Forbes recently released a list of celebrity foreclosures that consists of both celebrities whose homes have been recently repossessed, and those who are currently in danger of foreclosure. Some big and unexpected names made the list including Victoria Gotti, Michael Jackson, Ed McMahon, Damon Dash and Wyclef Jean–just to name a few. For many of these celebrities, they were able to borrow massive amounts of money due to their hefty paychecks during flourishing economic times. However, like most industries, Hollywood is also struggling as a result of the current economy.
Michael Jackson: MJ’s $25 million Neverland Ranch estate in Santa Barbara, CA has undoubtedly been the most publicized celebrity home in danger of foreclosure. However, in March, the “King of Pop” escaped the foreclosure by taking a loan from the Los Angeles-based private-equity outfit Colony Capital.
Damon Dash: Sometime last year, this co-founder of Rockafella Records was given a foreclosure notice after being unable to pay his combined $78,500 monthly mortgage payment on two lower Manhattan condominiums.
Xzibit: Rapper and host of MTV’s Pimp My Ride, Xzibit, is reportedly $20,000 behind on the $536,000 mortgage for his Woodland Hills, CA home.
Victoria Gotti: It was reported in May of 2009 that Victoria Gotti was extremely close to losing her Long Island, NY estate, as she was behind $650,000 on her mortgage. However, it seems as though the mob princess has recently made a deal with the Feds to save it, as her ex-husband, Carmine Agnello, took out a secret mortgage on the home without her notice.
Jose Conseco: Despite being able to pay his monthly mortgage, the former MLB player and part-time reality TV star simply walked away from his $2.5 million Encino, CA home. Conseco felt that it did not make “financial sense” to continue making payments on a home that was quickly losing its value.
Wyclef Jean: This triple-threat rapper/singer/producer nearly lost his $2.4 million Miami, FL home. Luckily, Wyclef was able to resolve his debts before foreclosure was necessary.
Evander Holyfield: The heavyweight boxer who lost a piece of his ear to Mike Tyson is another celebrity facing foreclosure, as he is very close to losing his $10 million Fairburn, GA mansion.
Ed McMahon: Comedian and television personality, Ed McMahon, is still facing foreclosure on his $4.8 million Beverly Hills, CA home after declining an offer from Donald Trump for purchase with the intent to lease.
Veronica Hearst: The socialite and widow of publishing mogul Randolph Hearst actually lost her $40 million beachfront mansion sometime in February. As it turns out, the Manalapan, FL residence was sold at a foreclosure auction for $23 million to the New England-based finance company New Stream Secured Capital.
Latrell Sprewell: Despite his final three-year $21 million contract with the Minnesota Timberwolves, this former NBA player proved unable to afford his River Hills, WI home that he bought for just $405,000.
Michael Vick: Suspended NFL quarterback Michael Vick couldn’t save his $3 million Duluth, GA home, regardless of his $25.4 million NFL salary including endorsements.
Lenny Dykstra: This former MLB star of the Mets and Phillies, Lenny Dykstra, quickly became a successful real estate investor after retiring. However, he went into tens of millions in debt, according to reports, after publishing a magazine entitled The Players Club. As a result of this huge loss, creditors recently filed for foreclosure of his $18.5 million Thousand Oaks, CA mansion.
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