Foreclosures and evictions seem to run rampant in the land of the free and the brave. There have been a large number of news stories talking about foreclosures and what it has done on the housing market as well as the people that are losing their homes.
Does class have something to do with it? Is it the poor that are being pushed out of their homes? Are middle class people trying to live much higher than their wealth and being evicted for it? Many people in America seem under the impression that it’s the poor, working, or middle class sections that see home foreclosures the most, but that isn’t completely true. It’s something that spans through all classes and even celebrities go through it.
Whether they are major celebrities, or got their fame through reality television, the famous aren’t strangers to financial issues and woe. We’ll go through just a few of the celebrity evictions and foreclosures here.
- Nicolas Cage
Nicolas Cage, well known for movies such as “Leaving Las Vegas,” “The Sorcerer’s Apprentice,” and “Ghost Rider” came into financial trouble after owing large amounts in back taxes. His Tudor style Bel-Air, California home was foreclosed on in 2010 and auctioned off to the highest bidder. The auction itself was considered a flop, not making it to the $35 million the home was supposed to be worth.
- Chris Tucker
Chris Tucker, who worked alongside Jackie Chan in the Rush Hour movies, is another celebrity who has lost their home to foreclosure. Tucker’s home, a $6 million mansion located in Florida which he stilled owed around $4.4 million on, had an $11.5 million lien on it from the IRS when it was foreclosed on.
Both of these cases are good reminders for keeping up on your taxes!
- LaToya Jackson
If there were any people it would be hard to see their home going into foreclosure, the Jacksons would be at the top of the list. Yet Latoya Jackson’s Las Vegas condo went into default with three quarters of a million dollars unpaid on it. The condo was only purchased for $260,000, but with liens put on the condo, many for late fees on payments, the price owed was soon almost triple what she bought it for!
- Carnie Wilson
Carnie Wilson, singer and former member of the group Wilson Phillips, ended up in foreclosure back in 2011 when she had over $1.6 million owed on her home. The foreclosure came due to being behind on monthly payments, bringing on late fees on top of what she already owed. Whether you’re poor or rich, late payments will eventually result in foreclosure.
- Teresa Guidice
Reality Television stars are no strangers to money issues. In fact, many who go into reality TV do it for the money they will be paid. It should be no surprise that a reality celebrity made the list. Teresa Guidice, star of the Real Housewives of New Jersey on Bravo TV, made major headlines when along with her husband she filed for bankruptcy. The Guidices owed almost $11 million to creditors, living a very lavish lifestyle when the two only made around $79,000 a year. Their main home, the one shown on the show, wasn’t the only home that ended up in foreclosure. They lost their Jersey Shore and Lincoln Park homes to the banks previously. On top of that, both Teresa and Joe Guidice have been convicted of mail, wire, and bankruptcy fraud and sentenced to prison time, having hidden assets such as ATVs, a corvette, and house furnishings, valued up to $75,000, before filing so they wouldn’t lose them.
Even celebrities can lose their homes to foreclosure, and this is just a small sample list. Protect yourself from the same, and if you find yourself in trouble, the offices of McCue Law could be a good place to start!