Celebrities love buying expensive luxury homes and while you might think that they shell out the cash to own their homes outright, more often than not they take out a mortgage just like the average consumer. So what happens when a star can’t keep up with their mortgage payments? The team at Rebound Finance (your number one stop for all your second chance credit and debt needs.) put together a list of stars you’d never believe have had their homes foreclosed on.
Following a messy divorce, Burt Reynolds found himself in a lot of financial trouble. Biggest of which, however, was the fact that his Florida home was put on the market for around half of what it was worth. He tried to get the foreclosure case thrown out, but was unsuccessful and had to take a major loss.
Mel Gibson has had to deal with his fair share of legal troubles, such as a messy divorce, which have put some serious strain on his real-estate holdings. Gibson lost not one, but two of his homes. He was forced to sell off his nearly $50 million ranch for just over $20 million and also sold another property for $9 million, after dropping the price nearly 50% in the previous two years.
Evander Holyfield made more than $200 million as a pro boxer much of which he put into a massive 109-room palace in Georgia. However, when his taxes, child support payments, and other debt payments became too much, the home was foreclosed on. The 50,000+ square foot home (that cost a million dollars a year to run and maintain), eventually sold for $7.5 million.
A few years ago, pop superstar Rihanna was forced to put her Beverly Hills mansion on a foreclosure list. The home had a severe issue with flooding which caused extensive damage to the home. She defaulted on the home and wound up selling it, as a short sale, for a fraction of what it had originally been worth.
While Terrell Owens was at one point in his career an NFL Hall of Famer, he wasn’t much of a star when it came to managing his finances. Despite making tens of millions of dollars, Owens couldn’t stay out of trouble. He lost not only one property, but five! That’s right, Owens had four different condos in Texas and a mansion in Florida that have all faced foreclosure.
Dealing With Secured Debt, From The Experts at Rebound Finance
Unfortunately, when you take on secured debt, like a mortgage, and are unable to keep up with your payments, you may have that asset seized. It’s important that you don’t take on more debt than you can afford or if you find yourself falling behind on your payments, seek help right away. Rebound Finance has a variety of debt relief options to meet the needs of all Americans. Visit www.reboundfinance.com for more information.