Well, that depends on who you ask.
Kelly has failed to make mortgage payments on his multimillion-dollar suburban Chicago home and now may lose the property to lenders, court documents show. In a foreclosure action filed in Cook County Circuit Court last month, J.P. Morgan Chase Bank N.A. claims that the singer had not made a monthly payment on his 11,000-square-foot home in Olympia Fields since June 2010. The current principal balance on the loan was more than $2.9 million, not including unpaid interest, which accrues at rate of $251 a day. The “Love Letter” singer stopped making payments on the mortgage in an attempt to force the bank to negotiate a modification of the loan, according to sources. Kelly hasn’t lived in the home for more than a year and currently resides in his hometown of Chicago.
The two-story house, constructed 11 years ago by Kelly, sits behind a gate on a 3.7-acre site. It features six full bathrooms, seven half-baths and a four-car garage, according to the Cook County Assessor’s website. The original loan issued in 1999 was for $3.5 million, according to the lawsuit, and the monthly payments were $24,345.12. The property has a number of liens on it, according to the lawsuit, including nearly $2 million from the Department of the Treasury.
Allan Mayer, spokesperson for the R&B Man, declined to comment about the foreclosure. He tells The Associated Press, however, that Kelly isn’t in financial trouble.
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