Sun-Times Says R. Kelly’s Chicago-Area Mansion Bought By Bank In Foreclosure Auction

    Comments:  | Leave A Comment

    R&B star R. Kelly’s Chicago-area mansion has been sold for $950,000 in a foreclosure auction.  The Chicago Sun-Times reports that Kelly’s Olympia Fields home was sold Monday to J.P. Morgan Chase, which already held the mortgage.   Chase set the opening bid at $950,000, then submitted the only offer.  The property once was valued at more than $5 million. Last year, Chase stated in court files that Kelly still owed about $3 million on the 11,140-square-foot home. Once a judge approves the deal, the bank can put it on the market.  Kelly’s business manager didn’t return a call from the newspaper. His one-time spokesman, Allan Mayer, says he can’t comment on the auction, but the Grammy winner isn’t having financial problems.

    Join the Conversation! Share and Discuss!

    Tags: »

    Comments

    blog comments powered by Disqus
    Follow

    Get every new post delivered to your Inbox.

    Join 407 other followers