R. Kelly's Home Sold in Foreclosure Auction

Singer takes huge hit on property he originally purchased for $3.5 million

Grammy-winning R&B singer R.Kelly is definitely singing the blues right now.

His 22,000-square-foot suburban Illinois home has just been sold at a foreclosure auction for a measly $950,000.

While that might sound like a lot to most of us, the singer actually took a huge hit considering he purchased the property for $3.5 million!

The home went into foreclosure in 2011 after it was revealed that R. Kelly had missed more than a year's worth of mortgage payments and still oved over $2.9 million. The singer had unsuccessfully tried to sell the property himself in a short sale for $1.6 million earlier that same year.

When the property hit the auction block on Monday, there was only one bidder, JP Morgan Chase, who was the original lender for the purchase.

After it is approved by a judge, the bank can put the six-bedroom, eight-bathroom home back on the market and hopefully recoup some of their losses.