Singer R. Kelly's foreclosed Olympia Fields home sold for a relative pittance on Monday.
The home was sold for $950,000 at a Cook County auction at the Daley Center.
The 20,000-square-foot mansion went into foreclosure in 2011 after J.P. Morgan Chase Bank claimed Kelly owed more than $2.9 million on the home.
Kelly had reportedly failed to make mortgage payments on the property at 2945 Maros Ln. since June 2010. Attempts to short sale the property for $1.595 million in 2011 failed.
The home was a victim of the struggling housing market, with its appraised value dropping from an estimated $5.2 million to $3.8 million in the span of a year.
The singer has had his fair share of money problems. Last year, the Chicago Sun-Times reported that Kelly owed the IRS nearly $5 million in unpaid taxes going back to 2005.
Initial reports that the starting auction price for the foreclosed home was $3 million were incorrect.
