R. Kelly's REO mansion, once worth $5.2M, now listed for $587K

When singer R. Kelly bought a 14,500-square-foot mansion outside of Chicago in 1999, it was worth $5.2 million, according to real estate blog Curbed. The singer stopped making payments on his jumbo mortgage and tried to sell the five-bedroom, seven-bathroom home as a short sale for $1.6 million in 2011, but was not able to find a buyer. The bank took over the property at a foreclosure auction in March, paying $905,000, and has now listed it for $587,000, 89 percent less than the home’s valuation in 1999.

“[L]ike many bank-owned properties, (the home) is in serious need of a renovation,” Curbed said.

Source: Curbed