Real Estate
Bank Buys R. Kelly’s Mansion for Less than $1M
The famed R&B Artist's former Olympia Fields home was sold for less than a fifth of its former value in a Monday auction.
J.P. Morgan Chase was the sole bidder in a Monday auction for R. Kelly’s mansion—formerly valued at $5.16 million, Sun-Times Media reports. They snagged the property, which they held the mortgage on, for $950,000—a number they set as the plaintiff in the foreclosure suit.
The Emmy-award-winning singer and songwriter was reportedly in arrears on his mortgage payments dating back to summer 2010. Chase bank claimed last year that R. Kelly owed over $2.9 million on the property.
The 14,500-square-foot mansion, located on Maros Lane in Olympia Fields, features:
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- 6 bedrooms
- 8 bathrooms
- 6 half-baths
- Indoor pool
- Theater room
- 4-car garage
Get the full story by the Sun-Times Media
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