R. Kelly’s Custom Mansion in Short Sale for $1.595 Million
When singer R. Kelly was hit with a $2.9 million foreclosure suit this summer, it was reportedly a strategic foreclosure; the singer-songwriter had moved out of his mansion and had stopped making payments in an effort to force the lender to make a loan modification. Kelly’s original loan was issued in 1999 for $3.5 million, but due to dropping home values, his custom home is worth less than he owes.
Now, according to the Chicago Tribune, Kelly is washing his hands of his home and listing the custom estate as a $1.595 million short sale.
Built in 1997, Kelly’s mansion is only 30 miles from his hometown of Chicago. The Grammy-award wining singer-songwriter and record producer grew up in Chicago, rising to popularity with songs “Bump N’ Grind,” “I Believe I Can Fly,” and “Ignition Remix.” He has also written and produced songs for popular artists like Britney Spears, Mary J. Blige, MIchael Jackson and Whitney Houston, among others.
Kelly’s 22,000-square-foot home sits on a private, wooded lot surrounded by a 12-foot high concrete and wrought-iron wall. The home includes celebrity-worthy amenities like a jungle-themed indoor pool, enormous kitchen, private lake and movie theater room.
The foreclosure suit isn’t the first time Kelly has faced legal issues. In 2008, he was acquitted on child pornography charges and last month, his former manager sued Kelly for “breach of oral contract and fraud.”
The listing is held by agent James Matz of Century 21.
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