Foreclosure Crisis is Affecting Celebrities

Since currently one in every four hundred and eighty three homes is facing foreclosure

, it is not hard to imagine that the average American working a simple nine to five is not the only one suffering from this mortgage mess. The housing crisis is affecting those of means such as celebrities.

By seeing how you can just as easily get caught under a rock slide of debt when you have a million dollar home, as it is if you have a rancher home in the suburbs, we can understand just how devastating the foreclosure crisis is.

The celebrities that we have looked up to and admired over the years are also becoming victims of the foreclosure crisis. Ed McMahon, the former announcer of the Tonight Show may have his home foreclosed on. The luxury home which overlooks Mulholland Drive and Coldwater Canyon has been on the market for the past two years.

The luxury home is being sold for six million dollars. Ed McMahon had several problems with maintaining his home. He had a problem with mold that he believed killed his dog. The mold also affected he and his wife's health. Later, Mr. McMahon fell down and broke his neck. Because of this, he was out of work for eighteen months.

Of course there are not many of us who could afford a $4.8 million in back mortgage loans if we had been unemployed for that length of time.

The former heavy weight boxing champ Evander Holyfield is facing the foreclosure of his home in Atlanta, Georgia. The estate has over one hundred rooms and fifty four thousand square feet. The home is worth about 10 million dollars and has gone on the auction block.

Former baseball player Jose Conseco has lost his seven thousand square foot home in Encino, California to foreclosure. He has been quoted as saying that it did not make sense to him to continue to pay mortgage for a home that in reality belongs to another party. Though he did not mention what the home was worth, the former major league player owed two and a half million dollars on his home.

King of Pop Michael Jackson owed twenty three million dollars on the famous Neverland Ranch although it is only valued at six million dollars. The entertainer was facing foreclosure on the estate but recently a private group bought the Neverland Ranch home and is in talks with the star about doing a gig in Las Vegas as repayment of the loan.

In May of this year, Latrell Sprewell of the NBA had his six hundred thousand dollar home go into foreclosure. The foreclosure of his home came about after his yacht was repossessed.

Singing legend Aretha Franklin received a foreclosure notice after she did not pay a minimal tax bill of one hundred sixty two dollars. This bill dated back to 2005. The bill has been cleared up however.

The ex-wife of Eddie Murphy, Nicole Murphy was not able to make the payments on the eleven thousand square foot mansion she was awarded in the divorce so the home was put on the market for six million dollars.

Foreclosure Crisis is Affecting Celebrities

By: karen

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