Celebrity Foreclosures: You’re Not Alone

July 26, 2008

It seems like foreclosures are everywhere. And it’s true. Even the rich and famous are facing foreclosure and abandoning their homes (not that I have any sympathy for the rich or famous losing their homes).

1. Jose Canseco


Former baseball player Jose Canseco reportedly abandoned his home in the spring. His 7,300 square foot Encino, California house had four bedrooms, and six baths. He bought it in 2006 for almost $2.8 million. It had an outstanding balance of over $3.3 million which includes back payments, fees, and penalties.

2. Ed McMahon


Former Tonight Show announcer Ed McMahon is behind about $644,000 on his 90210 home. The mortgage balance is approximately $4.8 million and is currently listed at $6.25 million. He has had no offers in two years. The home has six bedrooms and seven baths and he paid less than a million back in 2000.

3. Evander Holyfield


Former heavyweight champion Evander Holyfield has a 54,000 square-foot, 109-room, 17-bath mansion in Fayette County, Georgia. Holyfield defaulted on his mortgage (balance of $10 million) this spring and an auction was scheduled but has since been cancelled. He said that he is in no danger of losing his home and that he’s “just not liquid.” Holyfield must have found some cash because he is no longer in foreclosure.

4. Michael Jackson


Michael Jackson’s 3,000 acre estate in Los Olivos, California is valued at around $35 to $45 million. He owes more than $24 million on the mortgage and the loan was taken over by Colony Capital, LLC since Jackson left it in 2005.

5. Courtney Love


Singer Courtney Love purchased her home in Olympia, Washington in 1997 but stopped making the payment in 2003. It went into foreclosure in 2006. Her balance on the mortgage was $386,000 at the time. The house went to auction but it failed to sell and Love caught up her payments. She is still the owner of the house.

Source: CNN Money


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