celebrity foreclosures

Adult Film Head's Offer May Keep Octomom In House

Filed under: Estates

For weeks we've been hearing about "Octomom" Nadya Suleman's struggle to keep her home in La Habra, California. Suleman, who has been living in the home for nearly two years, has been unable to pay off a $450,000 balloon payment. The four-bedroom, three-bath home was listed for $564,900 in 2009 before Suleman and her 14 children moved in. For months, Steve Hirsch, the co-founder of adult film company Vivid Entertainment has been saying that he would offer Suleman as much as $1 million to appear in an adult film. So far she has turned that down but today reports came that he has stepped up to make her $4,000 February mortgage payment while he considers whether or not to buy her La Habra home. In recent weeks he has met with the man who holds the note on her home. Hirsch has switched from trying to get Octomom on film to proposing that Suleman take a job behind the camera or as production assistant or party host in Las Vegas.

Tags: celebrity foreclosure, celebrity foreclosures, nadya suleman, octomom, steve hirsch

Dr. J Facing Foreclosure

by Deidre Woollard (RSS feed) —

Filed under: Estates, Celebrity Shopping

TMZ is reporting that NBA legend Julius Erving, better known as Dr. J when he played for the Philadelphia 76ers, may lose his St. George, Utah home to foreclosure. Erving has been trying to sell the home for over a year. The 6,572-square foot villa overlooks the Virgin River Valley and has a basketball court with Philadelphia 76ers logos. Dr. J and his family have already moved. Erving, 59, won three championships, four MVPs, three scoring titles and was inducted into the Basketball Hall of Fame in 1993 and is most famous for his slam dunk. He bought the home in 2006 but moved on to according to an article on KSL back in January (the article also has images of the home) he left to capitalize on some business opportunities.

The five-bedroom home in a gated community was listed for $2.25 million earlier this year. Earlier this year, Erving ran afoul of the homeowners' association for violating some of the HOA rules and falling behind on his fees. The organization scheduled an auction of the home to collect nearly $10,000 but the issue was later resolved. A video news report from when the house first went up for sale is after the jump.

Tags: celebrity foreclosure, celebrity foreclosures, dr. j, julius erving, utah real estate

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Antoine Walker Facing Foreclosure

by Deidre Woollard (RSS feed) —

Filed under: Estates, Sports

Another former athlete is facing foreclosure. Housing Watch reported that former NBA star Antoine Walker, who has been trying to sell his Miami home since late last year, filed Chapter 7 bankruptcy in a Miami court. At that time he listed liabilities of $12.7 million including his Coconut Grove home. Mortgage lender SunTrust Bank was granted a relief from stay from a May Chapter 7 bankruptcy protection filing Walker made in Miami so that it could file a foreclosure lawsuit which it did in September.

Last year we wrote about Walker's debt situation after we learned that he had been arrested in a Lake Tahoe casino for writing bad checks to satisfy over $1 million in casino markers in Las Vegas. Walker is a known gambler who reportedly once played $15,000 hands with another known gambler, basketball great Michael Jordan.
J.P. Morgan Chase Bank, Wachovia Bank, and American Express Centurion Bank all won decisions against Walker for failing to pay off promissory notes. Over a decade ago when Boston signed him to a six-year, $71 million deal he was, at just 22 years old, instantly insanely wealthy. During the Boston Celtics season Walker stayed at the Bishops Forest condominium complex in Waltham and was known to have a variety of luxury cars including customized Bentleys, Mercedes and more. He also had a taste for expensive watches by Rolex and Cartier and enjoyed wearing custom-tailored suits. In 2007 Walker was robbed at gunpoint in his Chicago home. He bought the home for $4.1 million but put it on the market for $3.9 million after the robbery. In 2007 he also sold a townhouse in the same neighborhood for $1.39 million, he had bought the home for $1.3 million in 2004.

Walker bought the Florida home for $3.1 million in 2005 and signed the $2.15 million mortgage in March 2007, when he was still playing for the Miami Heat but like many players, he was traded around, first to Minnesota and later to Memphis. He retired in from the NBA in 2008. The five-bedroom home is now listed at an even $3 million with real estate agent Andre Shambley of the ERA Herman Group. The Coconut Grove home has a lap pool, Zen garden, a mother in law suite, separate maids quarters, walk in closets and more.

A Crain's Chicago Business article from last May says that Walker was hit with a $2.3-million foreclosure lawsuit on a mansion in south suburban Tinley Park that he bought for his mother. That article also goes into Walker's Chapter 7 filing which lists his other assets including his 2006 NBA championship ring, valued at $6,000 two Range Rovers and a $20,000 designer watch.The article also mentions gambling losses including $770,000 owed to Harrah's in Las Vegas and $500,000 owed to Ameristar Casino.

Gallery: Antoine Walker in Coconut Grove

Tags: antoine walker, celebrity foreclosure, celebrity foreclosures, celebrity real estate, florida real estate, miami real estate, sports stars real estate

Toni Braxton's Foreclosed Nevada Home

by Deidre Woollard (RSS feed) —

Filed under: Estates

Move Trends recently unearthed an interesting story, Toni Braxton's Nevada home appears to be listed as a foreclosure. Braxton has had financial troubles for years starting with a bankruptcy filing way back in 1998 and this isn't the first time her name has popped up on our foreclosure radar. Last year TMZ reported that she was facing foreclosure on a Century City condo.

The six-time Grammy winner and her husband, Keirston"Keri" Lewis bought the home in Henderson, NV home in 2007 for $2.6 million. The couple separated late last year. The home is listed as a foreclosure on Realtor.com for $1.15 million. Listing pictures show that the home has been completely cleaned out. The home in the Seven Hills area of Henderson Nevada has four bedrooms, a pool, three-car garage and views of the surrounding desert.

Gallery: Toni Braxton's Foreclosed Nevada Home

Tags: celebrity foreclosure, celebrity foreclosures, henderson nevada, nevada real estate, toni braxton

Damon Dash's Loft Scheduled For Foreclosure Auction

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

Back in 2008 hip hop mogul Damon Dash flirted with foreclosure over a pair of Manhattan apartments. Eastern Savings Bank said Dash and his fashion designer wife Rachel Roy owed $7.3 million on the properties and were supposed to make hefty monthly payments of $78,500. Now Curbed reports that one of the properties, a 5,200-square-foot duplex in The Atalanta at 25 N. Moore Street is scheduled for foreclosure auction today, July 28 at 1 p.m. According to the listing the duplex has 20 foot ceilings in the living room, four bedrooms and a large kitchen.The 17-story building was erected in 1924 and converted to condos in 2001. The building was originally a cold storage warehouse and has a doorman and a roof deck.

Manhattan Loft Guy says that Dash bought the home in 2004 for $3.875 million, refinanced in 2007 for $7.3 million, tried unsuccessfully to sell in 2008 and 2009, first for $7.9 million and later for as low as $5.75 million. The bank secured a judgment March 1, 2010 for $8,960,752.

UPDATE: The NY Times reports that the condo, in the Atalanta sold to a company called Platinum Capital for $5.5 million, the minimum bid the bank would accept was $5 million. The other apartment, at the Sugar Warehouse at 79 Laight Street, also in TriBeCa, did not meet its $3 million minimum bid, so it now belongs to Eastern Savings Bank.

Tags: celebrity foreclosure, celebrity foreclosures, damon dash

Chamillionaire Says Foreclosure Was A Business Decision

by Deidre Woollard (RSS feed) —

Filed under: Estates, Celebrity Shopping

The latest entrant into the celebrity foreclosure ranks is rapper Chamillionaire. But TMZ has video of Chamillionaire (real name Hakeem Seriki) saying that it was his decision to give his Houston mansion back to the bank. As he tells it the home was his most expensive mortgage (of many that he holds for himself and other people). He bought the house for around $2 million and found that after the real estate slump it wasn't worth that much so he decided to give it back to the bank. He also said that he was always on the road and never at the home. He insists he doesn't have any money problems. Later he took to his Twitter stream to add clarification saying that TMZ left out the part about the new mansion.

Tags: celebrity foreclosure, celebrity foreclosures, celebrity real estate, Chamillionnaire, Houston Alexander, texas real estate, Texas real estate news

Nicolas Cage's Las Vegas Home Finally Sold

by Deidre Woollard (RSS feed) —

Filed under: Estates, Celebrity Shopping

The once impressive roster of homes belonging to Nicolas Cage has gradually gotten smaller and smaller. The latest to fall is his Las Vegas home. Kenneth Lowman, Broker/Owner of Luxury Homes of Las Vegas has announced that he sold Cage's foreclosed, now bank-owned Las Vegas home the first day it was on the market. Cage's property located at 5100 Spanish Heights Drive in Las Vegas is now in escrow and is expected to close on Wednesday.

Cage, who had a variety of properties scattered all around the world, picked up this home in 2006 for $8.5 million. In July 2008 he listed it for $9.95 million. The 14,000-square-foot home with a 16-car garage was later discounted to $9.49 million. The seven-bedroom home is blandly extravagant with a sweeping staircase, home theater, elevator and panoramic views of Las Vegas. The home has a pool and spa and is located in a gated community for privacy. After it was foreclosed it got a discount in line with current Las Vegas prices, Lowman sold Cage's former home for close to the asking price of $4,950,000.

Last November Cage's New Orleans homes were sold back to the bank for a total of $4.5 million. His Rhode Island home still appears to be listed at $12 million.

Gallery: Nicolas Cage in Las Vegas

Tags: celebrity foreclosure, celebrity foreclosures, CelebrityForeclosure, CelebrityForeclosures, las vegas, LasVegas, nicolas cage, NicolasCage

Another Potential Foreclosure For Latrell Sprewell

by Deidre Woollard (RSS feed) —

Filed under: Estates, Sports

Last year was a bad one for former NBA star Latrell Sprewell who saw his yacht, the 70-foot "Milwaukee's Best" repossessed and his $405,000 home in River Hills, Wisconsin facing foreclosure (Sprewell later settled this debt). This year doesn't seem to be bringing Sprewell much more luck. His Purchase, New York home is scheduled for a sheriff's sale at the Westchester County Courthouse on January 7, 2010.

LoHud.com reports that Sprewell purchased the 3.3-acre property in January 2000 for $2.3 million. He got a 30-year mortgage from Washington Mutual Bank for $1.612 million in 2004 and first failed to make payments starting in April 2008, around the time his other financial troubles began. The home was the site of an alleged domestic dispute in 2006. Sprewell was accused of attacking his girlfriend, Candace Cabbil, in front of their four children but prosecutors agreed in 2008 to drop the charges if Sprewell stayed out of trouble for a year.

A listing on Sotheby's Realty has the house at $3.8 million. It has seven bedrooms, a complete gym, pool and spa, basketball court, four-car garage and a recording studio. Listing pictures reveal large televisions, spiky metal sculptures and large open spaces.

Gallery: Latrell Sprewell in Purchase, New York