R.Kelly Loses Home To Foreclosure
R. Kelly‘s sprawling Chicago mansion has been reclaimed by the bank after the singer skipped out on his mortgage payments. According to , Kelly’s Olympia Fields home was sold Monday to J.P. Morgan Chase, which already held the mortgage. Chase set the opening bid at $950,000, then submitted the only offer.
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Back in 2011, the bank slapped Kelly with a $2.9 million foreclosure lawsuit claiming the crooner hadn’t paid his monthly mortgage payments in more than a year. Kelly reportedly left the home in the village of Olympia Fields and stopped making payments to get the bank to work with him on a loan modification. Kelly originally took out a loan for $3.5 million to buy the home in 1999, according to JPMorgan’s lawsuit. The value of the home dropped fast after the housing crash hit: It sank from $5.2 million to $3.8 million within a year.
Sounds like someone needed to get out of the closet and pay his bills!
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