Add another name to the ranks of the famously foreclosed.
Page Two Live reports that a Miami Beach property owned by Wyclef Jean will be auctioned off at the courthouse in downtown Miami on December 12. The former member of the Fugees borrowed $2 million through a corporation he owns with friends from Home Equity Mortgage Corp. in 2004. He was planning to rebuild a canal-front home but construction on the property stopped when Jean and his partners couldn't come up with the money to finish the project. The architects filed a lien for $75,000 and in all, Jean's corporation now owes the bank $2.4 million. It's doubtful they will get all their money back from the sale, the property is appraised at $1.4 million and has been left unfinished for years.
Reader Comments (Page 1 of 1)
Angiebaby Dec 1st 2008 10:41AM
Miami Beach, canal front and a real Kennedy next door? If one had the money to pick this up in a very sweet deal, subcontract out to builders who are willing to cut deals right now, too, and complete the home with a few other improvements, this could be a nice investment property for resale, or sit on it a couple of years until the market is better and then sell it for a tidy profit.