Jason Kempin, Getty Images
The Chicago Sun-Times reports that Kelly's Olympia Fields home was sold Monday to J.P. Morgan Chase, which already held the mortgage. Chase set the opening bid at $950,000, then submitted the only offer.
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.
Kelly's business manager didn't return a call from the newspaper. His one-time spokesman, Allan Mayer, says he can't comment on the auction, but the Grammy winner isn't having financial problems.
Kelly was acquitted of child pornography charges in 2008.
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