Crain's reports the Olympia Field home's appraised value fell 26 percent in a year, to $3.8 million in 2010. The original 1999 loan was for $3.5 million
The principal due is more than $2.9 million.
The R&B superstar's spokesman said Kelly isn't in financial trouble.
Mayer says the singer now lives in Chicago. Mayer says Kelly's recent tour and 2010 album, "Love Letter," have been successful.