Singer R. Kelly Facing Foreclosure on Mansion
Although he has a Grammy under his belt and several No. 1 hits like “I Believe I Can Fly” and “Bump N’ Grind,” R&B singer R. Kelly’s home has been hit with a foreclosure suit.
The complaint states that Kelly owes $2.9 million on his 11-year-old mansion. The original loan was issued in 1999 for $3.5 million but due to dropping home values, Kelly’s custom home is now worth less than the amount he owes.
Sources quoted in the article say that the singer-songwriter hasn’t lived in the Chicago-area home for over a year and he has decided to move out and stop making payments in an effort to force his lender to make a loan modification. Essentially, he’s doing a strategic foreclosure.
Despite a pending foreclosure suit, Kelly is by no means in financial straits, a spokesman told the Associated Press.
As noted by Business Insider, celebrities commonly face foreclosure but are rarely evicted.
When it comes to celebrity foreclosures it appears to be one of two things. One: the celebrity is living outside of his or her means…Or two: instead of paying mortgage payments they splurge on…other perks reserved for the rich and famous.”
Kelly’s 11,140-square-foot mansion is located just over 30 miles outside Chicago’s city center. The 3.7-acre property is completely gated and includes a large circular driveway, pond and fountain and guest house on the property grounds.
This isn’t the first time the singer-songwriter has had legal issues. In 2008, he was acquitted on child pornography charges and last month, his former manager sued Kelly for “breach of oral contract and fraud.”
> See more celebrity foreclosures.