The famed “Chocolate Factory” mansion once tied to R. Kelly has quietly changed hands for $1.6 million, a transaction that shines light on Chicago’s cooling luxury real estate climate.
The sprawling estate in Olympia Fields—just south of Chicago—was sold Wednesday by the widow of late soul legend Rudolph Isley. The home had been listed at $3.49 million in January 2024.
The 21,182-square-foot property sits on 3.7 acres. It includes seven bedrooms, 16 bathrooms, an indoor two-story jungle-themed pool hall, theater, private courts, bar, library and garage capable of housing nine cars. The home backs up to the Olympia Fields Country Club.
Tax Burden and Scale Posed Challenges
Agent Alex Wolking of Keller Williams ONEChicago, who represented seller Elaine Isley, said taxes and sheer size hindered sale. “The two biggest challenges we had selling the house were the sheer size of it and the property taxes,” he said.
According to Cook County records and listing materials, the property’s 2023 tax bill approached $250,000. Wolking said an appeal lowered the assessed value from $4.7 million to $2.6 million, cutting the tax burden by roughly half. “We fought the taxes on an appeal and won … reducing the assessed value.”
Even with that reduction, the final sale price remained far below earlier expectations. “Now that the home has closed another $1 million below the new assessment, the new owner has a great case to make to appeal the taxes again,” Wolking added.
It remains unknown who purchased the property.
The transaction is emblematic of pressure in the high-end residential market. Nationwide, luxury home sales have slowed. Locally, Chicago’s downtown condo and luxury segments have seen price cuts and extended days on market.
“Luxury housing markets remain remarkably resilient, but are starting to show signs of exhaustion,” warned analysts. In Chicago, some previously “hot” homes now linger unsold or see steep reductions.
“There is a lack of inventory in high-end neighborhoods,” one local broker noted, “but buyers are more cautious.” As interest rates hover near 6–7 percent, more affluent buyers increasingly transact in cash to bypass financing constraints.
Indeed, many brokers regard the R. Kelly/Isley estate as atypical in both scale and theatrical provenance. “It takes someone who lives large,” Wolking said, describing the unique appeal of the home.