Six-time Grammy Award-winning singer, Toni Braxton, is facing foreclosure on a 2,306-square-foot condominium unit in the Century City neighborhood of Los Angeles, Calif., which she purchased for $725,000 in 1996.

Braxton, who is perhaps most well known for her smash hit “Un-Break My Heart” in the mid 1990s, reportedly defaulted on a Bank of America mortgage loan on the property, which is located at 10120 Empyrean Way. She must pay $12,503.20 or risk losing it to the bank.

This is not the first time that the 40-something diva has run into financial problems.

She filed for Chapter 7 bankruptcy protection in 1998 because of a reported $3.9 million debt. In addition, City National Bank (CNB) recently leveled a $900,000 lawsuit against Braxton, citing “breach of contract.” Lloyds of London, too, has countersued the chart topper in response to a cancellation of a string of shows.

Braxton has publicly battled pericarditis, a serious heart condition, for several years. She currently resides in a five-bedroom house in the Seven Hills area of Henderson, Nevada, as well as owns another 3,376-square-foot home in Alpharetta, Ga., according to Big Time Listings.

To check out Braxton’s foreclosure listing on Foreclosure.com click here.

Here’s Ed McMahon talking to Larry King on CNN about what happened in his life to allow his California home to go into foreclosure:

McMahon died on June 23, 2009, at the age of 86. Rest in peace.

Finally … some good news about a relatively rich and semi-famous “celebrity” buying a foreclosure and not ending up in it like several others we have written about right here.

Milwaukee Brewers outfielder Ryan Braun — the National League Rookie of the Year in 2007 — recently purchased a five-bedroom, seven-bathroom foreclosure home in Malibu, Calif., for $4.85 million, according the Los Angeles Times.

It’s a quite a distance (and climate change) from blustery Wisconsin; however, it seems that the price was right — the report indicates that Mediterranean-inspired home was “listed at a high of $8.9 million in 2007 and had been marketed at $5,299,900 since the fall.”

That’s a handsome savings, especially when you consider luxurious amenities like this:

“The gated [home] has ocean views and sits on more than an acre with a swimming pool, spa and built-in barbecue. The interiors include three fireplaces and travertine and hardwood flooring. There is a two-bedroom, one-bathroom guesthouse and a movie theater.”

“The Hebrew Hammer” grew up in Granada Hills, which is about an hour east of the ritzy coastal enclave. His father immigrated to the United State from Israel at age seven.

We know that most folks aren’t high-rolling Major League Baseball All Stars, but if you want to check out other foreclosed homes in the Malibu area click here.

“The King of Pop,” Michael Jackson, suddenly died today at the age of 50 as a result of cardiac arrest. His passing has and will unearth myriad issues throughout his successful — albeit checkered — career in the days, months and years ahead.

One topic that has been popular around here has been his real estate portfolio, including his sprawling Neverland Ranch estate located in Los Olivos, Calif., which he nearly lost to foreclosure in 2008.

Despite his tremendous success for nearly a half-century, during which he amassed a jaw-dropping personal fortune that most rich people can’t even fathom, Jackson was reportedly $500 million in debt.

He was a big spender.

And he poured countless dollars into Neverland, which he purchased for $19.5 million in 1987, to turn it into a giant playground, featuring “two railway lines, two helicopter pads, its own fire department, a zoo and a plethora of amusement-style rides,” according to MSN Money.

When all was said and done the property cost an estimated $10 million or more per year to maintain.

It was eventually too much to handle and Jackson defaulted on a $24.5 million loan. He avoided foreclosure by selling Neverland to a real estate investment company, Colony Capital, that entered into a joint venture with Jackson to renovate and re-sell it.

Talk about an incredible investment — Neverland will more than likely now fetch a tremendous return with Jackson’s passing. Unless, of course, it is turned into a museum to honor his memory.

Whatever happens … all eyes will eventually shift toward co-owner Colony Capital to see what the investors plan to do with the property as the many layers of this story get peeled back over time.

The stakes could not be higher for one contestant who is set to appear on HGTVs “$250,000 Challenge,” which is the latest home improvement-inspired program set to debut on the network on Sunday, May 31, 2009.

Kelley Alexander of Sherman Oaks, Calif., is a 47-year-old mother of two teen-aged children. She was selected to compete against four other families in the neighborhood “in a series of weekly home improvement and design challenges with the winner ultimately walking away with a newly renovated home” and $250,000.

The timing could not be better — Alexander was apparently served a notice of mortgage default and possible foreclosure action on the first day of filming the show, according to the Chicago Tribune.

Here’s a snip from her:

“We have a bad mortgage. On the first day of [the show], they put foreclosure papers on my door…. It’ll take about $50,000 to save the house.”

Sounds dramatic, which is more than likely the concept. Even if Alexander doesn’t win, hopefully she can somehow still save her home.

“Dancing with the Stars” winner Drew Lachey has been tapped to host “$250,000 Challenge.” For more details on the show, including background on the various homeowners expected to vie for the prize opposite Alexander, click here.