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According to the Chicago Sun Times, R. Kelly‘s Olympia Fields home was sold Monday to J.P. Morgan Chase, which already held the mortgage. Would you believe Chase set the opening bid at $950,000, then submitted the only offer.

Here’s what’s even harder to believe: The property once was valued at more than $5 million. Last year, Chase stated in court files that Kelly still owed about $3 million on the 11,140-square-foot home. Once a judge approves the deal, the bank can put it on the market.

The Sun Times also says that Kelly’s business manager did not return a call from the paper. Also, Kelly’s is one-time spokesman, Allan Mayer, says he can’t comment on the auction, but says the Grammy winner isn’t having financial problems.

Source: EURWeb