12/04/2013 05:57 pm ET

R. Kelly's Olympia Fields Mansion Sold To Isley Brother (PHOTOS)

Evening Standard via Getty Images

It turns out Grammy-winning R&B star R. Kelly's foreclosed Chicago-area mansion will remain in a musician's hands.

According to the Chicago Tribune, 74-year-old soul legend Rudolph Isley, a founding former member of the Isley Brothers, has purchased Kelly's 14,525-square-foot Olympia Fields, Ill. home for a steal: $587,500.

The house has been under contract since mid-September, Chicago Real Estate Daily previously reported, and the sale was closed on Oct. 16, according to the property's RedFin listing.

The 5-bedroom, 7-bathroom mansion was worth as much as $5.2 million after construction on the home was complete in 1999, but has since fallen into disrepair, despite being appraised at $3.8 million as recently as 2011. The "I Can Believe I Can Fly" singer's attempt at a $1.595 million short sale that same year was unsuccessful.

Earlier this year, the mansion, which sits on a 3.7-acre lot that comes complete with a private lake, was purchased by JP Morgan Chase for a price of $950,000 at a foreclosure auction.



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