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.

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.

Popular rapper and host of MTVs “Pimp My Ride,” Xzibit, has failed to pay more than $21,000 in mortgage payments and is now in jeopardy of having his Woodland Hills, Calif., repossessed by the lender.

TMZ.com reports, however, that the possible foreclosure action could be the least of his financial concerns.

Here’s a snip:

“In addition to nearly losing his home in Woodland Hills, California — it was reported last week that the IRS filed a $205,485 lien on X in L.A.County for non-payment of his 2007 taxes, and yet another one for an additional $296,355 for 2006.”

Alvin Joiner (his birth name) has been a fixture on the rap scene ever since his first album, “At the Speed of Life,” dropped in 2006. He has been able to parlay that success to the silver screen, appearing in several movies, including “Full Clip,” “Derailed,” “Hoodwinked” and “Gridiron Gang,” among others.

To check out other celebrity foreclosures on Foreclosure.com click here.

The grandmother of recently-born octuplets, Angela Suleman, owes more than $20,000 in late mortgage payments on her home in Whittier, Calif., and is in danger of losing it to foreclosure, according to TMZ.com.

Angela Suleman is the mother of Nadya Suleman, who herself happens to have quite a few kids of her own. Nadya, in fact, has captured major national headlines recently because she delivered a litter of eight children all at once, raising her total to 14 offspring.

But all the attention has, for the most part, been negative.

That’s because the divorced single mother — who is unemployed, lives with her mother, receives food stamps and collects government disability checks for three of her children — conceived her most recent brood via in-vitro fertilization, which is apparently not the most logical decision when already struggling to make ends meet.

Angela, the grandmother, has been outspoken and critical of her daughter’s thought process. She has good reason to speak up, too, because the enormous physical and financial burden of caring for all the kids has landed squarely on her shoulders.

Indeed, she provides the roof over their heads and helps take care of them on a day-to-day basis.

The good news is that with all her new-found fame (or disdain), Nadya landed a high profile paid appearance on “60 Minutes,” which she reportedly pocketed a large sum for granting the interview request. And there could be more on the way.

But with 14 children, a home in default and a scary diaper bill, among other expenses, there is no telling how long similar opportunities and that money will last. Hopefully, for the sake of the children, it’s long enough to remain in their family home for a very long time.

Check out a video of Nadya Suleman on “60 Minutes” after the jump.

Hollywood stars such as Britney Spears often go in to foreclosure (to see a list and pictures click here), but this time around it is her manager who is in distress and not the former pop starlet herself.

Her estranged manager, Sam Lufti, is reportedly facing foreclosure on his Californian home after allegedly running up more than $18,000 in debt, according to TMZ.com.

In fact, a collection agency has placed a lien on the Los Angeles property in an effort to recoup the outstanding funds. And if Lufti does not cough up the cash sooner rather than later he could lose the home to foreclosure. He also allegedly owes a United States bank an undisclosed sum for unpaid credit card debt.

Lufti and Spears had a very public and unceremonious split, swapping legal papers and hurling accusations through the media. Spears recently had a restraining order placed on Lufti (and others) and he responded by suing her parents for defamation.

This whole situation sounds “toxic.”

Ed McMahon — who recently captured national media headlines because he defaulted on $4.8 million home loan — has found a buyer for his six-bedroom, five-bathroom Beverly Hills, Calif., estate, according to TheCelebrityCafe.com.

It’s great news for the 85-year-old iconic television personality who is perhaps best known for his role as an announcer on the “Tonight Show” with Johnny Carson for three decades.

Not only does he avoid foreclosure, but he also closes a deal to sell the $5.75 million home that has been more than two years in the making.

Speculation swirled that real estate magnate, television reality tycoon and author, Donald Trump, was the front runner to purchase the home from McMahon. He then intended to lease it back to him. However, it appears that the deal never came to fruition.

Instead, an anonymous buyer stepped up at the last minute. And according to the report, McMahon has six months to vacate the property and find new digs.

That’s apparently a good thing because McMahon was eager to move on. In fact, he had this to say about this situation in a recent interview with Larry King on CNN.com:

“It’s a combination, it’s like a perfect storm. Economy problems. Selling the house right now is a tremendous operation …. We’ve had this house on the market for two years. We’ve shown it, I don’t know how many, 50 organizations or people. Nobody has made an offer. I mean, it’s just a lovely home.”

It appears that all he needed was some very high-profile marketing to find the right buyer, bringing new meaning to the expression, “everything happens for a reason.”