Expert Realty – South Florida Real Estate Blog

Here is further proof of the grim market homeowners are facing today. Check out these super stars that are faced with, or may become faced with, foreclosure on their homes.

Michael Jackson’s Neverland Ranch was scheduled for auction this past March, until a private bank came in and bought out the loan.  He was faced with over $24 million in past mortgage payments in order to keep the home, a part of a $300 million loan originally. His preoccupation with his dragged out court trials brought him behind on his mortgage payments.  He had not been to his ranch since June 30 of 2005 because of the lawsuits against him.

Evander Holyfield’s estate also was set for auction by the bank for July 1st of this year.  The home is estimated to be worth $10 millions. Life events such as three marriages, two divorces, and his eleven children between his first and third wife, have all played a role in Holyfield’s current financial difficulties.  

However, my greatest sympathy goes out to Ed McMahon. He is most well known for being the sidekick on “The Tonight Show”.  He has been unable to work for the past year since he broke his neck.  This wealthy 85 year old man, just like many other working class Americans, is struggling to keep his home.  The home is in the same neighborhood as Britney Spears’ mansion, which has made it difficult to show the home due to the hundreds of swarming paparazzi in the area.  His home has been on the market for over two years now.

It serves as a reminder that foreclosures happen to people of all shapes and sizes, and of all sorts of professions and income levels. And life happens to everyone.  Even Hollywood’s greatest couples end up in divorce court, and if selling the home is part of the break up deal, they may be waiting a long time before they will get themselves out of that mega purchase.  But the current economic conditions are what they are, and even the elite stars that many see as invincible are not immune to any of this.

 According to the Sun Sentinal, Florida foreclosures are up 92 percent.  So for those with homes Broward, Miami-Dade and Palm Beach County, be aware of the threat of foreclosure. Important tips like getting educated about your rights as a homeowner and learning about foreclosure are good ways to avoid or to prepare for such an occurrence.  You can also find more tips on  how to avoid foreclosure on the U.S. Department of Housing and Urban Development website.