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.
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’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.