Posts Tagged ‘celebrity bankruptcy’

Celebrities Face Bankruptcy And Foreclosure Too

Monday, October 18th, 2010

You’d think celebrities would be able to pay their bills, but alas, it seems hard times have even hit the rich and famous.

Below are five very well known, and seemingly very rich, people who have recently faced hard financial times including bankruptcy and foreclosure.

From GoBankingRates.com:

Mel Gibson
As of September 2010, the movie star best known for his roles in Braveheart and Lethal Weapons 1-4 reportedly owed $212,000 for three homes in Malibu, Calif., as well as his multimillion dollar Holy Family Catholic Church. Some say this is payback for initiating a child custody tug of war with his baby momma and ex-girlfriend Oksana Grigorieva.

Ed McMahon
The legendary Tonight Show sidekick faced a difficult foreclosure before his death in 2009, owing $4.8 million for his 7,000-square ft. mansion in Beverly Hills, Calif. Though Donald Trump offered to purchase McMahon’s home in 2008 to help him avoid foreclosure, McMahon was able to find a private buyer to relieve him of his near-$650k debt before he died.

Evander Holyfield
In 2009, former heavyweight champ Evander Holyfield was on the hook for back payments due on his 109-room mansion. In addition to the child support payments owed to the mother of one of his 11 children and being sued by a consulting company for not repaying a loan, Holyfield owed upwards of $10 million.

Michael Jackson
The King of Pop unfortunately faced one of the largest and most expensive foreclosures ever before his untimely passing in 2009. The incredible Neverland Ranch was part-mansion, part-amusement park, part-zoo and totally in debt. Worth millions, Jackson sold a portion of the ranch for $35 million. However, being the king that he was, he was able to keep some of the ranch in his name after the foreclosure.

Veronica Hearst
Veronica Hearst, the widow of publisher Randolph Hearst, lost her massive property in 2008 when she discovered she owed a whopping $45 million in unpaid mortgages. To bail herself out, she auctioned off her property for $22 million then later sold two of her New York apartments as well as some of her art and jewelry.

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