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.
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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.
LorilnBburg, there a many reasons, but two of the most common are tax codes and bad advice.
The government should not be incentivizing borrowing but through the miracle of the best government money can buy that is exactly what it does. This is just one of the blow backs that occur when government intervenes in the market place via tax codes.
Bad advice works hand in hand with the various tax avoidance infrastructures. I’ve tried to work with celebs in the past without success. The competition for the financially naive with new found wealth is just too competitive. There has never been a shortage of sociopathic suits in corner offices in Beverly Hills and Century City willing to show the naïve how to gamble with their fortunes. Finding someone who knows the tax codes draws them in, then greed, investment industry propaganda, and bad advice draws them away form conservative investing. There is always a higher yield in gambling activity and sociopaths have no problem down playing the risks.
I can show people how to get a very safe 12% return simply by cutting the banks out of the process, but few can resist the temptation to gamble when the people around them are making higher yields in a market frenzy. They get sucked in and go broke. Gambling is gambling and investing is investing, but industry propaganda makes the two one in the same.
EVERYONE makes poor financial mistakes at one point or another in their lives. We are made of flesh and blood and allow our emotions to dictate what we do. As a result, we make these types of mistakes. The question is.. What will you take away from them? Will you change the way you live? Rich, middle income or poor does not change these facts!!! Anyone walking away from their mortgages will still be responsible for the difference. Sure you can file bankruptcy, but the courts are not as forgiving ask you think.
Yes, there are many who make bad financial decsisions but those who have money think they will always have it.....wrong!
I work 6 days/week and live within my means more than I live outside of them however if taxes rise any further and cost of living increases do not continue not to happen in my paycheck, I could easily have to sell my home. I'd be smart enough to do this before I was foreclosed on.
There are many who work very hard for the things they have but also know the boundaries. While I am not saying there aren't celebrities who definitely follow this there are many who do not such as this group highlighted in this article.
I do not feel sorry for these people or others that had the wealth to begin with. For those who bust their butts doing all they can to pay their mortgage and can't keep up - those I feel sorry for.
A house/Home is worth only $1.00 and if you pay $2.00 then
you have paid twice as much as it is worth.!! All those prices
are ficticious and buying a house is like putting money into
the bankers pocket..the prices are hand made and if you buy
you are a victim of the system sooner or later or in the long
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?
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CareerCast has released its list of jobs that really aren't as glamorous as they seem.