CHICAGO—R Kelly is back on top these days – or so it seemed. The Grammy-Award winning R & B king’s recent tour and 2010 album “Love Letters” is a smash and it seems the public was forgiving him for that highly-publicized sex (child porn) scandal. But despite all that, some are reporting the star is in a bit of financial trouble.
Crain’s Chicago Business reports that JP Morgan Chase filed a foreclosure in the Cook County Circuit Court stating the singer hadn’t made a mortgage payment since June 2010 and owes more than $2.9 million in principal.
Not only that, but the home has reportedly lost value. Crain’s estimated the home’s appraisal value fell 26 percent in just one year. The original loan was taken out in 1999 for $3.5 million dollar.
Kelly’s sprawling Olympia Fields mansion is 11, 140 square feet and sits on 3.7 acres in Chicago’s south suburbs. The two-story house features six full bathrooms, seven half-baths and a four-car garage, according to the Cook County Assessor’s website.
That is not the only financial woes the singer is allegedly facing.
Crain’s Chicago Business said just last month, Kelly was with a $1-million lawsuit in Los Angeles by his former management firm, Prospect Park LLC.
The firm alleges that 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 the Los Angeles County Court.
Whatever’s going on with Kels, we wish him the best.