Sep
11

Soulful Olympia Fields Mansion Once Owned by R Kelly On Market

September 11, 2013

Chicago mansion foreclosureIf walls could talk, there would certainly be stories to tell, and if homes like the one just listed at 1 Maros Lane could speak, it would no doubt have some interesting stories to share. The mansion is a prime piece  of Chicago real estate in the Olympia Fields community was formerly owned by King of R&B R Kelly. A custom estate that replaced the luxury home that stood in the spot before, the home was never finished and is now in need of repair following foreclosure and vandalism, and would be perfect for an investor or a buyer looking to renovate and customize the 14,525 square foot home into their personal estate.

The property was originally priced at $1.5 million when it was purchased by Kelly from McDonalds franchise holder James Maros. Kelly pumped enough funds into it for it to be valued at $5 million. Now, though, it’s a perfect example of bubble burst and is listed as a foreclosure sale at $587,100. Sold as is, the home has five bedrooms and nine bathrooms, a six car garage, lake, basketball and tennis court, two fireplaces, and more on a seven-acre property that is south of the Olympia Fields Country Club‘s golf course. Two outstanding areas of the home are the indoor pool which has a safari and wilderness theme, and the living room complete with stage and a private viewing balcony on the second story.

Luxury foreclosure living roomThis is not the first time that the home has been listed; as a short sale was attempted in 2011 when Kelly had attempted to modify his mortgage when it went underwater. The home was reduced to $995,000 but still wouldn’t sell until it was auctioned off to JP Morgan Chase. The bank now offers the home for just at $587,100, but interested buyers should be prepared for the over $132,000 cost a year in taxes plus additional upkeep.

To learn more about the home’s condition, schedule a showing and more, contact agent Mark Groble with Century 21 at 708-922-3777. As such an amazing property listed so low, it’s bound to fly off the market quickly and has already attracted a lot of attention!

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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