R. Kelly Suffers Painfully Big Loss on Mansion Auction

by Nate Wooley | March 20, 2013 9:43 am

R. Kelly Suffers Painfully Big Loss on Mansion Auction

r kelly house 300x225 R. Kelly Suffers Painfully Big Loss on Mansion Auction[1]R&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[2].

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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Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2013/03/r-kelly-house.jpg
  2. reports TMZ: http://www.tmz.com/2013/03/19/r-kelly-mansion-lawsuit-foreclosure-auction-sale/
  3. Hasselhoff Returns to Germany to Save the Berlin Wall: http://investorplace.com/2013/03/hasselhoff-returns-to-save-the-berlin-wall/
  4. Bankrupt Wayne Newton Forced to Let Go of Strange Collection: http://investorplace.com/2013/03/bankrupt-wayne-newton-forced-to-let-go-of-strange-collection/
  5. Singer Charges $150K a Minute to Perform at Wedding: http://investorplace.com/2013/03/singer-charges-150k-a-minute-to-perform-at-wedding/

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