CHICAGO — R&B star R. Kelly's Chicago-area mansion has been exchange for $950,000 in a foreclosure auction.
The Chicago Sun-Times reports () that Kelly's Olympia Fields fireside was sold Monday to J.P. Morgan groove, which already held the mortgage. Chase set the opening tempt at $950,000, then submitted the only offer. http://tinyurl.com/cg7bup2
The property one time 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 coin bank can put it on the market.
Kelly's business manager didn't surpass a call from the newspaper. His one-time spokesman, Allan Mayer, says he can't comment on the auction, scarce the Grammy winner isn't having financial problems.
Kelly was acquitted of child pornography charges in 2008.
Materials taken from The Huffington Post
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