Wednesday, March 20, 2013

DIGINEWS: R.Kelly Loses His 16 Room Mansion In Foreclosure Auction

RnB 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. Kelly was acquitted of child pornography charges in 2008. The mansion has six bedrooms, eight full bathrooms, six half-baths, an indoor pool, and a theater. It sits on three acres with a private lake, protected by an iron fence. One of the best-selling and highest-earning recording artists of all time with hits like ‘I Believe I Can Fly’ and the ongoing operatic saga of ‘Trapped in the Closet,’ Kelly has exhibited signs of financial woes in recent years. R Kelly owed the Internal Revenue Service nearly $5 million in unpaid taxes last year,it was reported.


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