Posted in: Celebrity News

R. Kelly Home Sold At Foreclosure For Huge Loss

R, Kelly Home Sold

R. Kelly has sold his home in Chicago for a loss of more than $4 million.

The home, located in suburban Olympia Fields, has six full bathrooms, seven half-baths, and a four-car garage and was valued at more than $5 million. But a new owner was able to buy the mansion at an auction for $950,000.

R. Kelly had owed more than $3 million on the 11,140-square-foot home, J.P. Morgan Chase stated in court. On Monday, the bank stepped forward to purchase Kelly’s former home and will put it back on the market once a judge approves the deal.

R. Kelly now joins a growing list of celebrities who lived large in the 1990s and early 2000s and paid for it once the recession hit and the housing market imploded. Earlier this year former NBA star Allen Iverson lost his $4.5 million Atlanta home to foreclosure after defaulting on his mortgage.

Las Vegas entertainer Wayne Newton has also gone through a messy foreclosure process at his giant estate near Sin City, and was also forced to sell of his menagerie of exotic animals.

Rumors have also circulated that the Long Island home of Dina Lohan, where her daughter Lindsay has reportedly stayed because of her own financial problems, is facing foreclosure as well.

For R. Kelly, the foreclosure is another sign of financial problems he’s faced in the past few years. Last year, the “Trapped in the Closet” soap opera creator was hit with $5 million bill from the IRS for unpaid taxes.

Kelly originally paid $1.5 million for the property, which once belonged to a wealthy family that owned several McDonalds franchises in the area. When Kelly demolished the exiting home to build the mansion that stands there today, the family was reportedly heartbroken.

Despite R. Kelly having to sell his home at foreclosure and owing the IRS millions, the singer’s spokesman Allan Mayer said Kelly isn’t having any financial troubles.

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Comments

38 Responses to “R. Kelly Home Sold At Foreclosure For Huge Loss”

  1. Michele Isanski

    might be a loss for R. Kelly but a BIG win for the new owner.

  2. Elizabeth Sneddon Wall

    You know he's going to blame the rape charges from YEARS ago for his downfall lol I think they are easy targets for blue collar criminals that skim money off and then leave them for the IRS. So, in most cases their financial planners are the ones to blame. You trust someone to pay your things and make your money stretch but sometimes it is easier for them to bankrupt you and move on to their next victim.

  3. Garin Turner

    At least he doesn't have to worry about getting trapped in the closet anymore.

  4. Brian Criger

    "The home, located in suburban Olympia Fields, has six full bathrooms, seven half-baths……."

    Anyone else notice this dude had a lot of bathrooms for some reason? Queue Dave Chapelle skit in 5, 4, 3, 2, 1…

  5. Armando Sanchez

    I'm betting he let it go into foreclosure just so he wouldn't have to keep paying the mortgage.

  6. Kimberly Schultz Shearer

    Living near his mansion in Olympia Fields- glad to see someone will be living in it. R. Kelly didn't think he had to live by the village laws like everybody else did. Had a guardhouse near the entrance. The house didn't really fit in with the rest of the houses in that area but glad to see it sold. Too bad these celebrities don't live within their means like most of us do. We were all hit with the recession, too!

  7. Gilda Blueford

    Entertainers are only as good as their last performance, and his last was not good. I wish him well.

  8. Paul Joseph

    this what RICH PEOPLE DO BUY SOMETHING BIG AND SO MUCH MONEY AT ONE POINT TO FIT IN ,, THEN NOT THINKING HMMMM ONE DAY MY 15 MINS OR FAME DONE ITS NOT BUY YOU ,,, WANT MAKE MONEY AND MAKE MUSIC BUT CALLED Illuminati / Secret Societies. ,, DO NOT NEED YOU ANY MORE USE UP AND MOVE ON SAD SHIT TO TO SAY.

    WHEN YOU SIGN WITH THE DEVIL AKA Illuminati / Secret Societies. TELL YOU HOW U LIVE YOU LIFE AND IF U TRY TO LEAVE OR BREAK RULES U DONE LIKE SO MANY OTHERS.

  9. Oral Perkins O'Garro

    I don't fell sorry these people, poor people always pay their taxes , but the rich think they can get away with it , when a poor person get paid before you get the money is already gone , they all should take lesson from Bill Cosby pay your own bill.

  10. Fred Amirault

    This is a small world. I worked at the previous owner's restaurants. At lest of of them at one time, or another. I wonder if R Kelly took out the 2 bowling lanes he had in the house. His name was James Marros.

  11. Oral Perkins O'Garro

    they say money is root of all evil, some of these people don't give anything back , they write a check and think their work is done I don't have money but I give to people if I have a £1 or 50p its not much but it help some body can get a roll or a cup of coffee.may they should talk to let see who anyone?

  12. Oral Perkins O'Garro

    if I was making the kind money these make I will not have a mortgage one house and done , I was reading somewhere EARTHA KITT BUY THIS IN THE LATE 60S IN HOLLYWOOD AND THEY WERE OFFERING MILLION TO SELL , SHE SAID NO MAYBE THEY SHOULD TO KITT.

  13. Brady Kohuth

    I worked for James Maros and I once delivered several ovens to this house, as I owned a truck. His wife was very picky and I recall some of the stone came all the way from Italy. Mr.Maros invented the Ronald McDonald doll and was the one who really invented the "playland or now playplace". He at one time had 10 stores before his eventual downfall.