R. Kelly is facing foreclosure on his 11,140-square-foot Olympia Fields home in Chicago, Illinois after failing to pay more than a year of mortgage payments.
The Pied Piper was slapped with a $2.9-million foreclosure lawsuit after holding back on payments to force the bank to renegotiate the loan on the property.
According to Crain’s Chicago, the home is based on a 3.7-acre lot and constructed 11 years ago. The mansion’s value has decreased 26 percent since its construction, falling from $5.2 million in 2009 to $3.8 million. Kellz hasn’t lived on the property in a year, and faces debts that are most likely more than its current value.
HipHopDX will keep you updated.
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He just cancelled his show in rva
if he didnt piss all on them girls, he wouldn’t of had to pay all those extra millions, coulda kept that house, and pissed in the toilet.
You sound stupid.
yea he coulda ordered up grown women instead, it mabye woulda cost him hundreds, but not millions
IMMA PISS ON YOU!
damn, kellz. Nigga just cant catch a break. Lawsuits, foreclosures, attorney fees, paying off this woman or that woman. Hope he’s raking in some loot with this tour he’s on, cuz he’s knocking on going bankrupt!
Actually…Kellz is doing the right thing.
He lost hella value for his crib. It’s only worth 3.8 M now and he owes 2.9 M on it. So figuring when he pays the 2.9 M he owes, he’s gonna be throwing away cash doing that cause the value will drop probably another .5 M very quick.
Truthfully… I don’t know why in the hell this house isn’t paid off when the nigga built it 11 years ago. That’s the part that REALLY doesn’t make any sense. It’s not like you didn’t have the funds. I’m sorta guessing that this might be more of a tax bill and not an actual mortgage. Matter fact, who wrote this article…
(checks author of said article)
(sees it’s steven horowitz)
(shakes my head)
Well…that’s that. Someone get me J-23, Jeff Paine, or even a gatdamn chimp cause this dude is infamous for being an information fuckup. Now I’m quite sure this is over a tax bill and nothing else.
(shaking my head)
Just another lesson if life: Don’t have sex with underage bitches and then piss on them.
“The Pied Piper was slapped with a $2.9-million foreclosure lawsuit after holding back on payments to force the bank to renegotiate the loan on the property.
According to Crain’s Chicago, the home is based on a 3.7-acre lot and constructed 11 years ago. The mansion’s value has decreased 26 percent since its construction, falling from $5.2 million in 2009 to $3.8 million. Kellz hasn’t lived on the property in a year, and faces debts that are most likely more than its current value.”
And maybe I shouldn’t even get into this, because most of viewers here are young and know nothing about owning a home or foreclosure, but this is a strategic move. He’s not living there, so he’s letting the bank take the loss/risk. Many people are doing this now, the interest rates were way too high in the first place.
You shutt your fat stupid fucking know it all mouth up. Before i slam you
LMAO!!!
help get jbird signed and he will give 5% of al record sells to keep R kelly rich and peein on all the bitchs
http://soundcloud.com/this-j-bird-bitch
Dis the mofuckin jbird BIOTCH
Karma.
he has the money i just think hes not trying to lose any but wat ever lol ah jus pay them lol
Got yo ass.
“HIPHOPDX WILL KEEP YOU UPDATED”
Sounds great, i appreciate that, because the first thing i will think of every morning when i awake is did r kelly lose his fucking house yet? what? hiphopdx didnt update us yet? fuck my job, fuck my life, i cant go on living until i read the latest update from hiphopdx