Bank buys R&B star R. Kelly's Chicago-area home - FOX 8 WVUE New Orleans News, Weather, Sports

Bank buys R&B star R. Kelly's Chicago-area home

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CHICAGO (AP) - R&B star R. Kelly's Chicago-area mansion has been sold for $950,000 in a foreclosure auction.

The Chicago Sun-Times reports (http://tinyurl.com/cg7bup2) that Kelly's Olympia Fields home was sold Monday to J.P. Morgan Chase, which already held the mortgage. Chase set the opening bid at $950,000, then submitted the only offer.

The property once was valued at more than $5 million. Last year, Chase stated in court files that Kelly still owed about $3 million on the 11,140-square-foot home. Once a judge approves the deal, the bank can put it on the market.

Kelly's business manager didn't return a call from the newspaper. His one-time spokesman, Allan Mayer, says he can't comment on the auction, but the Grammy winner isn't having financial problems.

Kelly was acquitted of child pornography charges in 2008.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

3/18/2013 5:32:43 PM (GMT -5:00)

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