R. Kelly’s Chi-Town Mansion Hits The Auction Block
R. Kelly’s $4 million dollar home was auctioned off this week and the new owners got the crib at a steel.
After being foreclosed upon, Kellz’ posh pad was auctioned off Monday (March 18) for $950,000, and that’s a far cry from the $3.5 million mortgage to build the mansion. In 1997, Kellz built the 20,000-square-foot home located in south suburban Olympia Fields. The home includes six bedrooms, eight baths, four door garage, an indoor pool, theater room and a private lake. Unfortunately only four years later, a bank attempted to foreclose on the crib after he didn’t make mortgage payments for over a year.
Last year, J.P. Morgan Chase, of whom bought the house Monday foreclosed on the home and stated in court files that R. Kelly still owed about $3 million on the mortgage. Once a judge approves the deal, the bank can put it on the market.
Allan Mayer, R. Kelly’s spokesman says he can’t comment on the auction, but the Grammy award wining singer isn’t having financial problems.