TaxDebt

Sinbad's Home Listed In Bankruptcy Fallout

Filed under: Estates, Celebrity Shopping

he comedian Sinbad, who has been in the news for his financial failings recently, is giving up his luxury home. In December, we picked up on a story our sister blog Walletpop wrote about the comedian Sinbad who had filed for bankruptcy after the IRS filed $8.15 million in tax liens. His Chapter 7 bankruptcy claim listed $10 million and $50 million in liabilities but less than $50,000 in assets even though he had a $1.5 million home in the celebrity-friendly enclave of Hidden Hills. The home was reporedly owned by his brother, Michael Adkins. But court documents seeking seizure of the house alleged that the arrangement was a sham pointing out that Michael Adkins works for his brother's production company and that the expenses for the property including mortgage payments were paid from the production company account.

Now the LA Times Hot Property column reports that the home has hit the market for $3 million. The home was bought in 2007 for $1.5 million. The five-bedroom home sits on 2.4 acres that include a guest house, recording studio, pool and a barn. Listing pictures show a home with plenty of space but the look of a place that has not been happily inhabited for a while. The property website from Teles Properties is here.

Gallery: Sinbad In Hidden Hills

Tags: celebrity bankruptcy, celebrity financial trouble, celebrity real estate, CelebrityBankruptcy, CelebrityFinancialTrouble, CelebrityRealEstate, hidden hills, HiddenHills, irs, sinbad, tax debt, TaxDebt

Soccer Star's Earring Sold For Big Bucks

by Deidre Woollard (RSS feed) —

Filed under: Jewelry, Sports

At the start of the month I mentioned that Argentine soccer legend Diego Maradona's earrings would be auctioned off to help pay his huge 36 million tax debt in Italy. BusinessWeek reports that the earring (turns out it was just the one) sold for an astounding 25,000 euros ($36,220) at the auction organized by the Italian financial police. The earring was purchased by an unidentified woman at the auction in the city of Bolzano and was only valued at around 4,000 euros. The winner also gets a copy of the police's charge sheet with Maradona's signature.

Italy's finance police had seized the earring from Maradona when he was in Italy in September at at a weight-loss clinic. The star, who now coaches Argentina's team, has struggled with his weight for years. Maradona racked up the debt during his time playing for Napoli in the late 1980s-early 1990s. The financial police have been persistent about getting the money back, in 2005 they took the fee he'd earned for testing his twinkle toes in the Italian version of the television show "Dancing With the Stars."

Tags: diamonds, Diego Maradona, DiegoMaradona, soccer, tax debt, TaxDebt