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Celebrity Real Estate

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As many have heard by now, Chicago native and rapper Common had been feeling the heat of a lackluster South Loop condo market. In 2008, Common, whose legal name is Lonnie R. Lynn, ponied up a reported $402K for a 2-bed condo in 1400 Museum Park. The last mortgage payment made on the Central Station investment property was back in March and Bank of America filed to foreclose in June, seeking to collect $345K. But Common was able to unload the condo for $350K on Monday, narrowly escaping foreclosure with a mere five grand to spare— which likely went toward closing costs. All's well that ends well. [Crain's by subscription, Photo: Trulia]