Real Estate Woes :: R.Kelly Takes HUGE Loss On Tricked Out Chi-Town Mansion

Back in 1997, R. Kelly built a tricked out mansion in Chicago for $3.5 million (of which was borrowed). The property is 22,000 square feet and sits in Olympia Fields, a private lot, surrounded by a 12-foot high concrete and wrought-iron wall. And after missing mortgage payments for more than a year and facing a foreclosure lawsuit, Kelly has been forced to put the property back on the market as a quick sale, for $1.595 million, which is obviously a drastic cut from what is owed on the loan. James Mattz, the property’s listing agent explained:

“It’s a fabulous house with a lot of great features. Whoever buys it at the price we’re marketing it at is going to get an incredible value. ‘You’d think you were in the jungles of the Amazon. It’s not a pool room, it’s a tropical experience.”