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The bank has purchased the former home of R&B artist R. Kelly.
According to the Inquisitr, the mansion has six full bathrooms, seven half baths, and a four car garage. Once valued at over $5 million, the home, located in Chicago, was sold for $950,000 in a foreclosure auction.
According to court documents, R. Kelly still owes three million dollars on the mansion that is 11,140 square feet, which means he will suffer a loss of over $4 million, as stated in The Associated Press.
Kelly had purchased the property, located in the suburb known as Olympia Fields, for $1.5 million from a family that had owned a bunch of McDonald's franchises. Kelly had knocked down the family’s former home in order to build the mansion that stands there today.
Last year, R. Kelly was proven responsible for $5 million worth of back taxes from the IRS.
R. Kelly’s business manager, Allen Mayer, was contacted but he stated that he is unable to release any further information. However, he did include that R. Kelly is not suffering from any financial problems.