Update: Price Chop on R. Kelly’s Former Home
UPDATE 8/19/13: R. Kelly’s former home at 1 Maros Ln, Olympia Fields, IL 60461 was relisted in July 2013. The asking price just dropped to a new low of $587,100.
ORIGINAL POST: R&B star R. Kelly’s real estate saga is finally over. J.P. Morgan Chase paid $950,000 for Kelly’s 22,000-square-foot Illinois mansion at an auction on Monday, according to Chicago Real Estate Daily.
The singer-songwriter-producer, whose legal name is Robert S. Kelly, was hit with a $2.9 million foreclosure suit in July 2011 because he had stopped making payments on the Olympia Fields, IL home. But after trying to force a loan modification when the home’s appraised value dropped from $5.2 million to $3.8 million in the span of a year, Kelly threw in the towel.
The home, only 30 miles from Kelly’s Chicago hometown, had been listed as a short sale — first for $1.595 million and most recently for $995,000 — since 2011. From a jungle-themed swimming pool to a home theater and large gated driveway, the estate has several celeb-worthy amenities.
But walking away may have been the smartest choice for the artist, who has faced financial difficulties for a few years now. As of last summer, Kelly reportedly owed more than $5 million in unpaid taxes, according to documents held by the Cook County Recorder of Deeds. He paid $2.8 million back in 2008 — the same year he beat a child pornography case — and more than $1 million in 2011, but still owes a hefty sum.
Regardless, Kelly continues to sell records. In March 2011, he was named No. 1 R&B artist of the past 25 years by Billboard. Even after having emergency throat surgery in July 2011, the singer came back to write original music for the “Sparkle” soundtrack and to make a live appearance on “The X Factor.”
Now Kelly is hyping up his upcoming album, “Black Panties,” telling the Associated Press he’s not going to abandon the explicit music that helped make him famous.
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