Celebs in real estate and financial trouble

morekaos said:
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!!
Click to expand...

From Billionaire to Bankrupt...makes for some juicy reading

http://www.forbes.com/2011/03/10/patricia-kluge-lifestyle-billionaire-bankruptcy-estate.html

The Rise And Fall Of Patricia Kluge

It's the kind of story from which movies are made. Sad ones, that is. A beautiful young woman marries a billionaire, divorces and uses her hefty settlement to strike out into a celebrated business, only to lose it all. Rather than a contrived film plot, this is the real-life story of Patricia Kluge.

Last month Kluge, now 62, bid adieu to Albemarle, a beloved Charlottesville, Va., manse. That's when the 200-acre, 45-room estate became the subject of a foreclosure auction on the courthouse steps in downtown Charlottesville. By its ending, creditor Bank of America ( BAC - news - people ) had repossessed the property for just $15.3 million.

 
morekaos said:
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.
Click to expand...

http://lansner.ocregister.com/2011/03/16/housewifes-mansion-sells-for-3-million/103337/

?Housewife?s? mansion sells for $3 million

A Newport Beach mansion owned by O.C. ?Housewife? Alexis Bellino and her husband Jim has sold for $3 million, down from the latest asking price of $3,395,000.

The house was listed at $4,995,000  in November 2010.

The 6-bedroom house was offered as a short sale, or for less than what is owed on the loan.

The Bellinos have been successful in halting foreclosure proceedings on the property, and their lawyer, Michael York, recently issued a statement that said they were not having financial problems.

And that's that....another happy ending in the OC
 
Not even rich vampires can save her now....

http://patrick.net/forum/?p=654026

Anne Rice Famous Vampire Author Desperately Seeking Buyer for Her Rancho Mirage House

She?s also ?selling everything not nailed down? in ?the big house? everything in quotes is her own words on Facebook:

?Here?s another part of the great Anne Rice yard sale, so to speak: my books on sale through Powell?s. I am clearing out huge libraries of yesteryear. Today I filled several boxes with all sorts of books ? biblical scholarship, lives of the saints, ancient history, art books, so much. All going to Powell?s.?

?The great digital yard sale continues. Okay, I?ll stop apologizing.? Yes, at first she was apologizing profusely, thankfully she stopped 

?Now some of my cameos are on EBAY. I collected them right after I finished Blackwood Farm with its use of cameos. These and other items are going out the door. Again, apologies to those not interested in Anne?s ongoing ?Yard Sale.?

and

?Again, my apologies to those who are not interested in our EBay ?Yard Sale.? I feel like I?m living in a second hand shop. Here?s the link to our many items going out into the wide world.?

http://www.redfin.com/CA/Rancho-Mirage/70305-Thunderbird-Rd-92270/home/6111456

Looks like this house sucked around $700,000.00 gallons of blood out of her bank account.

Mar 25, 2011  Price Changed  $2,915,000  --  DAMLS #21396380 
Mar 12, 2011  Price Changed  $2,925,000  --  DAMLS #21396380 
Jan 14, 2011  Price Changed  $2,940,000  --  DAMLS #21396380 
Nov 08, 2010  Price Changed  $2,950,000  --  DAMLS #21396380 
Apr 22, 2010  Listed (Active)  $3,300,000  --  DAMLS #21396380 
Dec 29, 2005  Sold (Public Records)  $3,600,000  7.7%/yr  Public Records 
 
I know this one has been picked over but the loss is so stunning I had to post it.

http://www.pbn.com/Nicolas-Cage-sells-Middletown-mansion-for-62M,56986?source=patrick.net

Nicolas Cage sells Middletown mansion for $6.2 million to Massachusetts couple

MIDDLETOWN ? Actor Nicolas Cage has finally sold his Middletown mansion. The 27-acre estate sold for $6.2 million on Friday, according to town records and Lila Delman Real Estate.

The Hollywood actor has been trying to sell the so-called Gray Craig Manor House since 2008, shortly after he ran into personal financial problems. Land records say Pamela and Andrew Constantine of Forestdale, Mass., purchased the property.

Cage?s Hancock Park Real Estate Trust had most recently listed the property for $7.75 million. The trust had purchased the property for $15.7 million in July 2007.

$9,500,000.00 loss!!!!  Probably $10 million with commissions.  Next to Del Lago that may be the biggest dollar hit I have seen.
 
Little Ashlee Simpson is learning a very expensive leason in real estate investment. Do you think with her career she can afford an $800,000.00 loss?  Ashlee who?

http://www.redfin.com/CA/Beverly-Hills/9718-Oak-Pass-Rd-90210/home/6833405

Apr 06, 2011  Listed (Active)  $3,699,000  --  TheMLS #11-518605 
May 26, 2010  - Delisted (Withdrawn)  --  --  Inactive TheMLS #5 
May 26, 2010  - Relisted (Active)  --  --  Inactive TheMLS #5 
May 17, 2010  - Pending (Backup Offers Accepted)  --  --  Inactive TheMLS #5 
Apr 07, 2010  - Price Changed  *  --  Inactive TheMLS #5 
Jan 11, 2010  - Listed (Active)  *  --  Inactive TheMLS #5 
Jan 11, 2007  Sold (Public Records)  $4,500,000  22.4%/yr  Public Records 
 
If he really had the Sixth Sense I don't think Bruce Willis would have bought this condo.

http://www.nypost.com/p/news/business/realestate/residential/hard_sell_j54p9xuGUrC84qxOV0JC0M?CMP=OTC-rss&FEEDNAME=

"It looks like Bruce Willis and stunning wife Emma Heming think their Upper West Side condo is expendable. Willis is even willing to sell it at a loss.

The ?Die Hard? star has just put his three-bedroom, three-bathroom condo at Trump Place at 220 Riverside Blvd. on the market for $3.95 million. He bought the 2,300-square-foot apartment in 2007 for $4.26 million. The 20th-floor unit has gorgeous views of the Hudson River and the George Washington Bridge."


 
He is a bit of a local celebrity so I think this applies

http://lansner.ocregister.com/2011/04/17/o-c-luxury-home-agent-files-for-bankruptcy/106933/

O.C. luxury home agent files for bankruptcy

Newport Beach real estate agent John McMonigle, who drew national attention selling some of Orange County?s most expensive mansions, announced Sunday that he has filed for Chapter 7 bankruptcy.

Federal bankruptcy court records show that McMonigle filed bankruptcy as an individual on Friday.

In a brief statement distributed at 6 p.m. Sunday, McMonigle said:


?In a necessary move brought about by an ongoing stalemate with uncooperative lenders in an unrelated real estate development business, John McMonigle, founder and principal of Newport Beach-based luxury real estate firm, McMonigle Group Inc., has filed for Chapter 7 bankruptcy protection.

?We have worked hard with our lenders to try to restructure and work out this debt with little or no cooperation. The filing will allow us to maintain a laser-sharp focus on our real estate sales brokerage business, McMonigle Group Inc., which will continue normal operations.?

The lender, OneWest Bank, has declined in the past to comment on the case.

McMonigle, 46, didn?t provide details about the bankruptcy or why he filed for Chapter 7, in which all of a debtor?s assets are sold off to satisfy debts.

The court file lists McMonigle?s assets as ranging from $1 million to $10 million, but his liabilities range from $50 million to $100 million. The file lists the estimated number of creditors in the case as ranging from 200 to 999.

The news is the latest development in a series of setbacks that began when a lender cut off funds for a Newport Coast mansion McMonigle is building that once was priced as high as $87 million but now is being listed for $37 million.
 
i like how he calls the lenders uncooperative. the bank wants the amount they loaned you back and because of that they are uncooperative? its that mentality of blaming others why this country is going down the s#itter.
 
Fromhttp://www.guardian.co.uk/world/2011/may/04/osama-bin-laden-hideout-worth

Osama bin Laden's house, described by the US government as a $1m (?605,000) mansion, is in fact worth no more than $250,000 say property professionals in Abbottabad, the town where he was killed.


We also know that the house was built in 2005 (at the height of the housing bubble)

So if he did pay $1,000,000 and put a traditional 20% down on a house now worth $250k, bin Laden is going to be underwater for a long time :)
 
morekaos said:
Rumor has it Viki is back on the market at a million lighter on the price

SELLER: Vicki and Donn Gunvalson
LOCATION: Coto de Caza, CA
PRICE: $2,695,000
SIZE: 5,400 square feet, 5 bedrooms, 5.25 bathrooms

http://www.redfin.com/CA/Coto-De-Caza/7-Shire-92679/home/5054738

Original 2007 list was $3,750,000.00
Click to expand...

Price cut!!!

http://lansner.ocregister.com/2011/05/29/housewife-vickis-home-gets-a-200000-price-chop/111525/

Housewife Vicki?s home gets a $200,000 price chop
 
Singin the blues...

http://www.startribune.com/entertainment/blogs/125482558.html

R Kelly faces foreclosure

Somewhere MC Hammer is nodding with sadness:



Grammy-winning singer R. Kelly faces a $2.9 million foreclosure on his suburban Chicago mansion.
Crain's Chicago Business reported Tuesday that JPMorgan Chase Bank filed the foreclosure lawsuit last month in Cook County Circuit Court. The complaint states that Kelly hasn't made monthly mortgage payments since June of last year.

Crain's reports the Olympia Field home's appraised value fell 26 percent in a year, to $3.8 million in 2010. The original 1999 loan was for $3.5 million,

The principal due is more than $2.9 million.

The R&B singer's spokesman, Allan Mayer, declined to comment about the foreclosure. But he tells The Associated Press that Kelly isn't in financial trouble. Mayer says Kelly now lives in Chicago and that his recent tour and 2010 album, "Love Letter," were successful.

Reuters fills in some details:

The original loan issued in 1999 was for $3.5 million, according to the lawsuit, and the monthly payments were $24,345.12.
  The property has a number of liens on it, according to the lawsuit, including nearly $2 million from the Department of the Treasury.

Meaning, taxes. Reuters also notes that unpaid interest is accruing at the rate of $251 per day.

It?s possible he just doesn?t want to pay for it anymore. Kelly put the mansion up for sale last June, and apparently stopped paying. Perhaps he thinks the act of offering it for sale is tantamount to being absolved of your responsibilities.


It looks like if you've been shot out of a cannon, or live next door and have an incredible trampoline
 
This one is even worse than Mz. Stones losses.  Poor Rupert just can't catch a break these days.

http://www.inquisitr.com/145479/rupert-murdoch-mansion/

Rupert Murdoch?s Long Island Mansion Goes For $9.1 Million

Life just gets more unbearable and squalid for 80-year-old multi-gazillionnaire Rupert Murdoch and his 42-year-old wife Wendi Deng.

Fresh from the News Corp. hacking scandal, The Real Estalker reports that the media mogul has made a $5.7 million loss on his mansion in Long Island. The final sale price? $9.1 million.

Murdoch put the mansion, named ?Rosehearty,? up for sale on the open market in June 2007. Back then, it carried a price of $14.8 million. Four years later, that figure has collapsed.

So, what does $9.1 million get you nowadays? Well, Rosehearty is a stately 1900s Colonial mansion with 11 bedrooms, 7.5 bathrooms, a 950-square foot guest house, and a 50-foot swimming pool with pool house.

Measuring around 10,000 square feet, the mansion also comes with a 950-square foot guesthouse, a garage that?s big enough for eight cars, a beach cabana, and a floodlit tennis court.

The Real Estalker notes that the sale should still be considered a rumor for now, as it?s yet to appear on property records, but someone may have got themselves a bargain from poor old Rupert.

Hopefully Mr. Murdoch can be consoled while he reflects on his loss in his $44 million Fifth Avenue triplex. Or his 8,651-square foot Wallace Neff-designed mansion in Beverly Hills (11 bedrooms and 9 bathrooms). I hear either suffices.
 
morekaos said:
Little Ashlee Simpson is learning a very expensive leason in real estate investment. Do you think with her career she can afford an $800,000.00 loss?  Ashlee who?

http://www.redfin.com/CA/Beverly-Hills/9718-Oak-Pass-Rd-90210/home/6833405

Apr 06, 2011  Listed (Active)  $3,699,000  --  TheMLS #11-518605 
May 26, 2010  - Delisted (Withdrawn)  --  --  Inactive TheMLS #5 
May 26, 2010  - Relisted (Active)  --  --  Inactive TheMLS #5 
May 17, 2010  - Pending (Backup Offers Accepted)  --  --  Inactive TheMLS #5 
Apr 07, 2010  - Price Changed  *  --  Inactive TheMLS #5 
Jan 11, 2010  - Listed (Active)  *  --  Inactive TheMLS #5 
Jan 11, 2007  Sold (Public Records)  $4,500,000  22.4%/yr  Public Records 
Click to expand...

Sold on 06/14/2011
$3,475,000

One million dollar plus loss!!!!  Better get that reality show gig back.
 
morekaos said:
Man, I guess Chris Tucker is not laughing about this loss.

http://www.zillow.com/homedetails/16607-Arezo-Ct-Montverde-FL-34756/82057852_zpid/

07/17/2010  Listed for sale *  $2,000,000  -66.7%  $225  RE/MAX Central Realty 
06/20/2007  Sold  $6,000,000  1,296%  $677  Public Record 

I suppose not paying your taxes may have helped along this forced sale.

http://www.tmz.com/2010/07/27/chris-tucker-taxes-tax-problems-11-million-federal-irs-internal-revenue-service-debt-nic-cage-rush-hour/?loc=interstitialskip

Chris Tucker -- 11 Million Tax Problems
7/28/2010 12:30 AM PDT by TMZ Staff


--------------------------------------------------------------------------------

Chris Tucker's ongoing tax problems have reached Nicolas Cage proportions -- according to new docs, the "Rush Hour" star now owes the IRS more than $11 million in back taxes.
Click to expand...

Well it looks like it went from a forced sale to a full blown foreclosure (probably the biggest strategic default I have seen)

http://articles.orlandosentinel.com/2011-10-12/news/os-chris-tucker-foreclosure-20111011_1_foreclosure-papers-jackie-chan-film-series


Foreclosure papers filed on Central Florida mansion of 'Rush Hour' star Chris Tucker

Court papers say Chris Tucker owes more than $4 million for home with a pirate-ship basement

MONTVERDE ? Comedian Chris Tucker, who starred as a wise-cracking L.A. police detective with martial-arts star Jackie Chan in the blockbuster "Rush Hour" film series, could soon lose his multimillion-dollar mansion in Central Florida.

Tucker, 39, bought the 10,000-square-foot waterfront home on Lake Apopka in the pricey Bella Collina community in 2007 for $6 million but owes more than $4.4 million to SunTrust Bank, according to foreclosure papers filed in Circuit Court in Lake County.


 
And Donald Trump takes one on the chin.  Not that this little venture wasn't doomed from day one but here it is in print.

http://www.redfin.com/CA/Rancho-Palos-Verdes/32045-Isthmus-View-Dr-90275/home/22931516

Oct 19, 2011  Sold (MLS) (Closed)  $7,150,000  --  Inactive CRMLS #S10066341 
Sep 26, 2011  Pending  --  --  Inactive CRMLS #S10066341 
Jun 21, 2010  Listed (Active)  $12,000,000  --  Inactive CRMLS #S10066341 

Only $5 million off list.  Someone is gonna get fired
 
A sure sign of distress is building your "dream house"  then renting it out because you can't afford to live there!!!  Doh!!

http://gawker.com/5863129/for-20000-a-week-pam-anderson-could-be-your-landlady

For $20,000 a Week, Pam Anderson Could Be Your Landlady


The Virgin Saint and fierce protectress of chastity and virtue, Pamela Anderson, is renting her out home for $20,000 a week. So many things are that amount of money: college tuition, a nice car, my entire salary, half an Olsen sister's purse! Perhaps rent is so insanely high because the home is decorated by the Lady of the Manor herself. Yikes. Or maybe it is due to the crazy rumors flying that Pammy is experiencing some money woes of her own and is fixing to make a buck or two off the home. Whatever the reason, this place ain't cheap.

The three bedroom, 2.5 bath, one outdoor-wigwam (well, Pam is Canadian) home comes with all the expected amenities that make up a Malibu manse: fireplaces, beach views, saunas and steam showers, and a saltwater swimming pool with swim-up bar outside. There is also a private staircase accessible only through the master bedroom that leads to the roof. And if you pull Pamela's left boob a swinging bookcase slides open to reveal the meeting place of the Opus Dei.
 
Don't need a CSI unit to figure out what went wrong...

http://www.tmz.com/2011/12/10/gary-dourdan-foreclosure/

His 2011 has included arrests for domestic violence and drug possession (on a night that included a massive car wreck) so it's only fitting Gary Dourdan end the year with a foreclosure hanging over his head ... this according to documents obtained by TMZ.

According to docs filed back in September, Dourdan defaulted on his mortgage after he missed a payment due on July 1. The docs say Dourdan owes $61,558.90 as of September 28, 2011 .... on the Venice pad he bought back in 2004 for $922,000.

 
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