by Nate Wooley | March 20, 2013 9:43 am
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.
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.
Source URL: http://investorplace.com/2013/03/r-kelly-suffers-painfully-big-loss-on-mansion-auction/
Short URL: http://invstplc.com/1nybQgw
Copyright ©2014 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.