Foreclosures Reach Out To Touch The Rich And Famous

July 21st, 2008 | Tags: Foreclosure Victims

Nobody is immune from its insatiable appetite. Foreclosures are now reaching to touch the celebrities – the rich and the famous.

The glossy magazines assure us that the stars are men and women of flesh and blood like Tom and the Jane on the road. They go to the grocers, take out their pets and even fill up their gas tanks themselves. Today this seems to be truer than ever before.

Many of the rich and famous have had foreclosure notices issued on their fancy properties. Many others had dropped their asking prices in a desperate attempt to sell them. The growing problem is swallowing up some high profile victims. The foreclosure crisis is now reigning supreme having broken down all the bastions of class divisions.

Ed McMahon had made millions in his show business career. But he did not know how to keep it, how to ward off foreclosures. Johnny Carson of “Tonight Show” fame owes the mortgage company $644,000 on his luxurious Mediterranean Estate on Beverly Hills. For the last two years his wife and he have been trying to dispose of it. It is a showpiece with six bedrooms and five bathrooms within shaking hand distance of the residence of Britney Spears. The asking price is $6.5 million after having climbed down from the initial price of $7.6 million. Now aged 85, this Television personality has been out of work since he had a fall a year and a half ago. He described his financial problems as “a perfect storm”.

Speaking at the Larry King Alive show he admitted that one has to pay the price of spending more than what one earns. One wants a perfect situation but it never happens. He added, “I have a situation. And it all came together.”

Another celebrity in the same foreclosure soup is former NBA player Vin Baker. He witnessed his house in Durham being auctioned off last week. The house boasted seven bedrooms and six and a half bathrooms sprawled across 11 acres of land having a basketball court and a bowling alley. The asking price was $2.950,000.

Another foreclosure victim is former baseball star Jose Canesco. He was unable to continue with his mortgage on his $2.5 million house situated in the posh locality of Encino of Los Angeles, San Fernando Valley.

Rick Sharga of ReatlyTrac comments that people in any income bracket can get entangled in foreclosure.