Toni Braxton Facing Foreclosure Again

by Deidre Woollard (RSS feed)
Jan 28th 2011 at 7:01PM

Once again, Grammy-winning and financially-challenged singer Toni Braxton is facing foreclosure. The Wall Street Journal reports that the holder of Braxton's mortgage debt won bankruptcy court approval to start proceedings against her home in Duluth, Georgia. Braxton doesn't own the property, a trust does. She owes $1.5 million on her mortgage, while the property itself been appraised at $1.2 million. She took out the mortgage in 2004 with Wells Fargo Bank and the lender later transferred its interest in the debt to a trust set up to administer a pool of mortgages for investors in those securities.According to the WSJ, Braxton earlier told the bankruptcy court she had wanted to stay in the home.

Braxton, filed for Chapter 7 liquidation last fall. She listed debts of $10 million and $50 million with assets in the $1 million to $10 million range. Creditors include Cedars-Sinai Medical Center, the Internal Revenue Service and Neiman Marcus. She had previously filed bankruptcy in 1998. The IRS had also filed a lien against her for $396,000.

Braxton also had a home in Henderson, Nevada that she bought in 2007 for $2.6 million. The home was listed as a foreclosure on Realtor.com for $1.15 million and sold on September 17 for $1.060 million. Braxton and her four sisters, all aspiring singers, have a new reality television show "Braxton Family Values" which will run on the WE Network this April. Earlier this month it was also reported that she is mulling over posing for Playboy.

Tags: celebrity foreclosure, toni braxton

Filed under: Estates, Celebrity Shopping

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Reader Comments (Page 1 of 3)

Tom Jan 30th 2011 7:56AM

She had previously filed bankruptcy in 1998.....why do these people contnue to get loans......she was use to spending recklessly.... STOP buying stuff lady......You owe all of use tax payers who get stuck with your bills....I pay my taxes your no different......

JLS Feb 1st 2011 1:38AM

She's been sick and couldn't work in Vegas for a very long time. She has heart probs and it royally screwed up her show and contract for her show.

I'm not defending her but can see many of these posts don't know ALL of the facts.

How would any of you like your finances to be openly critiqued? And without all the facts because it's never really all reported .....

JLS Feb 1st 2011 1:45AM

LATEST: Singer TONI BRAXTON has been forced to cancel another four show as she battles a mystery illness.

The Unchain My Heart singer was hospitalised at the beginning of the week (07Apr08) after experiencing chest pains.

Braxton, 40, was released on Tuesday (08Apr08) and is recuperating at home in Las Vegas.

But doctors have told her to scrap appearances on her long-running Vegas show Toni Braxton: Revealed until the middle of next week (beg14Apr08).

The full details surrounding Braxton's hospital visit and illness are currently unclear, but she is known to suffer from heart condition pericarditis.

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She also announced in Nov. 2010 she had Lupus. She lost a significant amount of work due to illness. Often times that results in a BK. Honestly-get all the facts. US Bankruptcy law allows for what she is doing and that's the bottom line.

Angela Jan 30th 2011 8:10AM

She can't pay her debts, but she ain't broke. Hmmm. Maybe Sherri Shepherd will send another sister some money cause I'm not feeling the sympathy here either. One bankruptcy? A learning experience. Two bankruptcies? A very bad pattern.

jgarl22 Jan 30th 2011 8:21AM

And the name of her new reality t.v. show???? Braxton Family Values????? Give me a break. People w/ values pay their debts.

julie Jan 30th 2011 9:50AM

Is that what you people call the gladiator chick, a sister? I thought she was hispanic. just asking

James Jan 30th 2011 9:54AM

u get it she dont fame game she lost

luigiroma Jan 30th 2011 9:39AM

Another winner, and yes folks you and I pay for this. These so called stars have no pride, dignity or shame in what they do.

stevejf1r Jan 30th 2011 9:47AM

This just in. A horse is suing her because she still owes him 10k for his tail she has on her head.

Tspoon Jan 30th 2011 3:50PM

Thinking the same thing. LOL Give the horses back their hair ladies, please.

stevejf1r Jan 30th 2011 9:49AM

This just in. A horse from Kentucky is suing her for 10k. She hasn't paid a dime for the his tail she has on her head.

berryfast Jan 30th 2011 10:25AM

Stupid comment...don't quit your day job...cause you will never make it as a comic!!!!! LAME!!!

berryfast Jan 30th 2011 10:22AM

What a loser...and don't bother posing for PLAYBOY.....cause you haven't got what it takes...you look puffy....your a washed up loser..pay your bills...quit living so high on the HOG!!!!

flyingta Jan 30th 2011 11:08AM

I know it first hand that its very difficult to reaclimate to a less afluent lifestyle after you've lived without a worry for a long time. But this is rediculous. She is still earning but she is running out. My lifestyle was a result of a brutal divorce case coupled with this sining economy. My business shrank tremendously in the past year and a half and it hurts like hell to get used to living off of a third what you were accustomed to. I think this lady is still earning enough though because the entertainment industry isnt busted like everyone else. She just doesnt have a clue of how to manage herself and her money. I have a sneaking suspicion she has no education.

G Carey Jan 30th 2011 11:25AM

these comment boards often don't do what they should. testing to see if this goes through.

Lisa Jan 30th 2011 11:38AM

She`s been in show business for almost twenty years,
how can she be broke? she doesn`t know how to manange
her money. a lot of spending and bad investments, did she
ever see a financial adviser? that`s why she `s broke.
should we feel sorry for her, maybe maybe not.

itsmegp46 Jan 30th 2011 11:37AM

Typical of celebrities, she makes huge amounts of money but still manages to spend more than she earns. Lady, keep out of the hair weave salons, you can't afford it! So, this is her second bankruptcy? Make her pay every last dime she owes. Its greedy morons like her that don't pay back what they owe and it forces people like me and others who do, to pick up the slack in the form of higher prices and interest rates.

forcesgtx Jan 30th 2011 11:41AM

Once you make it big in Show Business you should put some money away and not be foolish with your money. some people become so crazy with loads of money that they don't know what to buy next untill they spend it all and then wake up and realize HEY I DIDN'T PAY ANY OF MY BILLS. then they think aww the heck with it my fans will bail me out they will keep buying my music and seeing me. WRONG THOUGHT. the one think Stars need to do is wake up and think hey the gravey train will not be around for ever, I should save now for later. The Smartest person I seen in show business is Ted Nugent. He made MILLIONS and now he don't have to tour, put on shows or make quest appearences, all he has to do is Hunt, play some music at home and love life to the fullest. in plain words Braxton I would pay to see you in playboy cause you are not all that and you should stop wasting your money and save some of it so the American public dont have to bail you out like wall street.