R. Kelly's Chicago Mansion On The Auction Block
By Chuck Sudo in Arts & Entertainment on Mar 18, 2013 7:30PM
The suburban Chicago mansion belonging to New Jack Swing pioneer and noted water sports enthusiast R. Kelly went on the auction block this afternoon. It’s the latest twist in the long-running foreclosure on the property.
Kells built the 11,140-square-foot Olympia Fields home in 1997 and two years later secured a $3.5 million mortgage on it. A 2011 foreclosure lawsuit filed against Kelly claimed he owed $2.9 million on the mortgage and stopped making payments in an attempt to force a loan modification. Among the home’s amenities are eight full baths, six half baths, four fireplaces, an indoor pool, a theater, six acres of private wooded land with a man-made lake, 12-foot high wrought iron, concrete encased fencing and plenty of closets in which to get trapped. A real estate agent tried to sell it for $1.595 million but was unable to find a buyer.
The Cook County Assessor’s office valued the property at $3.8 million last year. Bidding on the home was to start at $950,000. Kelly also owes the Internal Revenue Service a reported $6 million in back taxes. Guess he wishes he could fly right about now.