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R. Kelly Threatened With Foreclosure

Poor folk ain’t the ones feeling the strain of the recession.  Grammy-winning R&B singer R. Kelly has placed his 22,000-square-foot mansion in south suburban Olympia Fields on the market for $1.595 million.  The 44-year-old balladeer has allegedly failed to make monthly mortgage payments for more than a year.  So, basically he’s been threatened with foreclosure and as a result forced to put the home on the market.

R. Kelly's Olympia Fields Mansion-RealEstate.com
R. Kelly's Olympia Fields Mansion-RealEstate.com

During the summer, the mansion made the news for being the subject of a $2.9 million foreclosure lawsuit, with Kells — like a lot of homeowners in America — underwater with his mortgage, owing more than the property is worth … $3 million to be exact.  But don’t get it twisted — R-Ra is nowhere near broke.  R. Kelly’s net worth is estimated to be in the neighborhood of $150 million.  So, clearly has the funds to meet his loan obligations.

Nonetheless, R. Kelly has not remitted a monthly mortgage payment since June 2010, per a complaint filed by J.P. Morgan Chase Bank last month in Cook County Circuit Court.  So what’s the deal?  According to a report from Crain’s Chicago Business, Kelly “stopped making payments on the mortgage in an attempt to force the bank to negotiate a modification of the loan.”

Kelly Chi-Town Mansion-Chicago Tribune
Kelly Chi-Town Mansion-Chicago Tribune

Kelly’s 22,000-square-foot home sits on a private, wooded lot surrounded by a 12-foot high concrete and wrought-iron wall. The home includes celebrity-worthy amenities like a jungle-themed indoor pool, enormous kitchen, 6 bedrooms, 8 full bathrooms, private lake and movie theater room.

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