R. Kelly mansion loss at foreclosure auction: $3.5M home sold for $950K
R. Kelly's Chicago-area mansion has been sold out from under him at a major loss. The "Share My Love" singer got no love from the bank that foreclosed on his $3.5 million home.
JP Morgan Chase began foreclosure proceedings on the 22,000 square-foot property in 2011 after a year's worth of missed mortgage payments.
TMZ reports Kelly tried to sell the mansion, which boasts six bedrooms, eight full and six half baths, and an indoor swimming pool for a cool $1.5 million. But with no takers, the bank pulled the plug and auctioned the house off for $950,000. Once a judge signs off on the deal, Chase can request a court order to evict Kelly.
Kelly built the house from scratch in 1997 after demolishing a property he bought for $1.5 million. Chase gave him the $3.5 million loan in 1999, and according to court documents, he still owed $2.9 million when the foreclosure process began.
So, if R. Kelly is homeless now, where will "Trapped in the Closet," Chapters 22 - 54 be based?
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