Singer fails to make mortgage payments on house
R Kelly may lose his multi-million dollar mansion in Chicago after failing to make mortgage payments for more than a year.
Rolling Stone reports that the singer’s bank JP Morgan Chase Bank has filed a foreclosure action against the singer. The bank claims that Kelly had not made a monthly payment on his Olympia Fields, Illinois home since last June.
The suit states that the current principal balance on his loan is more than $2.9 million (£1,817,000), not including unpaid interest, which accrues at a rate of $251 (£157) a day. The singer’s original loan was issued in 1999 for $3.5 million (£2,192,000) with monthly payments of $24,345.12 (£15,242).
On top of all that, the property has a number of liens on it, including nearly $2 million (£1,251,561) from the Department of Treasury.
The original loan followed Kelly‘s most commercially successful album 1998’s ‘R’, which was been certified platinum eight times over in the United States. However his most recent album 2010’s ‘Love Letter’ has so far only been certified gold in the US since its release in December.
The singer was also recently sued by his former manager Jeff Kwatinetz for over $1 million (£618,000).
Kwatinetz, said he played a major part in resurrecting the singer’s career, filed the suit in Los Angeles Superior Court yesterday afternoon (June 20), claiming that the singer agreed to pay 15 per cent him commission and failed to do so.