Famous Foreclosures

OK, I admit, this is completely petty but in light of the current real estate market, it IS relevant. And a little entertaining. I just came across a list of famous people (via a CNN link) either at risk of foreclosure or who have already been foreclosed upon. Most of their situations differ wildly from the average American who is losing their home. Call me cruel but somehow I can’t feel bad for someone with millions and millions of dollars who can’t make the mortgage payment on their $25 million dollar home. Can you say downsize?

Don Johnson – how long has it been since you heard THAT name? He actually saved his Woody Creek, CO estate from foreclosure by coming up with $14.5 million in delinquent debt 24 hours before the money was due.

Evander Holyfield – his 54,000-square-foot Atlanta mansion was scheduled to be auctioned off on July 1st, 2008 but he was able to save his home by coming up with the money owed.

Michael Jackson – Neverland Ranch in California was scheduled to be auctioned off in May if the $23.5 million owed wasn’t paid. Luckily for Micheal, a private-equity firm purchased the loan and the foreclosure was cancelled.

Ed McMahon – defaulted on $4.8 million in mortgage loans on his Beverly Hills home. Donald Trump, who did not know McMahon personally but was a fan of his work, offered to buy the property and let McMahon continue living there as an act of benevolence.

Jose Canseco – Former American League MVP lost his $2.5 million, 7,300-suqare foot home in Encino, CA to foreclosure in May 2008.

Courteney Love – came close to losing her $560,400 bungalow just south of Olympia, WA. She was $386,000 in debt to her lender but managed to pay it off before the house sold at auction.

Michael Vick – now more famous for his dog fighting than football talent. The home he purchased for $3.7 million remains unsold after 2 auctions and a high bid of.

Tionne Watkins – better known as T-Boz from the R&B Group TLC. T-Boz is facing foreclosure on her Duluth, GA home. Her 10,000 square foot home is scheduled to be auctioned off in January 2009, unless she can come up with the $532,500 in defaulted payments in time.

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