The Five Most Unexpected Celebrities Who Have Faced Foreclosure

The Five Most Unexpected Celebrities Who Have Faced Foreclosure

1. Rihanna, Singer

• Location: Janice Place, Beverly Hills CA.
• In 2009, Rihanna bought the 8,520-square foot contemporary for $6.9 million.
• She sold it short sale earlier this year for $4.5 million, due to "extensive damage" from a flood. 

 

2. Chris Tucker, Comedian

•   Location: Bella Collina mansion, Lake County, FL.
• Tucker owed $4.4 million on the 10,000-square foot mansion when Sun Trust Bank filed the foreclosure papers in October. 
• He also owes the IRS $11.5 million in back taxes.

  

3.  Nadya "Octomom" Suleman, Reality TV Personality 

• Location: Madonna Lane, La Habra, CA. 

• Suleman filed for Chapter 7 bankruptcy in May.
• The foreclosure process on the 2,445-square foot house was complete in June, producing no bids, in which the bank then repossessed the property.

4.  Toni Braxton, Singer

• Location: Duluth, GA. 
• Braxton purchased the house in 2004 for $2 million.
• She lost the house when she filed for bankruptcy in 2010.   

5.  Nicholas Cage, Actor

• Location: Bel Air, CA.
• It was reported that Cage owed the IRS millions of dollars in back taxes. 
•  In April 2010, The LA Times reported that Cage had lost his $35 million dollar mansion to foreclosure.
•  Despite the opening bid being $10.4 million, which was less than a third of the house's original cost, there were no takers.  

Facts About the Current State of the Housing Market

Facts About the Current State of the Housing Market

Courtesy of DSN News, “Existing-Home Sales, Prices Jump to Multiyear Highs”

• Existing-home sales rose 0.6 percent in April to an annual sales rate of 4.97 million, the highest level since November 2009.
• The median price of an existing single-family home jumped $8,900 in the month to $192,800, the highest since August 2008.
• The inventory of homes for sale rose to 2.17 million—its highest level since last September.
• The supply of homes for sale rose to 5.2 months, the highest since October.
• According to the NAR data, April home sales were up 9.7 percent over sales a year earlier, a slightly slower improvement than the 10.8 percent year-over-year gain reported for March
• Distressed homes—foreclosures and short sales—accounted for 18 percent of April sales, down from 21 percent in March and 28 percent in April 2012, the NAR said
• Eleven percent of April sales were foreclosures, and 7 percent were short sales.
• Foreclosures sold for an average discount of 16 percent below market value in April, while short sales were discounted 14 percent compared with March when foreclosures sold for an average discount of 15 percent while short sales were discounted 13 percent.

To read the rest of the article’s facts click here or call us at Gilman Management Corp. today for more short sale facts 516.764.0226

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