R. Kelly could lose his 11,140-square-foot mansion in his native Chicago following a $2.9 million foreclosure suit filed by creditor JP Morgan Chase. The bank says Kelly has failed to make mortgage payments on the home since June of last year.
The R&B legend first bought the property in the upscale Olympia Fields neighborhood 11 years ago. As property values have declined, the home devalued from $5.2 million in 2009 to just $3.8 million in 2010.
Kelly received a loan for the home in 1999, and the debt he has since accrued is said to exceed the property's value. He has reportedly been seeking to renegotiate his payment terms. The Grammy Award-winning singer has not lived at the residence in over a year.
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