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R Kelly loses dream home

March 21 2013 at 09:23am
By Independent

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Associated Press

Singer R Kelly has lost his Chicago mansion.

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London - R&B star R Kelly’s Chicago mansion was bought on the cheap by the banks when he stopped making payments on the mortgage.

The gigantic house was sold on Tuesday for $950 000 (£630 000) to JP Morgan Chase, the same bank he borrowed the money from to buy it. Chase set the opening bid at $950 000, then submitted the only offer.

The property was once valued at more than $5-million.

Last year, Chase said in court files that Kelly still owed about $3-million on the home. Once a judge approves the deal, the bank can put it back on the market.

Kelly's one-time spokesperson, Allan Mayer, said the Grammy winner is not having financial problems. - The Independent


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