The foreclosures are coming fast and furious even celebrities are taking the hits. Below is a shortlist of celebrities affected by the housing woes.
Ed McMahon
The 85-year-old television personality owes $644,000 to Countrywide on his six-bedroom, five-bathroom Beverly Hills estate - in the same exclusive, gated community where Britney Spears lives. The property has been on the market for 2 years and now could be facing foreclosure.
Laura Richardson
The California congresswoman evidently bet big on the real estate boom and lost. She’s had her three houses in Long Beach, San Pedro and Sacramento in foreclosure proceedings in recent months.
Jose Canseco
The former baseball MVP forfeited his $2.5M home in Encino after racking up millions of debt.
Latrell Sprewell
The former All-Star NBA guard lost his 70-foot yacht, named the “Milmwaukee’s Best” after he stopped making the $10,322 monthly payment. Sprewell also lost his $610,000 Milwaukee home through foreclosure.
Michael Jackson
After failing to repay his $21M mortgage on the Neverland Ranch in Santa Barbara County, his attorneys worked out a deal with Fortress Investment Group to buy out the loan and avoid foreclosure
Evander Holyfield
The Boxing champ defaulted defaulted on a $10 million loan to Washington Mutual on his 109-room estate in Fayette County, Ga. The home was set to be auctioned off in July.
Latrell Sprewell
The former All-Star NBA guard lost his 70-foot yacht, named the “Milmwaukee’s Best” after he stopped making the $10,322 monthly payment. Sprewell also lost his $610,000 Milwaukee home through foreclosure.
Whitney Houston
Whitney Houston’s house went deep into foreclosure proceedings, then she sold her five-bedroom, 8,022-square-foot house in Alpharetta, Ga. for $1,190,000.
Aretha Franklin
The queen of soul lost her brick mansion and $2M condo in Michigan to tax collectors.
Laura Richardson
The California congresswoman evidently bet big on the real estate boom and lost. She’s had her three houses in Long Beach, San Pedro and Sacramento in foreclosure proceedings in recent months.
Vin Baker
Former NBA star saw his home in Durham, CT auctioned off. The seven-bed, six-and-a-half-bath mansion, on about 11 acres with a basketball court and a bowling alley, had been on the market for $2,950,000
Courtney Love
The singer/actress’ historic Washington house was up for auction when the bank foreclosed the property, apparently owing $367,000.
Avril Lavigne
Rock star Lavigne avoided foreclosure when she listed her nearly 6,900-square-foot Mulholland Estates mansion for $5.8 million and eventually accepted a cash offer of $5.2 million.
Adam “Pacman” Jones
The NFL star purchased the mansion sitting on 30 acre lot for $1.5M in July 2006, located in a Nashville suburb. Jones had defaulted on a mortgage with U.S. Bank, and now the sale is set for noon on Aug. 22.
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