympia Fields home in Chicago, Illinois after failing to pay more than a year of mortgage payments.
The Pied Piper was slapped with a $2.9-million foreclosure lawsuit after holding back on payments to force the bank to renegotiate the loan on the property.
According to Crain’s Chicago, the home is based on a 3.7-acre lot and constructed 11 years ago. The mansion’s value has decreased 26 percent since its construction, falling from $5.2 million in 2009 to $3.8 million. Kellz hasn’t lived on the property in a year, and faces debts that are most likely more than its current value.