Some not so good news coming in about R.Kelly’s famed 11,140 sq ft Chicago, IL mansion going into foreclosure and sold off to J.P. Morgan Chase for $950,000. Fox News reports;
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.
We can’t imagine R.Kelly having any $$$ problems through all of his career accomplishments, but if Michael Jackson had financial issues, then the Pied Piper can right?