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?
{ 16 comments… read them below or add one }
you have regular folks financial problems then you have rich people financial problems. it was probably beneficial for him on taxes to take this lost.
there’s no way that mansion in the picture is the one we’re talking about because that thur is woth a lil more than a mili…in any state…probably even alaska!
ctfu!!
I live close to his home. Thats it!!!
that 950K is the foreclosed price.
Kelly still owed 3 and the high mark valuation was 5 million – so…
this is one of the many reasons sharks get into the foreclosed home game.
R. Kelly did a cut and run because the annual property taxes are in excess of $100K. That along with the upkeep, security and insurance made reality knowck on his door. Its sounds like a deal to whomever bought that estate but spending over $25K a month to live anywhere is a bit ludicrous. Been there done that!
Been there done that???
Yes. My father had a very good career for most of my life. After he passed, I took over his assets but was not prepared with all that it took. He made it look easy and the IRS showed me how hard it was.
That was many years ago but I can respect the truth because I lived it.
so from your experience what is a more prudent way to approach high value real estate ownership?
is it a matter of location and property footprint as in this instance?
just looking at that spread in the picture makes it look like a financial liability in almost every financial environment.
the high end real estate business is rape on the rich. I don’t get why they do it.
Me neither. Why own a property that costs a downpayment each month just to maintain it?
Staff, gardening and electrical must be through the roof (pun intended).
A fool and his money ..
If I were advising these cats I’d tell them buy house cash, forget about trying to get interest deduction or maybe the value dropping, just for your peace of mind buy it cash, you telling me Kells didn’t have 900k. Cuz everyone’s 15 mins goes some faster than others
*correction, didn’t have $3million?
These guys living check to check like me and you
Wow, life effects everyone.
What happened Kel?