Even Celebrities Lose Their Homes to Foreclosure

When you face the possibility of your home being foreclosed upon because of the financial difficulties you’re going through, you likely think you’re the only person who has ever lost their home to foreclosure. But you’re not alone. Even many of the rich and famous have found themselves unable to make their mortgage payments.

Whether actors, pop singing stars, or sports stars, here are 10 well-known people who have had their homes foreclosed.

Actors and Actresses

Blockbuster movie actor Nicholas Cage may be the unluckiest homeowner in history. He’s managed to lose no less than five homes during the course of his career due to his legendary compulsive, destructive spending, not just on mansions, but also on luxury cars and a $1.6 million comic book collection. After losing his Bel Air, California, home, formerly owned by both Dean Martin and Tom Jones, Cage then went on to lose his $8.5 million home in Las Vegas and his two New Orleans homes worth about $6.8 million together. Cage had also purchased overseas homes, but ultimately lost both his Bath, England, home as well as his castle in Bavaria.

You may remember that Mel Gibson’s career took a major nosedive after he made anti-semantic remarks in 2010 that resulted in major disgrace for him. He also went through an extremely messy divorce and child custody battle. Ultimately his home went into foreclosure and was put on the market for over $1 million less than he’d paid for it.

Singers

Even former Beatle and Wings megastar Paul McCartney has not been immune to foreclosure. Divorce problems brought him down, too. Heather Mills took him for nearly $50 million when she divorced him. He subsequently lost his mansion to foreclosure due to the high interest rates.

Probably no one has had more fights with the IRS than legendary country singer Willie Nelson. Ultimately he lost Willie Nelson’s Place, his famous truck stop in Hillsboro, Texas, to foreclosure. It sold at auction for $6.4 million.

R Kelly, the Grammy award winning singer, lost his $2.9 million Chicago home to foreclosure after he made the really bad decision to just stop making his mortgage payments.

Sports Stars

Terrell Owens, former Dallas Cowboys receiver, lost his $1.95 million townhouse in Dallas, Texas, when child support payments became the bane of his existence. Michael Vick, the disgraced former NFL quarterback who served prison time for his dog fighting activities, likewise lost his Atlanta home after his sponsor Nike revoked its $135 million contract with him.

Two former boxing champions, Evander Holyfield and Mike Tyson, both underwent foreclosures. Having fathered “at least” 11 children by various mothers, Holyfield’s child support payments run around $500,000 per year. He’s also had tax problems. All these resulted in him losing his 50,000 square foot Atlanta, Georgia, home. As for Tyson, Iron Mike lost his Connecticut home after going to prison for rape. Rapper 50 Cent finally bought the home.

Oldies but Goodies

Celebrity foreclosures are nothing new and have been going on for years. Smokey and The Bandit megastar Burt Reynolds, who died just last year, had to sell his Hobe Sound, Florida, mansion for less than half of what he paid for it after going through a very messy and very well publicized divorce from actress Loni Anderson.

So you see, you’re not alone in your foreclosure woes. Nevertheless, that doesn’t make it any easier on you. Your best option may be to contact a Flint, Michigan bankruptcy lawyer.

Filing a Chapter 13 bankruptcy will stop your foreclosure in its tracks. It will also give you between three and five years to get your mortgage payments and other debt payments caught up.

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