08/19/2013 04:42 pm ET Updated Aug 19, 2013

R. Kelly Olympia Fields Mansion Price Reduced Drastically By Bank (PHOTOS)


The price on R&B star R. Kelly's foreclosed, now-"dilapidated" suburban Chicago mansion has hit a new low.

According to Curbed Chicago, the price tag on the 14,500-square-foot Olympia Fields, Ill. home that was worth $5.2 million when R. Kelly purchased it in 1999 and was appraised at $3.8 million in 2011 is now just $587,000 -- almost $400,000 less than what JP Morgan paid as the sole bidder on the property earlier this year.

(Scroll down for photos of the mansion, via HuffPost coverage of its 2011 listing.)

The mansion had a slightly higher price -- $618,000 -- when it was listed for sale by the bank on July 16, prior to its most recent price cut, the real estate blog reports.

The property's Redfin listing for the mansion shows why they are having a hard time selling the 5-bedroom, 7-bathroom property -- the place looks to be in need of some major TLC at this point.

The bank claimed, in 2011, that Kelly owed them more than $2.9 million on the home and previous attempts at a short sale -- with a price tag of $1.595 million -- were unsuccessful.



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