Celebrity Foreclosures

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toni-braxton

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.

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alCapone

Going once, going twice, SOLD! back to Chippewa Valley Bank of Wisconsin for $2.6 million.

That’s basically how the foreclosure auction went last week for Al Capone’s alleged 407-acre 1920s-era “hideout” in Couderay, Wisc., which was on the block after its previous owners defaulted on the mortgage.

Despite a Chicago-area advertising campaign (where Capone rose to fame and fortune more than 60 years ago as America’s most notorious gangster ever) to market the two-story stone lodge, it appears that no buyers were interested in plunking down bids.

Indeed, the bank that issued the $4.25 million mortgage back in 1959 officially repossessed and took ownership of the historic slice of backwoods real estate. There is currently no indication as to what will now happen to the property, according to a recent CNN.com report.

However, Leslie Strapon, assistant executive director of the Hayward Chamber of Commerce, holds out hope that it will remain a tourist destination.

Here’s a snip:

“Everyone is patiently waiting to see what’s going to happen with the place,” she said. “It would be nice if it fell into the hands of someone who was wiling to reopen and carry on the tradition [of hideout tours].”

We’ll keep you posted as soon as new details emerge regarding this unique listing on Foreclosure.com (click the link for pic and description).

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nicolas_cage
Hollywood superstar Nicolas Cage owes the Internal Revenue Service (IRS) more than $6 million in unpaid back taxes, according to People.com.

In addition to being an “A-list” actor, Cage is a prolific real estate collector. He owns multiple properties in Los Angeles, Calif., and Las Vegas, Nevada, as well as others in major cities such as New York, New Orleans, San Francisco and elsewhere.

However, he now has two outstanding tax liens attached to the portfolio — one that dates back to 2007 and another from 2002.

Cage actually sold a 28-room castle, Schloss Neidstein, which sits on 395 acres of forest in the Oberpfalz region of Bavaria, Germany, earlier this year because of what he described as a “difficult economic situation.” He is also reportedly shopping a $7 million island in the Bahamas.

The 45-year-old Academy Award winner was recently ranked 45 on “The 2009 Celebrity 100″ from Forbes.com, earning an estimated $40 million from June 2008 to June 2009.

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latoya-jackson

La Toya Jackson — an older sister of the recently deceased “King of Pop,” Michael Jackson — is facing foreclosure on a 1,856-square foot condominium unit located on the 27th floor at Regency Towers inside Las Vegas Country Club in Nevada.

ReviewJournal.com reports that the singer/songwriter, who is perhaps more recognized for her famous family and two spreads in Playboy in the early 1990s, is in default with an unpaid balance of $750,000. She purchased the home for about $260,000 in 1996.

It’s possible that Jackson has no intentions of rescuing the condo from the auction block — she reportedly moved all of her belongings out of the residence back in August. Other reports indicate that Sept. 30 is the possible date for a future foreclosure sale.

La Toya, 53, is not the first or only Jackson to miss mortgage payments.

Michael was at the center of perhaps the most famous celebrity foreclosure story ever when his sprawling Neverland Ranch in Los Olivos, Calif., was teetering on the edge of repossession. He avoided foreclosure in the eleventh hour by selling a major interest in Neverland to a real estate investment company, Colony Capital, which entered into a joint venture with Jackson to renovate and re-sell it.

For what it’s worth, Dr. Conrad Murray — the man at the center of the investigation into Michael Jackson’s death — is also in danger of losing his 5,268-square-foot home in the exclusive Red Rock Country Club in Las Vegas to foreclosure.

Stay tuned to Foreclosure.com for more updates on La Toya’s foreclosure situation as it unfolds. To read about even more celebrity-related foreclosures click here.

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alCapone

America’s most notorious and best known gangster, Al Capone, is still making headlines in the Chicago newspapers more than 62 years after his death.

And it has nothing to do with illegal gambling, smuggling, bootlegging, prostitution or massacres.

Capone’s 407-acre 1920s-era “hideout” in Couderay, Wisc., which includes a 37-acre private lake located in the beautiful northwoods of “The Badger State,” is headed to the Sawyer County courthouse for a foreclosure auction set for 10:30 a.m. Oct. 8, 2009.

The minimum bid on the property — one of many that Capone used throughout the nation back in the day to “lay low” — is $2.6 million.

Here’s the official property description from Chippewa Valley Bank:

“Includes the original 1920’s main lodge of native fieldstone with massive split fieldstone fireplace, an eight-car garage renovated into a fabulous bar and restaurant, bunkhouse, year-round caretaker’s residence, guard tower along with other outbuildings and Capone’s unique ‘jail cell.’ Very private and pristine beautiful. There are many unique features to this property designed by the notorious gangster himself.”

Contents of the lake and whatever (or whoever) is possibly contained on the land — maybe even some legendary buried treasure — are also included.

For more information on Capone’s Wisconsin retreat click here and here.

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