HIP-POP REPORT WITH OZMAN: R. Kelly Takes Big Loss on Mansion Auction
by Ozman The Wizard
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posted Mar 20 2013 12:36AM
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TMZ reports:
This has gotta hurt ... R. Kelly's Illinois mansion was auctioned off Monday for $950,000 -- waaaay less than the $3.5-million-mortgage the singer took out to the build the place.
Kelly built the 20,000-square-foot dream home back in 1997 -- but things took a turn for the worse in 2011 ... when his bank tried to foreclose, claiming he hadn't made mortgage payments for over a year.
Kelly tried selling the crib for $1.6 million to block the foreclosure -- but no cigar ... it sat for a year. The bank then went full bore on foreclosure ... and it sold Monday for $950k.
The house has 6 bedrooms, 8 baths, an indoor pool, theater room and private lake.
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