R&B star R. Kelly's home sold for $950,000 in foreclosure auction

R&B star R. Kelly's home sold for $950,000 in foreclosure auction

Credit: Getty Images for Arise Made in Africa

NEW YORK, NY - SEPTEMBER 15: R. Kelly performs at at Arise Made In Africa Spring 2012 Designer Collective at Mercedes Benz NY Fashion Week Afterparty at Jumeirah Essex House on September 15, 2011 in New York City. (Photo by Donna Ward/Getty Images for Arise Made in Africa)

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by Associated Press

KMOV.com

Posted on March 18, 2013 at 10:10 PM

CHICAGO (AP) -- R&B star R. Kelly's Chicago-area mansion has been sold for $950,000 in a foreclosure auction.

The Chicago Sun-Times reported 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, which was submitted as the only offer for the estate. 

Last year, Chase stated in court files that Kelly still owed nearly $3 million toward the 11,140 square-foot home.  The property was once valued at more than $5 million.  Once a deal is approved, the bank can place the home on the market.

Kelly's business manager was not available for comment.  His one-time spokesman, Allan Mayer, says he can't comment on the auction, but the Grammy winner isn't having financial problems.

Kelly was acquitted of child pornography charges in 2008.

 

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