Three-time Grammy Award-winner R. Kelly might today be singing the blues.
That’s because the super successful R&B singer, songwriter and record producer took a bath on his custom-built 16-room gated mansion, forfeiting it back to the lender, J.P. Morgan Chase, at a recent Cook County, Ill., foreclosure auction for a modest $950,000.
Kelly paid $1.5 million for the property in the late 1990s; however, he razed the existing structure, took out a $3.5 million mortgage and erected the current 22,000 sq. ft. estate. The suburban Chicago home sits on three acres with a private lake, featuring “six bedrooms, eight full bathrooms, six half-baths, an indoor pool and theater,” according to SunTimes.com.
This is not the first sign of financial trouble for the “I Believe I Can Fly” crooner, who reportedly owed the Internal Revenue Service (IRS) nearly $5 million in unpaid taxes as of 2012.
J.P. Morgan will likely re-list and market Kelly’s former home as soon as possible, hoping to recoup the $2.9 million that is still owed on the original mortgage note.