R Kelly won’t have a closet anymore to film the rest of his “trapper In the Closet” Chapters, since his Chicago mansion has been auctioned off this week after the bank foreclosed the compound.
TMZ has reported that the singer bought the house in 1997, and took out a $3.5 million mortgage to fund it, and since 2011 it’s been under legal wrangling because Kelly had not made mortgage payments in over a year. It has been reported that Kelly had stopped making payments in order to get the bank to work with him on a loan modification.
JP Morgan has purchased the home for a mere $950,000 and once the purchase is official the bank can them have the police evict Kelly from the property. My question is how the heck can a multi-platinum singer that has grossed over $38 million dollars have his own home foreclosed?
This is not the first time Kelly has made headlines because of his financial woes. Back in 2010 TMZ reported that the R&B singer owed a whopping $4.85 million in unpaid taxes, because from 2005-2010 he failed to pay a dime to the IRS. Despite the fact that the 46-year-old pied piper owes money to the IRS and has been foreclosed on by the bank his spokesman Allan Mayer had stated that Kelly is not having any financial problems. I tell you this much—From this foreclosure and owing the IRS he definitely has BAD CREDIT!
Here’s a throwback video for all of you!
What do you think about R Kelley losing his mansion? Let us know!!!
