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R. Kelly faces foreclosure on Olympia fields home

This is a discussion on R. Kelly faces foreclosure on Olympia fields home within the R. Kelly News & Announcements forums, part of the R. Kelly Discussion category; (Crain's) — Grammy Award-winning R&B artist R. Kelly is facing a $2.9-million foreclosure suit on his Olympia Fields mansion, a ...

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    Default R. Kelly faces foreclosure on Olympia fields home

    (Crain's) — Grammy Award-winning R&B artist R. Kelly is facing a $2.9-million foreclosure suit on his Olympia Fields mansion, a vivid reminder of the steep decline in residential property values.

    The singer-songwriter, whose full name is Robert S. Kelly, has failed to make monthly mortgage payments since June 2010 on the property on Maros Lane, according to a complaint filed by J. P. Morgan Chase Bank N.A. last month in Cook County Circuit Court.

    Controversy continues to dog the singer, who was acquitted in 2008 on child pornography charges. Just last month, his former manager sued Mr. Kelly, alleging fees were withheld so that the singer could pay settlements of claims of alleged misconduct.
    Robert S. Kelly's 11,140-square-foot home is 11 years old.


    The 11,140-square-foot home was constructed in the south suburb 11 years ago by Mr. Kelly, whose hits have included “I Believe I Can Fly,” “Bump N Grind” and “Ignition.”

    The two-story house sits behind an imposing gate on a 3.7-acre site. The structure features six full bathrooms, seven half-baths and a four-car garage, according to the Cook County Assessor's website.

    Mr. Kelly has not lived in the Maros Lane home for more than a year, according to a person familiar with his affairs. The singer stopped making payments on the mortgage in an attempt to force the bank to negotiate a modification of the loan, according to the source.

    The appraised value of the home fell 26%, to $3.8 million, in 2010, compared to $5.2 million in 2009, according to an Assessor estimate. The home is now worth less than the debt, the source said.

    A spokesman for Mr. Kelly declined to comment. A spokeswoman for JPMorgan Chase declined to comment.

    The original loan was issued in 1999 for $3.5 million, according to the complaint. The current principal balance due is more than $2.9 million, not including unpaid interest, which accrues at a rate of $251 per day, and other charges.

    Mr. Kelly was indicted in 2002 in Cook County on counts of producing child pornography with a videotape that allegedly showed him having sex with an underage female. He was found not guilty three years ago. He faced similar charges in Polk County, Florida, in 2002, but the charges were later dropped.

    Last month, Mr. Kelly was hit with a $1-million lawsuit in Los Angeles by his former management firm, Prospect Park LLC. The firm alleges that Mr. Kelly withheld commissions because the money was “needed instead to ‘pay off' various individuals threatening to expose alleged illicit, embarrassing and unlawful conduct by Kelly, including sexual misconduct,” according to Prospect's complaint, which was filed in Los Angeles County Court.

    Mr. Kelly's 2010 album, “Love Letter,” currently ranks at No. 145 on the Billboard 200 list of top-selling albums and ranks 29 on Billboard's list of top R&B/hip-hop albums.




    Read more: R. Kelly faces foreclosure on south suburban home | Residential News | Crain's Chicago Business
    Stay up-to-date on Chicago real estate with our free, daily e-newsletter

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    "Mr. Kelly has not lived in the Maros Lane home for more than a year, according to a person familiar with his affairs."

    Where does he live now ? His studio is in his house right?

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    He also has a studio in downtown chicago...but yes he has a studio in his house as well...

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    He lives in a condo at the Trump tower in downtown Chicago. But why is this news? Anything to make the man look bad.

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    Is this for real? Wow. Not sure why his street address was needed. People release too much information. Get out of this man's private life. Smh.
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    Quote Originally Posted by halfonababyy09 View Post
    He lives in a condo at the Trump tower in downtown Chicago. But why is this news? Anything to make the man look bad.
    oh ok...i didn't knw that....i hope the media doesnt try to make it seem like he's broke or something...smdh...even Prince had a few houses in foreclosure, he just didnt feel like paying for them...

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    This has shocked me!!!!!

    At first anyway .....

    Now lets get this straight!

    R. Kelly isnt no "flash in the pan" type of artist ... he is 20 years deep making big hits here, there & everywhere for some of the biggest artists

    He isnt broke ... ok so he hasnt seen an endorsement for brand R Kelly since before 2001 but his music alone is his biggest & most powerful money maker & that has been filling his pockets for years!

    Him not paying his mortgage I feel must be based on advice he has been given rather than him not having the funds .... work it out for yourselves ... he has had a mortgage for nearly 12 years on a loan price of 3.5 million & STILL has 2.9 million PLUS interest .... that is absolutely ridiculous!!! the loan agreement is more like a loan shark than a mortgage company ... Kells is obviously trying to break the contract on purpose imo

    On Kells not living there for a year ... well he has been on the road alot ... Africa 2/3 times, Europe, US Tour most probably visiting his kids in ATL.
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    ^^That's what I think as well...if he didnt have money, how is he living, u knw...but ppl r stupid and don't think things through and believe every thing they read...like when the sentence said he wanted to renegotiate his contract, that let's me knw he wanted 2 play hard ball and i guess chase wasn't having it, i suppose...
    Last edited by LovelyLP; 07-12-2011 at 03:52 PM.

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    Quote Originally Posted by halfonababyy09 View Post
    He lives in a condo at the Trump tower in downtown Chicago. But why is this news? Anything to make the man look bad.

    ^^^^....Right!!!!! Leave this man alone...geshhhhhhh... Watch tomorrow it be all over the Radio... and in MD Wkys is famous for bashing my man....RIDICULOUS!!!!! smh
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    Yeah idiots are about to run wild with this story. People don't think or try to process information. This man isn't broke. Andy you made a really good point about his contract. The shit people are gonna start brewing is about to be reeeeeally annoying.
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