R. Kelly Suffers Painfully Big Loss on Mansion Auction

Singer's home sells for less than 30% of the original price

   

r kelly house 300x225 R. Kelly Suffers Painfully Big Loss on Mansion AuctionR&B singer R. Kelly has taken a huge loss on the auction of his former home.

The singer — most famous for his hit “I Believe I Can Fly” and his troubles with the law — built the Illinois house in 1997 with a $3.5 million mortgage, reports TMZ.

However, the bank foreclosed on him in 2011, claiming he hadn’t made a payment in more than a year. The led to it being on the market for a while as Kelly tried to sell it for $1.6 million to stop the foreclosure process.

The 20,000-square-foot, six-bedroom, eight-bath mansion — which also features an indoor pool, home theater and a private lake — eventually sold at auction Monday for $950,000.

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Article printed from InvestorPlace Media, http://investorplace.com/2013/03/r-kelly-suffers-painfully-big-loss-on-mansion-auction/.

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