TheStreet.com today printed an article about “The Biggest Real Estate Flops of 2009.”
Unsurprisingly, the high profile financial troubles of “A-list” actor, Nicolas Cage, made the top five not-so distinguished list. He recently lost two of his New Orleans homes to foreclosure after it was revealed that he apparently owes the Internal Revenue Service (IRS) more than $6 million in unpaid taxes.
Here’s more on his unlucky real estate investments:
“… his Bel Air mansion was on the market for $35 million before its price was dropped to $17.5 million. It sold for an estimated $15 million. His $9 million apartment in New York fetched $7 million, and he still may need to sell his $8 million castle in Bath, his $12 million home in Rhode Island and his $9.49 million home in Las Vegas just to make ends meet.”
Ponzi-schemer Bernard Madoff, as well as the former home of the Detroit Lions, The Pontiac Silverdome, are also featured in the article. To check out more on Cage, Madoff, the Silverdome and other distressing stories check out our celebrity foreclosures archive right here.
Even celebrities are in the aim of foreclosures. This is something really complicated that proves that foreclosure crisis is very serious
Theyare losing their homes because they are not takin care of their money right you have to be responsible stop building and uy multi milion dollar homes with bowling alleys basketball courts if you dont need it and if you are going to buy or build a home pay cash that way you wont get stuck with a 30 yr mortage and if you do have to make a monthly payment and you have a home with a basement turn that into an income suite apply that to he mortage and you can lower your monthly payments and also increase the value of the property.