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Bank Forecloses R. Kelly’s Multi-Million Chicago Mansion

 

The American R&B singer-songwriter R. Kelly made it to the headlines lately for the issue of foreclosure of his multi-million Chicago mansion. J.P. Morgan Chase Bank filed the foreclosure suit last month in Cook County Circuit Court alleging the Grammy Awards singer for a debt amounting to more than $2.9 million.

The mansion is 11,140-square-foot big which is located at 1 Maros Lane of the Maynegaite Woods subdivision. According to the Cook County Assessor’s office, the mansion has six full bathrooms, seven half-baths and two fireplaces, a four-car garage and an imposing iron fence. It was first owned by McDonald’s franchisee James and Bess Maros. The house was fully equipped with a McDonald’s-style fry station and was once called “McDonald’s Mansion” or “Maros Mansion.”

Kelly obtained the property for the amount of $1.5 million and demolished it to build a new home. Kelly then applied a loan in JP Morgan Chase Bank in 1999 and was granted with $3.5 million. The singer will then have a monthly payment of $24,345.12.

However, the singer failed to pay the mortgage for more than a year and his principal load also gained an interest of $251 a day.

Kelly’s spokesperson Allan Mayer didn’t give any comment of the foreclosure but rather insisted that the singer is not having financial trouble. He also added that his recent recent tour and 2010 album, “Love Letter” have been successful.

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