2011 Celebrity Foreclosures

Foreclosure NoticeYou would think that multimillionaire celebrities would be impervious to the same kind of financial trouble to which regular folks are susceptible. But apparently, they’re not.

Whether it’s due to bad investments, divorce, or simply living above their means, celebrities have been known to squander their fortune and wind up in financial skid row. In fact, 2011 has known quite a few foreclosures on homes that belonged to big time stars.

Now, I’d like to preface the rest of this by saying that I do not revel in celebrity misery. It’s not pleasant being in financial woes, celebrity or not. This is merely a recap. Here are some of the most notable names who found themselves having to give up their home to foreclosure in 2011.

Chris Tucker

Propelled to celebrity status for his starting role in “Rush Hour” with Jackie Chan, the actor purchased a $6 million dollar mansion in Florida. On October 13, 2011, the mansion went into foreclosure with a $4 million dollar mortgage and an $11.5 million dollar tax lien.

Tucker was paid $20 million for his role in “Rush Hour 2” and received $25 Million for doing “Rush Hour 3” in 2007. How do you squander that much in such a relatively short time? I don’t know… I know Jackie Chan, his “Rush Hour” co-star, didn’t.

Burt Reynolds 

The “Smoky and the Bandit”, “Deliverance”, and “The Longest Yard” star has been in financial trouble since shortly after his divorce from actress Loni Anderson in 1993. In 1996, he filed for chapter 11 bankruptcy protection and has had to deal with financial issues ever since. In August of this year, foreclosure papers were filed against his Hobe Sound, Florida home that he owned since 1994. 

Toni Braxton 

The 6-time Grammy-winning singer had her Duluth, Georgia home foreclosed on in January of this year. She owed $1.5 million on the home that previously appraised for only $1.2 million. The mortgage for the property was taken out in 2004. 

Braxton lit up the charts with “Un-Break My Heart” and “You’re Makin’ Me High” in 1996. In April 2011, shortly after the foreclosure, Braxton launched her new TV series “Braxton Family Values”. The Series is still on the air and is in its second season. 

Timothy Busfield 

Known for his role on the “West Wing”, Timothy Busfield had his Malibu, California home repossessed in January 2011. His costly divorce in 2007 sent his finances on a downward spiral that he just couldn’t recover from. 

Nicolas Cage

 Cage’s last foreclosure actually took place in 2010, but I just had to mention him in this post. Love’em or hate’em, this guy lives it up. Prior to losing his $35 million dollar Bel Air, California mansion to foreclosure on April 2010, Nicolas Cage purchased a luxury car every month, owned nine Rolls Royces, four yachts, two castles, exotic animals, a dinosaur skull, he even bought an Island… You go Nic! 

There you have it, 5 celebrities who lost their homes to foreclosure. While the majority of celebs are very good with their money and never even flirt with financial skid row, others, just like most people, are not immune to financial woes.

About The Author: Kimberley Kelly is a Palm Desert real estate agent servicing buyers and sellers in Southern, California. If you’re looking for a great home in Palm Desert, you can visit Kim’s website where you can find great neighborhoods like Andalusia at Coral Mountain in La Quinta and Bighorn Golf Club in Palm Desert.