If you do your online foreclosed home search, you will probably encounter ads or news related to the foreclosed properties of celebrities.
In these uncertain times, celebrities and socialites are not immune to sudden reversals of income. Hollywood magnates and fans are known for their fickle tastes, granting riches on their current favorite one day and then moving on to someone else the next day.
Some celebrities are now struggling to prevent their properties from being included in foreclosed home search sites because they took out huge amounts of loans during their heydays to buy large homes they thought they could easily pay with their huge paychecks.
Former baseball star Jose Conseco was among the first sports celebrities to admit in public being affected by the foreclosure crisis. Last year, Canseco walked away from his mansion in a Los Angeles suburb, saying it was not logical to keep paying it as its value was falling steeply. Canseco owed his lender over $2.5 million when his mansion was repossessed to be added to foreclosed home search lists.
The case of Damon Dash, co-founder of Roc-A-Fella Records, is another celebrity foreclosure story. He was hit with a foreclosure filing last year after missing the required $78,500 monthly payments on two Manhattan condos which he purchased for more than $7 million in the boom times. In March, he was hit with another slap when his wife Rachel Roy sued for divorce.
Michael Jackson earned millions at the height of his musical career, but decades of opulent living and wild spending decimated his bank accounts and tied him to millions of debts. His $25-million Never Land Ranch could have been another foreclosure statistic if Colony Capital did not take the risk of helping him out.
New York City socialite Veronica Hearst, widow of publishing tycoon Randolph Hearst, sits at the top of luxurious foreclosure stories. Her $45 million 52-bedroom beachfront home vanished from her control when it was purchased at a foreclosed property auction for only $23 million by New Stream Secured Capital.
Former baseball star Lenny Dykstra went into investment consulting and publishing when he retired. But his lifestyle magazine The Players Club put him into debts that could put his California mansion worth more than $18 million into foreclosed home search lists.
Mafia heiress Victoria Gotti has been the subject of plenty of online foreclosure stories recently when her arrears on her loan taken out to buy her $4.2 million mansion on Long Island reached $650,000.
There are other sad celebrity foreclosure stories. But as former baseball player Jose Canseco said, he and other distressed celebrities are more fortunate because they have other places to stay when their homes are foreclosed. Canseco expressed concern for many families who become homeless when their houses are added to foreclosed home search lists.
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