May 23 (Bloomberg) -- Robert F.X. Sillerman, chief executive officer of CKX Inc. and owner of the “American Idol” brand, owes a $21.4 million on a loan, Credit Suisse Group AG said in a court filing in New York.

Credit Suisse’s Cayman Island’s branch filed the request for summary judgment in lieu of a complaint in New York State Supreme Court in Manhattan. Credit Suisse was acting as the agent on behalf of the holders of the loan.

The bank, Switzerland’s second-largest, alleges that Sillerman has failed to pay the outstanding balance due under a credit agreement with Flag Luxury Properties LLC, in Anguilla, British West Indies, and that Sillerman has defaulted on a series of payments due since April 2008.

“Defendant is obligated to pay $21,400,000 to Credit Suisse,” the bank said in court papers filed May 21, adding later, “the demand on the defendant was refused.”

Subsequent payments that became due also remain unpaid, the bank said in court papers. Sillerman also has failed to make the required principal payments due since June 2008, the bank alleged. The outstanding principal due under the first-lien credit agreement is $137.2 million, Credit Suisse said in court papers.

‘Entertainment-Themed’ Projects

Flag Luxury is described in company releases as an “affiliate” of FX Real Estate and Entertainment Inc., a company chaired by Sillerman and formed in 2007, “to engage in the development and ownership of entertainment-themed real estate projects.”

Flag announced a deal to operate what it described as an “exclusive ultra-luxury hotel and residences” in 2008 on the island of Anguilla, British West Indies. The property was named the Baccarat Hotel and Residences at Temenos, Anguilla.

CKX, based in New York, also owns the rights to the names and images of Muhammad Ali and Elvis Presley, as well as Presley’s Graceland mansion.

Ed Tagliaferri, an outside spokesman for Sillerman, didn’t return a voicemail message left at his office seeking comment yesterday.

Duncan King, a Credit Suisse spokesman, declined to comment on the bank’s legal action. Rick Matthews, a spokesman for Flag, didn’t return a voicemail message seeking comment after regular business hours yesterday.

The case is Credit Suisse, Cayman Islands Branch v. Robert F.X. Sillerman, 601595/2009, New York State Supreme Court (Manhattan).

To contact the reporter on this story: Patricia Hurtado in New York federal court at pathurtado@bloomberg.net.

Last Updated: May 23, 2009 00:01 EDT