Even the richest and brightest stars can hit hard times….
A Gallery Of Celebrities That Have Had Their Homes Foreclosed On
Most of America felt the sting of the economy hitting rock bottom and subsequently the real estate market did as well. Although the rich and famous may make more money than the average person that does not make them immune to the ills of payin’ bills!
Forbes sifted through news reports, foreclosure filings and property listings to uncover a dozen examples of high-profile homeowners, from pop stars to pro athletes, who face foreclosure or have been foreclosed on in the past year.
Flip through and peep the list of celebs that had to come up off them keys.
Images via WENN/SplashNews/AP/YouTube
The football receiver has faced foreclosure on a handful of properties since last year. Two condos he owned in Dallas,Texas were sold in short sales earlier this year after lenders started the foreclosure process, and two more repossessed by lenders. His Trump International condo sold via short sale in July, following news that he had failed to make both mortgage and maintenance payments on the Fla. apartment.
In 2009 the pop star bought a $6.9 million 8,520-square foot contemporary and then flooding caused “extensive damage,” according to its subsequent listing for $4.5 million, as is. The singer defaulted on the home, selling it as a short sale earlier this year to a buyer who ultimately paid more than the asking price.
Property: Cavallari family home, Laguna Beach, CA
In February the home owned by the parents of “The Hills” star was reclaimed by the bank in a public auction for roughly 50% less than it had been listed for in 2009. The 7,100-square foot waterfront home touts dry and wet saunas, a yoga studio, and Feng Shui certified design. The REO property found a buyer willing to pay $6.75 million in July.
Property: Evander Holyfield Highway, Fairburn, GA
The boxing champ owed more than $14 million on his Atlanta-area mansion. In March the massive 54,000-square foot home was “purchased” by lender J.P. Morgan Chase at a foreclosure auction for early 50% less. The lender allowed Holyfield to occupy the 109-room estate for several months following the foreclosure sale. He reportedly moved out in July.
Property: Marcos Lane, Olympia Fields, IL
The R&B artist’s custom built 22,000-square foot Chicago-area manse was slapped with a lis pendens last summer by lender J.P. Morgan Chase. The home came to market in the fall as a short sale listing, asking nearly 45% less than the mortgage note. The listing was pulled in April and the property’s status is unknown. The 2011 filing marked the second time this home faced foreclosure, the first being in 2005.
Property: SW 112th Street, Miami, FL
The football star-turned-convicted felon, purchased this 4,200-square foot Kendall home after famously being acquitted for the slayings of his ex-wife and her friend. Now serving time for a 2007 armed robbery, Simpson has faced civil suits and subsequent financial woes, the foreclosure filing among the latest. The home is currently in pre-foreclosure.
Property: Madonna Lane, La Habra, CA
The foreclosure process on the 2,445-square foot house of the reality TV star was finalized in June, with the bank repossessing the property in an auction that produced no bids. The first default notice was filed on the Orange County abode in late 2011. Suleman, who became a household name after giving birth to octuplets, filed for Chapter 7 bankruptcy in May.
Property: Buell Mansion subdivision, Cherry Hills, CO
The 11-time NBA All-Star reportedly stopped making payments on the $2.6 million mortgage for his lakefront estate right after it went into contract with a buyer willing to purchase in a traditional sale. Ultimately it sold for slightly less than its asking price. The home boasts six bedrooms, six bathrooms, a safe room, a home theater, and a wine cellar.
Property: Skyline Boulevard, Oakland, CA
The former quarterback bought this 5,800-square foot house before he even signed his massive Oakland Raiders contract in 2007. Released two years later, Russell has struggled to find placement on another team. He defaulted on roughly $195,500 in mortgage payments last year and his home ultimately fetched 40% less than he paid for it in the fall.
Property: Las Olas Riverhouse penthouse, Fort Lauderdale, FL
Cassidy, who ascended to teen stardom in the 1970s TV show “The Partridge Family,” reportedly surrendered a swank rental property to the lender, rather than continue through the foreclosure process.
Property: Southeast Federal Highway, Hobe Sound, FL
The “Smokey and the Bandit” star has allegedly not paid his his $1.2 million mortgage in two years. It is listed as a short sale for $5 million — a third of his purchase price. The waterfront estate boasts 12,500 square feet, a helipad and yacht dockage.