Celebrities in forclosure

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morekaos_IHB

morekaos_IHB

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I thought I would start a fun tally of our well to do friends who find themselves in a real estate pickle

I'll dispense with the easy ones we all know:

•Marion Jones (athlete - track and field)

•Jose Canseco (athlete - baseball)

•Michael Jackson (entertainer - music)

•Latrell Sprewell (athlete - basketball)

•Aretha Franklin (entertainer - music)

•Ed McMahon (entertainer - talk show)

•Evander Holyfield (athlete - boxing)

Oh and our friends over at the Real Hosewives thread. Today, I will add Stephen Baldwin

Steve

Actor Stephen Baldwin sought voluntary Chapter 11 bankruptcy protection in July after lenders began foreclosure proceedings. Baldwin, 43, listed $1.1 million in assets and $2.3 million in debt in documents filed in U.S. Bankruptcy Court in White Plains, New York. His home is valued at $1.1 million and the banks sought to recover about $1.2 million in mortgage loans, according to court papers.

Who do you know?
 
La Toya Jackson.

"La Toya owes $745,670.27 on her swanky condo in the Regency Towers of the LV International Country Club....the auction was originally schedule for August 31 -- but it was postponed. The new auction date is September 30." La Toya's rep says: ""La Toya has an extensive real estate portfolio and her advisors directed her to the business decision to let this particular property to go to short sale where it is now."

More here.
 
morekaos said:
I thought I would start a fun tally of our well to do friends who find themselves in a real estate pickle

I'll dispense with the easy ones we all know:

•Marion Jones (athlete - track and field)

•Jose Canseco (athlete - baseball)

•Michael Jackson (entertainer - music)

•Latrell Sprewell (athlete - basketball)

•Aretha Franklin (entertainer - music)

•Ed McMahon (entertainer - talk show)

•Evander Holyfield (athlete - boxing)

Oh and our friends over at the Real Hosewives thread. Today, I will add Stephen Baldwin

Steve

Actor Stephen Baldwin sought voluntary Chapter 11 bankruptcy protection in July after lenders began foreclosure proceedings. Baldwin, 43, listed $1.1 million in assets and $2.3 million in debt in documents filed in U.S. Bankruptcy Court in White Plains, New York. His home is valued at $1.1 million and the banks sought to recover about $1.2 million in mortgage loans, according to court papers.

Who do you know?
Click to expand...

That was an interesting article. It did a good job explaining the differences and multiple steps involved in filing for Chapter 7 and Chapter 11.
 
I guess Nicolas Cages situation is worse that a few bad investments

Meltdown

Actor Nicolas Cage owes the IRS more than $6.6 million in income taxes, according to a federal tax lien notice obtained by TMZ.com. The notice, dated July 2, shows that Cage owes more than $70,190 on his 2002 taxes, $179,738 for 2003, $110,617 for 2004 and a whopping $6,257,005 for 2007.

Why Cage, the star of such blockbusters as 2007's "National Treasure: Book of Secrets," hasn't paid his tax debts is unclear. A spokeswoman for Cage declined to comment on the issue to ABCNews.com.

Cage is just one of a long list of celebrities with financial problems. Stars, including Lenny Dykstra, Victoria Gotti and Annie Leibovitz, have been hit by tough times and lack of opportunities. Some have had to put their multimillion-dollar homes on the market, declare bankruptcy or face foreclosure.
 
Brother, can you spare Pam Anderson a dime? Or 30,000,000 dimes?

It is possible for Pam Anderson to drown

The 42-year-old has been forced to move into a trailer park during construction of her beach house in Malibu, California.

Now she fears she may have to sell it altogether after going massively over budget.

She said: 'I am $3million over budget and I should have moved in over a year ago. I’m tiling the whole pool in platinum — that’s expensive!'

The Playboy and Baywatch star sobs whenever she visits the house, which she bought for £850,000.

She said: 'I’m going to sell it. I hate it. People commit suicide over constructions.

'Relationships break down over constructions and I can see why. It rips your heart out'

Anderson was speaking to former EastEnders star Joe Swash for a documentary called Pamela Anderson: At Home With Joe for Living TV.

She showed Swash, 27, and his film crew around the house and told him the financial situation was so bad that she lives in a trailer with her electrician boyfriend Jamie Padgett, 42, and her two sons Brandon, 13, and Dylan, 11.

She reportedly has just $4,000 (£2,400) in the bank and needs to spend at least $800,000 (£480,000) more to make the house habitable.
 
Nick Cage update

Bank forecloses on New Orleans haunted houses owned by celebrity Nicholas Cage

WHY DID NICHOLAS CAGE BUY HAUNTED HOUSES? WHO KNOWS

It is believed that Cage bought the homes specifically due to their spooky past. Apparently he thought it was a good idea at the time or else he would not have done it.

[Cage claims a poor financial advisor directed him to buy the property selections he did, but most people would not follow advice on buying a home that they would always feel uneasy setting foot in due to claims of haunting.]

However, as now evidenced by the current market value, buying stigmatized properties is seldom a good idea is you ever plan to resell for profit.

According to a variety of celebrity news sources, Cage previously bought another New Orleans property in the Garden District from noted horror writer Anne Rice.

CNN also reports that Cage owes more than $6 million in back taxes. His properties in California and Las Vegas, although not reported to be haunted, "have also been foreclosed on and are designated for auction later this month."
 
Willie Aames

http://www.vh1.com/shows/broke_and_famous/series.jhtml

I am not sure if this show, VH1's "Broke and Famous" is just a one time documentary about Willie Aames (child actor of Eight is Enough, Charles in Charge) or if there will be other famous and broke people.

The entire episode is available at the link. He is shockingly angry and combative when the initial helper/lifestyle coach is assigned to him. Willie has a short time to sell all his accumulated crap in a yard sale before he loses his home to forclosure. He is estranged from his wife and daughter and winds up homeless, sleeping in bushes. He explores job possibilities such as taxidermy and outdoor adventure guide. He has a stint in construction and begins the task of becoming a "financial advisor". In one of the trailers, he predicts that his situation is just the beginning for a long line of other failed famous people who will be in similar circumstances. He is the first wave.

It's a good look at a difficult and baffling situation of how a person can get so far removed from reality, that they literally lose it all.
 
morekaos said:
Christina Ricci...Not in foreclosure (yet) but still a big, fat loss.

Wednsday's house

Nov 24, 2009 Listed $1,250,000 -- TheMLS #09-413251

Dec 08, 2005 Sold (Public Records) $1,505,000
Click to expand...

Oh my!

09-413251_22_0.jpg
 
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