R. Kelly Mansion Bought by Bank in Foreclosure Auction
Singer R. Kelly will have to take everything out of the closet because his suburban Chicago mansion was bought back by the bank at a foreclosure auction, the Chicago Sun-Times reported. JPMorgan Chase, which held Kelly's mortgage, bought the 11,140-square-foot home for a measly $950,000 -- a far cry from the $5 million that the home was once considered worth, according to NBC Chicago. Once JPMorgan's purchase becomes official, the bank can have authorities evict Kelly from the home.
Back in 2011, the bank slapped Kelly with a $2.9 million foreclosure lawsuit claiming the crooner hadn't paid his monthly mortgage payments in more than a year. Kelly reportedly left the home in the village of Olympia Fields and stopped making payments to get the bank to work with him on a loan modification. Kelly originally took out a loan for $3.5 million to buy the home in 1999, according to JPMorgan's lawsuit. The value of the home dropped fast after the housing crash hit: It sank from $5.2 million to $3.8 million within a year. Kelly unsuccessfully tried to sell the home in a short sale in 2011 for $1.595 million, NBC Chicago reported.
This isn't the first time that Kelly has found himself in a financial bind. The Sun-Times reported last year that Kelly owed nearly $5 million in unpaid taxes to the IRS. Kelly's suburban Chicago estate -- not to be confused with another Chicago-area home that he once owned, where he was accused of creating a controversial home video -- sits on 3.7 acres and features seven bedrooms, six bathrooms and a four-car garage.
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