Back in 1999, when R&B crooner and known weirdo R. Kelly purchased this 14,500-square-foot mansion in the Chicago suburb of Olympia Fields, Ill., it was valued at $5.2M. Now, after 14 years, the neglected bank-owned property has seen its asking price plummet to just $587K. The musician quit making payments on his jumbo mortgage and attempted to sell the mansion in a $1.6M short sale in 2011, but failed to find a buyer, even after later reducing the price to just $995K in January of this year. The bank took over the property at a foreclosure auction in March, paying $950K as the sole bidder, and have the house listed for far less. The five-bed, seven-bath spread sits on a little more than three gated acres and, like many bank-owned properties, is in serious need of a renovation.
· 1 Marco Ln [Redfin]
· Bank Reduces Price of R. Kelly's Foreclosed Home [Redfin Blog]