July 13, 2011 07:42:02 GMT
In a complaint filed in Cook County Circuit Court, J.P. Morgan Chase Bank claim the 'I Believe I Can Fly' hitmaker had not made a monthly payment on the property since June 2010.
Grammy-winning singer R. Kelly may lose his multimillion-dollar home in Chicago. According to Crain's Chicago Business, the "I Believe I Can Fly" hitmaker is facing a $2.9-million foreclosure suit after J. P. Morgan Chase Bank N.A. filed a complaint in Cook County Circuit Court back in June.
In the complaint, J. P. Morgan stated that the 44-year-old singer has failed to make monthly mortgage payments on his Olympia Fields mansion since June 2010. Meanwhile, Crain's reported that the home's appraisal value dropped 26% in a year from $5.2 million in 2009 to $3.8 million in 2010.
According to the complaint, the original loan issued in 1999 was for $3.5 million. Currently, the principal balance on the loan was more than $2.9 million. It does not include unpaid interest, which accrues at a rate of $251 per day, and other charges.
Allan Mayer, a spokesman for Kelly, declined to comment about the foreclosure. Nonetheless, he did insist to The Associated Press that the R&B singer, who was acquitted on child pornography charges in 2008, is not in financial trouble.