While celebrities are world famous and often incredibly wealthy, it doesn’t mean they are immune to a visit from the repo man. The experts at Rebound Finance deal with debt all the time and the one thing they know for sure, that it’s easier than you think, even for celebrities, to fall behind on your payments. With that in mind, here are five celebrities that have had one thing or another repossessed.
Nicolas Cage is well known for his various struggles with money. He has made a lot throughout his Hollywood career, but also spent a lot as well. He had numerous properties, an octopus, a shark, a jet, and even an island (much of which he lost). He also had one of his properties repossessed after he fell behind on mortgage payments and was unable to find a buyer who would purchase it at his asking price of around $30 million.
From 2000 to 2008, OJ Simpson lived in a luxury home in Florida, until he was arrested in 2007, in Las Vegas on a variety of charges related to an armed robbery. In 2010, Simpson stopped paying the mortgage and over the next few years racked up nearly $1 million in back payments. This led his home to be repossessed and was subsequently auctioned off by officials.
While the repo of a car is a fairly standard practice, the way in which this car was repossessed is the real story here. Tyga’s red Ferrari actually got repossessed when he and his then-girlfriend Kylie Jenner were looking at new cars at a dealership. He had missed several lease payments, which is why it was being repossessed.
While most celebs have luxury cars or recreational vehicles repossessed, that was not the case for former TLC member T-Boz. She had her modest Honda Odyssey minivan repossessed when she filed for bankruptcy a couple of years ago. She wasn’t a big spender or living beyond her means, but, unfortunately, medical expenses got the better of her and led her to file for bankruptcy.
That’s right, Katy Perry, who is one of the biggest stars on the planet, has been the victim of the repo man. Her repo occurred many years ago, in 2006. Perry was let go from numerous labels, had her car repossessed twice, and had to borrow friends’ clothes as she basically lost everything. Of course, all before becoming the huge star she is today.
Get The Debt Relief You Need Before it’s Too Late
When debt becomes too much for you to handle, it’s important that you seek help before it’s too late. Repossession can be prevented if you take action and make a plan. Rebound Finance can help, we have several debt relief programs that can help you get back on top of your payments and tackle your debt. For more information on how Rebound Finance can help you, visit www.reboundfinance.com.