July 17, 2008
Celebrities Foreclose Too
Foreclosures are hitting all segments of the population, and the rich and the famous are not excluded from this list. CNN recently reported in on some famous foreclosures including:
- Jose Canesco, former baseball star who recently ditched his 7,300 square foot Encino, California home. Canesco too the property in May, at which time Canseco owed over $3.3 million.
- Ed McMahon, Johnny Carson’s former sidekick, owes $4.8 million on a home that he paid less than $1 million on in 2000!
- Evander Holyfield, ex-heavyweight champion, recently managed to pull himself out of foreclosure status on his 54,000 square foot mansion.
- Michael Jackson (no description needed), also managed to work out a deal before auction proceedings moved forward on his 3,000 acre Neverland ranch. The mortgage balance on this baby, a whopping $24.5 million!
- Courtney Love, widow of rock idol Kurt Cobain, allowed her modest 13 acre bungalow to slip into foreclosure in 2006 for a measeley $386,000, mere chump change for this group!
The “Celebrity Foreclosure” list on the Luxist adds even more celebs to the growing collection of stars in debt, including Aretha Franklin, Latrell Sprewell, and Whitney Houston.
The foreclosure aspect doesn’t baffle me half as much as the fact that these people had mortgages to begin with! For example, Evander Holyfield has grossed over $200 million in his career, yet had a mortgage balance of $10 million on his home! When you’ve made that much money, why is a mortgage even necessary?! Sigh. The more money you have, the more money you need, apparently.
Carolyn L said:
This is a shame how people like me who struggle cannot even get a house ans those who can get one that they cannot even afford. Why do celebrities buy too much house? Is it necessary to have more than 3-4 bedrooms? Help a girl out, I only need 2-3 bedrooms. I work just as hard and don’t have things given to me like these celebrities do, and they still can’t keep a house.
sorry had to keep it real.
August 24, 2008 11:15 AM
G said:
In response to Carolyn’s message :
Do you think that Celebs have things handded to them? Well if so, you better think again. People (like Michael Jackson) had to work hard for what he has. He lost his childhood for fame. Since the age of 5 he has been under the eyes of the world. You think that’s easy? A piece of cake? I don’t.
June 27, 2009 6:48 AM
Neverland, ¿Turismo o peregrinación? : Viajes Pasión said:
[...] Redfin; Newsday; ABCNews Vía: [...]
June 28, 2009 12:07 AM
leidy said:
k rmosa ksa… parece un verdadero cstillo sino mas k eeso.. me esta preaprsdo algo mejor ne el cielo.. lastima
July 1, 2009 11:20 AM
babyphatmama said:
I agree with everyone. Celebrity are not handed everything, they do work for what they have;never the less why do thy mortgage their property? Why not pay it off? If you have the money, pay it off! I also work hard to have nice things in life, and it is no piece of cake getting it. I was married for 20 years, had a home , nice car, and everything a couple that has been together for 20 years have. Unfortunately my ex-husband began to use drugs after ab out 15 years, and we lost everything we had, even each other. So that shows you anything can take it away quickly. THANK YOU!!!!!!!!!!!!!!!!!!!
July 1, 2009 5:33 PM
allyson said:
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November 22, 2009 9:11 AM