Celebrities Facing Foreclosure: Where did the money go?

Published by julia | Filed under Celebrity Real Estate, Market Trends, Miscellaneous, Real Estate

They’re rich, they’re famous and they are running out of money. There are many everyday people who understand very little about how a rich and famous person can have their home sucked out from under them by the foreclosure beast. The normal questions come to mind. Where did all their money go? Who spent the millions they earned? Why didn’t they just buy a home for cash?

These are very relevant questions to ask, but for a celebrity like Ed McMahon, whom we know from those sweepstakes commercials where people win millions of dollars with a knock on the door, those questions come a bit late when the foreclosure notices are taped to the front gate.

The celebrity financial crunch is being felt all over the world. Celebrities are selling out of their overseas vacation homes, they are losing money on the LA party pads just sitting there for 11 months out of the year and the gossip train is heading out full blast.

When times get sticky in the financial world, there will inevitably be rumors. One of the best and latest involves famed boxer, Evander Holyfield. Just like a lie, the rumor started innocently enough. His home was being foreclosed on. Then the ball started rolling and the gossip train zoomed out of control. Now not only was the home being taken, Evander was behind on child support, he owed more than $500,000 to his lawn designers and more. (Are you feeling like you are part of a big game of Telephone?)

As it turns out, the entire thing is a misunderstanding and the home is taken care of and remains in the name of Holyfield. McMahon, however, he is losing his home fast and the only thing he can do is sit on the front porch and wait for the Publisher’s Clearing House van.