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 newsone.com, 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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