R. Kelly Facing Foreclosure: What Happened to his Money?

Filed in Gather Celeb News Channel by on July 13, 2011 0 Comments

R. Kelly is facing foreclosure and it’s not looking good! Kelly, 44, apparently stopped paying for his home in Chicago. Now, Chase wants the R & B singer to pay it $2.9 million or his home goes bye-bye!

File:R. Kelly mug shot.jpgWhen something like this happens to a celebrity, the one question people ask is, “What happened to his money?” R. Kelly is an award-winning singer with hits like “I Believe I can Fly.” He won a Grammy, so naturally people will think he is Mr. Moneybags.

Sadly, the reality is that R. Kelly probably has the money but decided he didn’t want to continue paying for the property since it may not have been worth it. According to reports, the Olympia Fields mansion was worth $5.2 million in 2009 but dropped down to only $3.8 million in 2010. What a huge blow to R. Kelly! Perhaps, a foreclosure is not such a bad idea when a property has lost that much value!

In June, J. P. Morgan Chase Bank N.A. filed a complaint in Cook County Circuit Court charging that R. Kelly failed to pay the monthly mortgage for his home since June of 2010! Either the singer has a really forgetful bookkeeper or he’s trying to get out of Dodge and forget about the mansion!

So far, a spokesperson for Kelly continues to defend the singer and says he is not in “financial” trouble. Readers, share your thoughts. Do you believe R. Kelly is financially stable but just M.I.A. when it came to mortgage payments?

2011 ©Sophie s. Benvenuti

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