Celebs in real estate and financial trouble

Why you professional athletes should never spend their money as if their income is guaranteed..

Tennis ace served bankruptcy notice after mortgage default

http://www.smh.com.au/business/tennis-ace-served-bankruptcy-notice-after-mortgage-default-20101122-1845l.html

FORMER tennis ace Mark Philippoussis has been hit with a bankruptcy notice after defaulting on the mortgage for his Williamstown home.

The lender, Perpetual Trustee Company, applied to the Federal Magistrates Court in Sydney yesterday for ''substituted service'' of the bankruptcy notice, which means that Perpetual can formally give the notice to Philippoussis's lawyer or representative. Philippoussis is in the US.

The moves to bankrupt Philippoussis come after attempts to repay the mortgage by selling the three-level townhouse failed.

Advertisement: Story continues below He borrowed about $1.2 million from lender General Motors Acceptance Corporation in February 2008 to buy the townhouse overlooking Port Phillip Bay, which he shared with his mother, Rossna.

 
Sheryl Crow?  Seriously?  I doubt she is in any trouble but she does have to resort to gimmicks to get the deal done...

http://www.theimproper.com/15639/sheryl-crow-crushed-by-real-estate-crash-photos?source=patrick.net#post-15639

Singer Sheryl Crow has become the latest celebrity to get caught in the real estate crash. She can?t sell her sprawling Nashville mansion, so she has gone to the extreme ? putting it up for auction at a bargain basement price.

Like so many stars who made it big, Crow splurged on huge house with top of the line features. But since the real estate market crash, they have become white elephants.

Now Crow?s house is bargain priced. The bidding has topped out at $1.1 million with the online auction set to end tomorrow night (Nov. 24).


Check out Cheryl?s posh estate; click to enlarge.

Crow, 48, likely paid $4 million to $6 million for the house in 2006 after renting it for a few years. Initially. she put it on the market in May for $7.5 million. But no takers stepped up.

 
Had to do it...

Well, it took almost exactly 2 years but their implosion is almost complete. When will people notice that getting on this show is a prelude to total financial annihilation?

http://lansner.ocregister.com/2010/12/06/o-c-housewife-lists-home-for-3-7-million/91334/
A Newport Beach home owned by O.C. ?Housewife? Alexis Bellino and her husband Jim that the pair managed to rescue from repossession several months ago has been scheduled for another foreclosure auction, and now is also listed for sale at $3,695,000.
?Owner has over $6 Million into the property, reduced for quick sale,? the listing says, noting that the house is ?50? from $35M waterfront sale previously owned by Nicholas Cage.?

The Bellino?s 6,400-square foot house, with a peek-a-boo view of Newport Bay, has 6 bedrooms and 5.75 baths.

The foreclosure auction is scheduled for Friday, according to a public notice issued in November. The published bid was set considerably higher than the MLS asking price, at $4,677,635.

The Bellinos were in default on payments earlier this year and the home was scheduled to go to auction in August, but they were able to get a loan modification, Jim Bellino said at the time.

?The trustee sale has been canceled, and the modification has been agreed upon,? he said then.

http://www.redfin.com/CA/Newport-Beach/2672-Circle-Dr-92663/home/3245663
 
morekaos said:
I don't know if he is in any actual financial trouble but a $10 million dollar price cut sure smacks of desperation.

http://www.sfgate.com/cgi-bin/blogs/dailydish/detail?entry_id=75504#commentspage


Val Kilmer has slashed the price of his New Mexico ranch by a massive $10 million in a desperate bid to sell it.

Kilmer put his Pecos River ranch on the market in early 2009 for $33 million.

But the sprawling 5,328-acre property, which boasts a 10-bedroom, 10-bathroom, 11,573-square-foot house, still hasn't sold.

The Associated Press reports a Craigslist ad published last week lowered the price to $23 million.

http://www.santaferealtypartners.com/santa-fe/farm/201004278/
Click to expand...

Now we know why...Hat tip to RC.

http://movies.yahoo.com/news/movies.ap.org/irs-val-kilmer-owes-500k-back-taxes-ap

IRS: Val Kilmer owes $500K in back taxes (AP)

SANTA FE, N.M. - Val Kilmer owes nearly $500,000 in federal taxes, and a lien has been placed on the "Batman Forever" actor's property, including a New Mexico ranch he's trying to sell.

The Internal Revenue Service filed the lien last month in Santa Fe for an assessment balance of $498,165 for 2008 income taxes.

Kilmer has lived in New Mexico for two decades. He put his 5,300-acre Pecos River Ranch on the market for $33 million in 2009.

The ranch is now listed for sale at $18.5 million, down from $23 million in October.

Kilmer and his agent did not respond to telephone calls and e-mail on Thursday seeking comment.

Kilmer also starred in movies including "Top Gun."

 
Even when you controll all the money in the world....you can still lose a million clams on your home.

http://www.reuters.com/article/idUSTRE6BT3YI20101230

Ex-Treasury chief Paulson loses $1 million on DC home

Reuters) - Few know better than former Treasury Secretary Henry Paulson how the struggling U.S. economy has battered home prices.

As former President George W. Bush's top economic adviser, Paulson played a lead role battling the U.S. housing downturn and deep financial crisis it sparked.

But last week it got personal.

Paulson sold his three-bedroom home in a tony Washington neighborhood last week for close to a third less than his initial asking price and more than $1 million below what he paid for it more than four years ago.

The villa-style home near the official vice president's mansion and the National Cathedral sold for $3.25 million on December 21. Paulson put it on the market for $4.6 million in April, later lowering the asking price to $4.15 million, according to real estate industry records. He paid $4.3 million in August 2006, according to government records.

Irony is incredibly ironic.
 
I know but I still get a laugh out of it...

http://lansner.ocregister.com/2011/01/06/repo-auction-date-on-housewifes-mansion-rolls/94508/

New auction date for ?Housewife? mansion

A foreclosure auction scheduled for Monday for the Newport Beach home of O.C. ?Housewife? Alexis Bellino and her husband James is rolling to next month.   
.
The new auction date has been set for Feb. 10.

But there?s a good chance it won?t take place then, either. As we?ve reported, James Bellino filed for Chapter 11 bankruptcy protection for the company, Global Marine Inc., that holds title to his house.

Bellino is president of Global Marine, a single-asset real estate corporation. A document filed in the bankruptcy case says ?after any exempt property is excluded and administrative expenses paid, there will be no funds available to unsecured creditors.?

The bankruptcy filing says the estimated number of creditors is between 1 and 49, and the estimated assets of Global Marine, Inc. are between $1,000,001 and $10 million.

Bellino?s business is based at his 6-bedroom home in Newport Beach, which, in addition to being in default on a loan, is listed for sale .

The 6,400-square foot, 6-bedroom house is also on the market and being offered as a short sale ? or for less than what is owed on the mortgage. But the lender, JPMorgan Chase, would have to agree.

The asking price is $3,395,000. The published bid at auction is listed at $4,677,635.

The couple has said they are still negotiating with the bank.

The listing on the home states: ?Owner has over $6 Million into the property, reduced for quick sale,? and notes that the house is ?50? from $35M waterfront sale previously owned by Nicolas Cage.?

The listing describes the home, on a 9,135-square foot double lot, as having ?every high-end amenity imaginable.?

That includes: ?High ceilings, gorgeous crown molding, pristine wood floors, and a grand staircase? a state-of-art kitchen, wine cellar, home theater, & large recreational area with pool table & bar ?? There?s also a wrap-around balcony, rooftop view deck, a gym and a 6-car garage.

Realtor John Stanaland of Hom Real Estate Group has the listing.

 
Even Celebs that have been in the game for DECADES can step in the real estate pile.  Captain and Tenille just sold their PS pad for a please don't "Do That To Me One More Time" loss of $165,000.00.  (If you don't understand that reference or have no clue who these people are than you were probably born after 1990...Wikapedia it.)

http://www.redfin.com/CA/La-Quinta/81830-Couples-Ct-92253/home/6354507

Dec 03, 2010  Sold (Public Records)  $660,000   -4.2%/yr  Public Records 
Nov 11, 2010  Delisted  *  --  Inactive DAMLS #1 
Jun 17, 2010  Price Changed  *  --  Inactive DAMLS #1 
Jun 08, 2009  Price Changed  *  --  Inactive DAMLS #1 
Nov 18, 2008  Price Changed  *  --  Inactive DAMLS #1 
Oct 15, 2008  Listed  *  --  Inactive DAMLS #1 
Sep 01, 2005  Sold (Public Records)  $825,000

 
Joanie, Can't Chachi give you a loan?

Erin Moran

The star: She's best known as Richie Cunningham's freckle-faced little sister Joanie on the 1970s sitcom "Happy Days" and co-star of the spinoff "Joanie Loves Chachi."

The house: Los Angeles County court records posted on the entertainment website TMZ.com show that Moran, also known by her married name Erin Fleishmann, owed $315,930 on the Palmdale, Calif., home. The Bank of New York Mellon Trust Company bought the house at auction for $291,150 in July 2010. According to TMZ, Moran stayed in the home after losing it to the bank and had to be evicted.

The market: Palmdale, just north of Los Angeles, posted foreclosure filings in November 2010 on one in 80 housing units. The average foreclosure sales price was around $154,000

http://finance.yahoo.com/loans/article/111870/rich-and-famous-and-in-foreclosure
 
This is setting the bar high as a record for OC Housewives. This one is losing her home "BEFORE" she even debuted on the show!!!!! OMG!!! I can't stop laughing!!!

http://lansner.ocregister.com/2011/02/08/newest-housewife-defaults-on-irvine-home-loan/98648/

Newest ?Housewife? defaults on Irvine home loan

Peggy Tanous, who will make her debut on the Real Housewives of Orange County when the new season airs on March 6, has something in common with a few of the other housewives, in addition to her looks:
Real estate woes.
Tanous has received a notice of default on her Irvine house, public records show.
The house, below, was purchased in 2006 for $1,379,000 from Lennar Homes of California. The default notice is dated Nov. 16, 2010. Records show the amount  in default at $190,713. The loan was for $1 million.
Tanous could not be reached for comment, but we?re seeing if someone from Bravo TV might want to give us an update.
The 41-year-old former bikini model and stay-at-home mom is ?an odd mix between a holistic, new age woman and a wealthy Orange County party girl,? according to a Bravo news release.
As our TV bloggers have reported,Peggy is married to Micah Tanous, an Internet marketing entrepreneur. The couple are friends with Jim and Alexis Bellino, current cast members of the show.
The Bellinos are facing foreclosure on their 6,400-square foot Newport Beach house, which is on the market as a short sale for $3,395,000.
 
Here's the picture from the article:

Tanous2.jpg


That looks like a Plan 3 Alexandria in Columbus Grove.

 
Maybe the next OC Housewife they get will have an NTS filed on her property before she even starts on the show.  haha
 
Not exactly a guy in financial dire straits but that was a heafty re-adjustment in expectations on the price from $15.9 million to where it sold at $7.2 million.  Sacked in the backfield.

http://www.sun-sentinel.com/sports/miami-dolphins/sfl-dan-marino-sells-house-weston-home,0,4867298.story?track=rss

Miami Dolphins legend Dan Marino sells Weston home for $7.2M

Dan Marino never was known for his mobility on the football field, and he couldn't escape the oncoming rush of the housing collapse, either.

The Hall of Fame Miami Dolphins quarterback finally sold his Weston digs, but he accepted less than half of his original $15.9 million asking price. The house in Windmill Ranch Estates first was listed for sale in 2005.

Florio J. and Glenda Abbate paid $7.2 million for the 10-bedroom, 12-bath lakefront home last month, Broward County property records show. Florio Abbate is the former president of Saxon Business Systems in Miami Lakes.

 
Bank America holding the bag...again!!  At one time a multi billionare, Charles Kluge fell off a cliff, along with this former (get this) $100 million dollar property now owned by B of A and us taxpayers. thanks a bunch, I always wanted a property like this.

http://blogs.forbes.com/morganbrennan/2011/02/22/the-foreclosure-of-patricia-kluges-once-100-million-estate/?source=patrick.net#socialvotestarget

The Foreclosure Of Patricia Kluge?s (Once) $100 Million Estate

a hunting lodge in the Scottish Highlands valued then at $20 million and an opulent 45-room Virginia estate called Albemarle.

Last week a new owner took possession of the grand Virginia estate: Bank of America.  The bank giant ?bought? the eight bedroom, 13 bath, 19th century-inspired mansion Wednesday morning on the Charlottesville courthouse steps.  It was the top bidder in a foreclosure auction.

Albemarle is the latest distress sale affiliated with Virgina?s society maven, who until recently was also a celebrated wine maker. (Kluge Estate Winery and Vineyard wines graced the tables of Chelsea Clinton?s wedding last year.)  Last June, Sotheby?s Auction House hosted an estate sale of her jewelry, furniture and art, pulling in millions of dollars to pay off creditors.  In December, Farm Credit Bank repossessed Kluge Estate Winery and Vineyard in auction, after failed business plans for the vineyard and its  surrounding property, which Kluge and current husband William Moses planned to subdivide, develop and sell as a real estate venture, caused Kluge to relinquish ownership.

Wow!!
 
morekaos said:
Is it possible this house is cursed?  First Nic Cage loses his buns and has to sell and now Jerry Herbst (Terrible Herbst) is selling everything (including this house) to hide assets as his casino investments drag them under.

http://www.lvrj.com/business/terrrible-herbst-owner-selling-newport-beach-home-92909849.html

http://www.redfin.com/CA/Newport-Beach/2692-Bayshore-Dr-92663/home/3246083
Click to expand...

It just gets worse..

http://lansner.ocregister.com/2011/03/02/nic-cage-house-selling-18-below-record-price/101381/

Nic Cage house selling 18% below record price

A Newport Beach mansion formerly owned by Nicolas Cage is now selling for $6.5 million less than the record $35 million that the movie actor got when it sold it three years ago.

The waterfront home, located on Bayshore Drive with a clear view across the channel, fetched the highest price ever paid for an Orange County home when Cage sold it in January 2008 to Jerry Herbst, owner of the Las Vegas-based Terrible Herbst chain of gas stations and casinos.

Herbst, who paid Cage $35 million, is now asking $28.5 million for the home, or 18.6% less than what he paid.

The price cut may be a barometer for how much prices for trophy homes have come down during the ongoing housing slump. Agents say that price reductions have been commonplace across the board for high-end homes of all types.
 
Not that sports figures blowing themselves up financially is anything new, this was a #1 pick.

http://www.nbcbayarea.com/news/sports/Own-JaMarcus-Russells-Oakland-Mansion--117358698.html?dr

Own JaMarcus Russell's Foreclosed Oakland Mansion Former Raiders' QB is losing his home to foreclosure

JaMarcus Russell's return to greatness isn't going as well as planned.

The former No. 1 pick of the Oakland Raiders, famous for wearing mink coats and taxing a heavy toll on the team's bench, needs to find a job soon.

Foreclosure proceedings have started on Russell's Oakland mansion, according to TMZ. If the former LSU star can't come up with $195,512.05 in backed mortgage payments in the next three months, his house will be auctioned off.

Russell purchased the house in 2007 for $3 million before he even signed his contract with the Raiders.

 
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