1/28/2011 12:46 PM ET|
Rich, famous . . . and in foreclosure
Star status won't pay the mortgage -- and some celebrities have seen the foreclosure epidemic firsthand. Here are 5 who lost their homes.
How does Nicolas Cage get behind on his mortgage payments? The same way other rich and famous people do.
"They've stretched themselves higher than they probably should have," says John Anderson, owner of Twin Oaks Realty in Minneapolis and a National Association of Realtors expert in foreclosures. Some couldn't keep up when the rates on their adjustable rate mortgages shot up, Anderson says. Price drops at the high end of the market were so steep that a sale wouldn't cover the debt. In other words, high-end homeowners face the same problems that plague the rest of us.
Here are five of the biggest names on the of list homeowners falling to foreclosure. We've included a bit of info about the current markets where these stars once lived. -- you know, in case you'd like to hunt for a foreclosure deal in one of those tony neighborhoods.
The star: He's an Academy Award-winning actor (for "Leaving Las Vegas"), nephew of multiple-Oscar-winning filmmaker Francis Ford Coppola and the former son-in-law of Elvis (he was briefly married to Lisa Presley).
The house: Make that "houses." In November 2009, Cage lost two New Orleans homes -- one in the French Quarter, the other in the Garden District -- worth a combined $6.8 million, according to a CNNMoney.com report. Cage was behind $5.5 million in mortgage payments, and he owed $151,730 in property taxes to the city of New Orleans. Regions Bank paid $4.5 million for the properties.
The market: One in 720 homes in Orleans Parish had foreclosure filings in November 2010, according to RealtyTrac. The average foreclosure sales price in the city was close to $110,000.
The house: Los Angeles County court records posted on the entertainment website TMZ.com show that Moran, also known by her married name Erin Fleishmann, owed $315,930 on the Palmdale, Calif., home. The Bank of New York Mellon Trust bought the house at auction for $291,150 in July 2010. According to TMZ, Moran stayed in the home after losing it to the bank and was evicted.
The market: Palmdale, just north of Los Angeles, posted foreclosure filings in November 2010 on one in 80 housing units. The average foreclosure sales price was around $154,000.
The star: Viewers of Bravo's "Real Housewives of Atlanta," may remember Wu-Hartwell from the first season as one of the network's touted "six fabulous women from Atlanta's social elite." Hubby Edgerton Hartwell, the former Oakland Raiders linebacker, made frequent appearances.
The house: According to court records posted on TMZ.com, the couple borrowed $2.9 million to buy their suburban mansion in June 2007. Just more than two years later, Bank of America paid $1.9 million for the house at a foreclosure sale at the Forsyth County, Ga., courthouse, after the Hartwells defaulted on their adjustable-rate mortgage.
The market: RealtyTrac reports there were foreclosure filings on one in 248 housing units in Forsyth County in November 2010. The average foreclosure sales price was around $210,000.
The star: Nicknamed "Nails," the former Major League Baseball pro was an outfielder for the Mets and the Phillies during the late 1980s and early 1990s. After filing for Chapter 11 bankruptcy in 2009, Dykstra -- in a move many found ironic -- started an online financial advisory firm in 2010 called Nails Investments.
The house: Dykstra bought the 6.5-acre property in Thousand Oaks, Calif., from hockey pro Wayne Gretzky for $18.5 million in 2007, according to the Los Angeles Times. He lost the house in a Ventura County foreclosure sale in November 2010 to a winning bid of $760,712, the newspaper reported. Dykstra owed about $12 million to JPMorgan Chase.
The market: One in 201 homes in Ventura County received a foreclosure filing in November 2010, according to RealtyTrac. The average foreclosure sales price was in the neighborhood of $382,000.
The house: Located Manalapan, Fla., near Palm Beach, the Villa Venezia was originally built for the great-grandson of railroad tycoon Cornelius Vanderbilt. According to The Palm Beach Post, the 52-room, 28,000-square-foot mansion sold to New Stream Capital for $22 million at a Palm Beach County auction in February 2008.
The market: One in 211 housing units in Palm Beach County received a foreclosure filing in November 2010, reports RealtyTrac. The average foreclosure sales price was about $137,000.
This article was reported by Sonya Stinson for Bankrate.com.
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I am a Debt FREE DEM!!!! Owned 3 homes over the last 20 years..no mortgage. Own our own Vehicles...No crredit card debt, etc. Did not live beyond my means...paid cash as we go. Education, Information & discipline. The numbers don't lie...the people who annalyze them do. Stop watching propaganda TV & try thinking for yourself.
For your info.....The Congress doesn't write the budget...the President submits it to the Congress for approval...he can veto what they submit back to him. Both politicals parties play with the numbers...Republicans count on fear..Democrats count on hope. We need to scrap them both & start over. I know it will never happen....Money talks & BS walks. Disinformation works well with corruption doesn't it?
One last thing: though it's true that Obama did inherit a mess when he stepped into office, his idea of trying to fill a hole by digging it deeper was the misguided idea of an idealist dreamer. I don't despise the man at all -- but what he's tried to push is thoroughly unrealistic and unsustainable for an already milked-dry economy. God help the U.S. I'd love to see how these posts might be different two years from now, when we're reeling in even deeper shi*.
btw? Was my old grandma unhealthy? Did she suffer from a lack of "stuff" gratification? You tell me. Never sick a day in her life, she outlived two of her children and her husband, cooked a big family breakfast every Saturday for her remaining children, grandchildren and great grandchildren, and died at 95 of old age, asleep at home in her bed. We should all be so poor.
Some of these people aren't uber rich. Just how much do you think Erin Moran got for her Happy Days work? Enough to last her a lifetime? Unlikely. And it doesn't look like she bought a mansion either, just a moderately expensive house.
Just because you know who someone is, doesn't mean they're swimming in money.
You feel the need to blast Obama for all the problems of today. If Bush had not gotten us into two useless wars (yes I said useless). Afghanistan was supposed to find Bin Laden, where is he now? In some cave laughing his a$$ off at Bush/Cheney. Bush managed to kill more americans than Bin Laden ever dreamed of (over 5000 of americas finest young people are dead now) Iraq was for???? Who knows? NO WEAPONS OF MASS DESTRUCTION WERE EVER FOUND, only some spent chemical canisters from the Iran/Iraq war 20 something years ago. Sure Saddam was a bad guy but so are dozens of others. Bush kept changing the reasoning for going into Iraq til today no one knows why we are there anymore.
Clinton left office with a budget surplus, Bush managed to erase that in a matter of months. There has been over 1 Trillion dollars spent on those 2 wars, what would our econmy look like if we still had THAT money? Half of the morney Obama spent to try and boost the economy was Bush's idea. Remember TARP? That was Bush's brainchild, half that money was doled out before he left office. Imagine what this country would look like if GM and Chrysler were allowed to fail or the wall street crooks were allowed to get away with it and no one to back them up? This whole country would be in foreclosure. It's bad enough that many millions, me included, are being forclosed on but imagine hundreds of millions homeless.
Obama is doing the best he can with what he was left with, you don't stimulate an economy by tightening the screws. Even Bush did that, remember the $600 stimulus checks we all got from Bush? Well it just happend around the time that gas prices were above $4 a gallon so most of it went right back into the oil company pockets. I know I spent most of mine on gas for my vehicle to drive to work and pay for the gas to heat my home. That $600 (actually $1500 for us) didn't stimulate anything for us except to get us to the next month. Most of it went in mine and my wife's tank so we could continue to commute to work to pay our bills...
Blaming Obama is a cop-out on your part, this country has been on the road to ruin ever since George 41 came up with NAFTA (yeah it was W's daddy's idea) this allowed corporations to ship all of america's jobs overseas, now the Chinese own us and we are screwed.
Want to blame Obama for the national debt, you need to add in the culprits that began this debacle....
Nixon, Ford, Carter, Reagan, Bush 1, Clinton, Bush 2 and Obama. All had the opportunity and the reasoning to get us off the Middle East Oil teat but didn't, as soon as the oil prices go down we forget all about other forms of energy, we're all to blame for not remembering long gas lines in 1973 or inflation in 1976 or the un-employment of the early Reagan years or the economic mess at the end of Bush 1's term in office, that's how Clinton got elected in the first place (it's the economy stupid) remember that?
Don't lay it all on one man, that's misleading and untruthful....
So who's business is it anyway that Nicks house went into foreclosure??? really??? who's?? I guess all the "gossips" needs a fix huh? We do not know what was happening in his life. There must have been more going on than any of us knows. He's human just like all of us. Stop being so shallow...
He walked away from the homes as a business decision!
Many of Trump's company's have filed for bankruptcy, not him personally, so it's a business decision plain and simple.
And that's why they (millionaires, not Moran) carry a mortgage, so they can walk away and save millions. Then go on to make millions more and what bank won't then give them a loan?
Boo Hoo for Nicolas Cage! Who gives a rat's deriere? Ponder this if you will. One percent of the country's population owns 90 percent of the wealth.
I don't feel a bit sorry for him. I will grant you, he's a good actor - but not great. Mediocrity seems to be in at the present moment.
How many houses did he have again? You can only live in one at a time. Gluttony is one of the seven deadly sins.
It is a shame we are in the economic mess we have. Too much manipulation of the economy by Washington politicians and their bosses on Wall St.
Certain things must be done to rescue the American people from ruin. The Federal Reserve must be dissolved. It is a privately held international banking entity. They create money from thin air and lend it to Treasury with interest. The national debt can never be paid off with this fiat money system. We will only be plagued with more inflation, higher taxes, etc. Return to constitutional money like we had prior to 1913 with the currency backed by the assets of the people, like gold, silver, energy resources, etc. Then the money will be worth more. Replace free trade with fair trade to protect American jobs and businesses. Lower the tax and regulatory burdens on individuals and businesses to spur commerce. End the no-win wars that are draining us of cash and blood. Protect our own borders.
I did as you suggested and read up on my subject. It has taken us a long while to get to this point hasn't it? Yet, I am appalled at how uncomprehending most of us truly are. I understand that the President has increased the national debt, but do you realize what he has had to try to pull us out of? There are so many things that NEED adressed NOW that there is little choice. Health care is a basic need for everyone, and yet, there are those who die for the lack of it. Former military men and women living on the streets or in cars to try to survive isn't a good thing for any country to allow to happen. There has to be a way to help without raiding what little there is of social security that most Americans STILL pay INTO each week (i'm one of those that will never retire in time to see one return of that investment!)
While all this is going on the political machine moves ever foreward. I hate politics with a fierce passion. Most that run for office abuse their position and try to gain either politically or monetarily from being elected BY THE PEOPLE. Yet, "we the people" rarely see it until its too late. I still say that we need to make our elected officials answer to us instead of giving them a lifetime in an elected office so they can retire or die still collecting from us.
I am a firm believer that our Military deserve better health care when they come home. Many a night I was woke by the sounds of a battle still going, if only in memories or bad dreams. Also by the flags of family members on the walls. I am neither that young anymore nor impressionable.Some say I am cynical and hard hearted. I was working at 16 to support a daughter on my own and yet I still found the strength to go on to college. It was the only thing that was right in my mind, so I struggled to make it happen. It seems these days its all about "knowing everything" instead of "doing what's RIGHT!" I don't care if we know everything, as long as the right choices for this country and our people are being made. It might take a few more years of digging to get us out of this political quandry we seem to be in, but I have no doubt that somehow the American People will pull through it. We are definitely resilient enough if we can let go of the postulating and preening. That's a huge "if" in these times I know, but I can dream.
Upon reading some of these post. I cant help but laugh at the pity party all the wealthy people are having. If they cut salaries in half for 4 years to all the senators, congressmen and women and go after all the financial institutes that took the bailout and didn't pay it back, OH YEAH and cut out MICHELLE AND Baraka;s stupid wasteful spending we might have a chance to recover. Take away her credit cards and her airplanes and secret service people and let her live like the rest of American ( IN THE REAL WORLD!!!!!!!!!!!!!!) And shop at Walmart or good will industries.
They think they have it bad I support a family of 4 on $1700.00 a month (that is seventeen hundred dollars). I work to jobs for that. I make to much money to get assistance. Oh plus I'm white!!!!!! I'm also tired of all Americans having to learn a different language and I don't want to press one for english, they should learn english!!!!!!! And get a JOB!!!!!!!!!!!!
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