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R. Kelly's Foreclosed Home Sells For $950,000

Singer's Olympia Fields home sold at auction

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    NEWSLETTERS

    TK
    R. Kelly has also had financial problems with the IRS.

    Singer R. Kelly's foreclosed Olympia Fields home sold for a relative pittance on Monday.

    The home was sold for $950,000 at a Cook County auction at the Daley Center.

    The 20,000-square-foot mansion went into foreclosure in 2011 after J.P. Morgan Chase Bank claimed Kelly owed more than $2.9 million on the home.

    Kelly had reportedly failed to make mortgage payments on the property at 2945 Maros Ln. since June 2010. Attempts to short sale the property for $1.595 million in 2011 failed.

    The home was a victim of the struggling housing market, with its appraised value dropping from an estimated $5.2 million to $3.8 million in the span of a year.

    The singer has had his fair share of money problems. Last year, the Chicago Sun-Times reported that Kelly owed the IRS nearly $5 million in unpaid taxes going back to 2005.

    Initial reports that the starting auction price for the foreclosed home was $3 million were incorrect.