How to stop smoking: foreclosure list

What do Mel Gibson, Nicholas Cage, Octomom, and Timothy Busfield have in common?

Foreclosure.

Each of these Hollywood stars is well-known and has increased their media attention to include the foreclosure processes of their respective homes.

Unfortunately, foreclosures do not happen in a vacuum, and even the wealthy are at risk.

Actor/Director Mel Gibson

Mel Gibson has definitely been in the spotlight for a substantial part of his life, with most of his fame coming from the Lethal Weapon franchise and Braveheart, and his controversial role as director of The Passion of the Christ. Gibson has already sold two properties for well below the list price and may be losing several other properties, including his church and home in Malibu, California. Gibson has been sued by Rampage Construction for approximately $12,000, but the company previously stated that it accepts foreclosure of each of the residential properties and church to account for the failed payment. The exact stage of this lawsuit is not known at this time.

Actor Nicholas Cage

Along with facing his son’s recent admission into rehab, actor Nicholas Cage has also lost his Los Angeles home to foreclosure over the year. Cage is best known for his performance in a variety of films ranging from National Treasure and Gone in 60 Seconds to Ghost Rider. He purchased his home in 1998 for $6.5 million. After renovations, Cage tried to put the home on the market in 2006 for $35 million and was unsuccessful in his attempt to sell. In 2010 the bank foreclosed upon his property and failed at an attempted auction in April. The property is currently listed on the market for a mere $10.5 million, well below the price Cage was requesting in 2006.

Reality TV Star Octomom

Octomom, also known as Nadya Suelman, is famous for giving birth to octuplets and starring in the Octomom reality television show that followed. Over the last couple of years, Octomom has been delinquent on her mortgage payments numerous times. This time the bank moved forward with the foreclosure process and even served eviction papers last December. Suelman’s father purchased the home in 2009 for $565,000 and eventually put the home in his daughter’s name. In 2010 the foreclosure process began, followed by an eviction notice. Now the repossession is pending on this La Habra, California home.

Actor Timothy Busfield

Busfield is best known for his roles in The West Wing and Thirtysomething. Busfield originally purchased his Malibu home in 2003 for $1.2 million. After a very expensive divorce, he decided to put the property up for sale in 2008, listing it for $2 million. At the end of last year Busfield’s delinquent payments caught up to him and the foreclosure process on his Malibu mansion began. In January, he lost his home to foreclosure.

These individuals are known for their performances on popular television shows and movies; however, now they are also receiving national attention due to their financial insecurity and foreclosure proceedings. Even though these individuals have spent countless hours in front of a camera, they are still subject to the struggles and financial strains that often surface for your everyday Americans.

These instances show us two things: First, the foreclosure inventory is still strong and prospering; therefore, there are countless investment opportunities for new to seasoned real estate investors. Two, the foreclosure crisis is broad and includes not only single and multi-family homes, but also celebrity mansions and estates.

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Celebrity real estate is always a hot topic since we are all interested in what is going on in the life of the rich and famous. In the current real estate market there is a lot of buying and selling, even in the celebrity arena. Selling a home is one thing that can be tied to each of the following: Project Runway, the NBA, and The Office.

Project Runway’s Heidi Klum and Seal Sell Their Mansion

According to L.A. Times, model, actress, and Project Runway

host and producer Heidi Klum and her musician husband Seal listed their plush Beverly Hills home for $6.9 million in June of this year and sold it only a few weeks later for $7 million - more than the list value. As Heidi heads into a new season of Project Runway and launches a website with AOL, she also managed to buy a new mansion in the heart of Beverly Hills. The Los Angeles Mediterranean-style mansion rests on multiple acres of land and is complete with a pool and tennis court among other luxuries. The couple purchased the 9,000 square-foot home complete with 9.5 bathrooms and 6 bedrooms in 2010 for $14.2 million, above the asking price of $13.4 million - indicating that multiple people were bidding to obtain this incredible property. Apparently, demand is just as high in the celebrity market as it is in the normal real estate market.

NBA Star Carmelo Anthony Parts with His Multi-Million Dollar Home

Heidi and Seal are not the only ones selling their multi-million dollar homes; so is NBA star Carmelo Anthony, better known by “Melo.” According to Denver Post, Anthony, who now plays for the New York Knicks and is a force to be reckoned with on the court, is also known for his stellar performance from 2003-2011 with the Denver Nuggets. This time he is in the news not for basketball, but instead for selling his home for $6.2 million.

Anthony listed the property for $9.5 million, already much lower than his 2007 purchase price of $12 million. However, with little financial concern for the new Knicks player who will receive approximately $65 million over the next three years, Anthony walked away from the property and decided to rent a New York condo as opposed to purchasing a new home. The buyer of this incredible estate definitely got a once in a lifetime deal.

The Office’s John Krasinski’s Makes a Sale

John Krasinski is best known for his acting, directing, and writing ability especially in relation to the hit television show The Office. According to New York Daily News, this marks the second time that Krasinski has attempted to sell his West Hollywood home in the last two years, with the first listing price of $1.245 million. However, when he listed his property in March of this year, his asking price was down to $945,000. Krasinski and his wife originally purchased the home for approximately $1 million in 2006. His second attempt to sell his home proved to be a lot more successful than his first, with his home selling for $880,000.

These celebrity real estate homes sell prices show that the decrease in home values is not occurring in a box that only affects those in the middle to lower class. Instead, celebrities are selling their homes for discounted prices as well, providing incredible opportunities for investors to leap on deals that may never be seen again in this lifetime.

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How to stop smoking

Friday, 29 July 2011

foreclosure list

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