Tuesday, July 12, 2011

R. Kelly Facing Foreclosure On His Chicago, Illinois Mansion

R. Kelly Facing Foreclosure On His Chicago, Illinois Mansion

Kellz is facing some problems with his south suburban abode.
R. Kelly is facing foreclosure on his 11,140-square-foot Olympia Fields home in Chicago, Illinois after failing to pay more than a year of mortgage payments.
The Pied Piper was slapped with a $2.9-million foreclosure lawsuit after holding back on payments to force the bank to renegotiate the loan on the property.
According to Crain’s Chicago, the home is based on a 3.7-acre lot and constructed 11 years ago. The mansion’s value has decreased 26 percent since its construction, falling from $5.2 million in 2009 to $3.8 million. Kellz hasn’t lived on the property in a year, and faces debts that are most likely more than its current value.
Street Noize will keep you updated.

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