R. Kelly Chicago Area Mansion Sold For $950,000 In a Foreclosure Auction, The property Once valued at $5 Million!! -- R&B 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.
