CHICAGO — R&B star R. Kelly‘s (pictured) Chicago-area mansion (pictured below) 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. http://tinyurl.com/cg7bup2
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.