R. Kelly’s former home in Olympia Fields is set to have a new owner Oct. 14. Photo Credit ChicagoRealEstateDaily.com

The former residence of R&B singer R. Kelly is close to having a new owner.

According to ChicagoRealEstateDaily.com, J.P. Morgan Chase Bank is on the verge of handing the keys over to a prospective buyer, whose personal information has not been disclosed.

The five-bedroom, 14,525-square-foot mansion in Olympia Fields is expected to close Oct. 14. The negotiated price is not far off from the most recent asking price of $587,100, the report said. Despite requiring approximately $500,000 in repairs, the property received four offers.

The listing agent is Mark Groble of Century 21 Affiliated Pro-Team, located in Tinley Park. Ziggy Realty’s Andy Gerakaris is the agent representing the buyer.

In 1997, the recording artist bought the three-acre property off of Maros Lane. Two years later, he had the home built, complete with an indoor pool, outdoor basketball court, private lake and six-car garage, the report said. Mr. Kelly attempted to sell the home for $1.6 million in 2011 – when he was issued a $2.9-million foreclosure suit from Chase. After the bank paid $950,000 in a credit-bid, it took ownership of the house via foreclosure.