Foreclosures Making Famous Become Infamous

June 11th, 2008 | Tags: Foreclosure Victims

Thanks to the foreclosure bite today the rich and famous are becoming infamous for their financial messes. They too are feeling the pinch of the foreclosure crisis. It brings home the reality that stars are like anybody else and come down to earth. There is enough material about their foreclosure disclosures to keep alive a regular feature in any weekly periodical. There is a procession of the rich and famous joining the rag tag band of foreclosure victims.

Cheerful television side kicking star Ed McMahon, Evander Holyfield the ex-heavy weight champion are two of the many celebrities caught in the foreclosure net. Pop star Michael Jackson too is boiling in the same foreclosure suit. So too is Queen of Soul, Aretha Franklin. Many super stars are up to their necks in mortgage debts and facing foreclosure. Some managed to get reinstated by brokering a deal. Others got thrown out. Many elected to walk away. Few others like McMahon are dreaming about a happy ending to the nightmare.

EdMcMahon is an elderly person and also disabled. He freely confesses in an interview with Larry King that mismanagement of his affairs has led to this mess. Today the celebrity pitchman is 85 and since suffering an injury in his neck he has not been working. His debts run into $644,000 to Countrywide involving his house on Beverley Hills. It is a six bed roomed fantasy and has been on the shop shelves for the past two years with an asking price tag of $6 million. There is the possibility that the buyers are shying off because of the media focus on this foreclosure. His neighbour is none other than Britney Spears!

Former NBA guard Latrell Sprewell suffered two foreclosures in this year. In January US Marshals Service sold off his yacht for $856,000 after he lagged behind in monthly payments of $10,322. In May his house in the suburbs of Milwaukee was foreclosed upon for a debt of $320,284. The house is worth $610,000. There was a time when Sprewell refused an offer of $21 million contract for being too low!

Michael Jackson was facing foreclosure for his Neverland Ranch in Santa Barbara County. At the last minute a private company swiftly moved in to buy the loan. The company says that the loan can be repaid by Jackson staging a show in Las Vegas.