Kelly reportedly left the home in the village of Olympia Fields and stopped making payments to get the bank to work with him on a loan modification. Kelly originally took out a loan for $3.5 million to buy the home in 1999, according to JPMorgan’s lawsuit.
The value of the home dropped fast after the housing crash hit: It sank from $5.2 million to $3.8 million within a year. Kelly unsuccessfully tried to sell the home in a short sale in 2011 for $1.595 million, NBC Chicago reported.
via R. Kelly Mansion Bought by Bank in Foreclosure Auction | AOL Real Estate.
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