The singer's dream home is sold way below asking price.
The Illinois mansion that R. Kelly spent $3.5 million to construct was reportedly auctioned for $950,000, well below its $5 million value. According to reports, the "Trapped in the Closet" star hadn’t made payments for the property in over a year and tried to sell it in order to prevent foreclosure. The home the singer mortgaged in 1997 was seized by Chase Bank and auctioned off on Monday after Kelly failed to sell it for his $1.6 million asking price.
Kelly’s mansion stretches 11,140–square-feet and was built from the ground up. Six bedrooms, eight baths, a theater room, an indoor pool and a private lake occupy the estate.
Kelly has yet to publicly address the sale of the home, but his former spokesman Allen Mayer assures that he is not low on funds despite the $5 million he owes the government in taxes.
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