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Celebrity Foreclosures

From a track star to a baseball home run hitter to a legendary singer to an NBA basketball player who's more famous for attacking a coach, foreclosures abound, whether you're famous or fighting to rise up from the lower income brackets in America. Here's a short list of some of the more notorious ones:

  • Marion Jones lost her $2.5 million "dream home" in Chapel Hill, N.C.
  • Jose Canseco lost his $2.5 million, 7,300-square foot property in Encino because he didn't think it made sense to keep making mortgage payments.
  • Then there's Michael Jackson, who infamous Neverland Valley Ranch in California was nearly foeclosed upon, Jackson need to pay a balance of upwards of $25 million. Reuters reports Jackson rarely spends time at the 2,800-acre property in Santa Barbara County.
  • Former NBA star Latrell Sprewell , more famous perhaps for the choking incident with his coach, has also had to deal with a foreclosed property, his River Hills home in Milwaukee, Wisc. went into foreclosure. He owed $320,284 on the home which he purchased for $405,000.
  • The 'Real Deal' Evander Holyfield almost lost his home to foreclosure, only to have the auction canceled at the last minute--no word as to how or why. Holyfield's mansion is located in Georgia, outside of Atlanta, and said to be worth $10 million. Sadly, do to use poor financial state, Evander has said he won't retire yet from professional boxing.
  • Aretha Franklin's $700,000 Detroit mansion was nearly foreclosed upon as she owed $19,192 in back taxes, but this has been resolved.
  • Pacman Jones is the lastest celebrity or professional
    sports star to join the foreclosure club. He took out two
    mortgages to pay for the house, one for $1.26 million and the other for $157,000. The second mortgage seems strange, isn't that like pocket change for an NFL player. Pacman is now a Dallas Cowboy, I guess he thought he could just bail out on his mansion as he was moving to Texas. The home encompasses over 30 acres in a Nashville suburb and was purchased for $1.5 million.

The, 'You are correct sir,' voice of Ed McMahon didn't make the correct real estate decision it seems. The famous side sidekick of Johnny Carson, who's legendary phrase was uttered more famously perhaps on Saturday Night Live in skits by Dana Carvey and Phil Hartman, is now on the precipitous of foreclosure:

  • Ed McMahon - The former "Star Search" host was $644,000 behind on payments on $4.8 million in mortgage loans when a unit of Countrywide Financial Corp. filed a default notice Feb. 28 with the Los Angeles County Recorder's Office, The Wall Street Journal first reported late Tuesday.
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