Celebrity Foreclosures

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Earlier this year, super celebrity Nicolas Cage — who has been battling financial problems after an alleged “spending binge of epic proportions” — lost his 11,817 sq. ft. sprawling mansion in Bel-Air, Calif., to foreclosure.

It subsequently failed to sell at the public auction in April 2010, garnering no interest and zero bids at the $10.4 million price tag. The Academy Award-winning actor reportedly owed $18 million on the property, which he unsuccessfully tried to sell for as much as $35 million before it was repossessed.

Los Angeles Times today reports that the six-bedroom, nine-bathroom estate recently sold for $10.5 million to an undisclosed buyer. Despite his or her anonymity, the article reveals that the new owner has hired a restoration architect to bring the 1940-era Tudor-style home “back to flawless condition.”

Perhaps a future “National Treasure” of which other famous owners/crooners like Dean Martin and Tom Jones would be proud.

For more celebrity foreclosure-related news, as well as to learn more about Cage’s other real estate in distress, click here.

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Here we go again.

Nadya Suleman — who was branded “Octomom” after she delivered eight babies while on welfare through in vitro fertilization — is on the verge of losing her La Habra, Calif., home to foreclosure.

She has until Oct. 9, 2010, to come up with a $450,000 balloon payment or risk getting evicted along with her 14 total children, according to the New York Daily News.

Radio personality David “Tattoo” Gonzalez, sympathetic to Suleman’s plight, helped her promote a yard sale over the weekend to raise funds, hoping to put a dent in the nearly half-million outstanding balance.

Items for sale included, but were not limited to:

Read the rest of this entry »

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Add Alexis Bellino and her husband, Jim, to the growing list of cast members from “The Real Housewives” series who can no longer afford to live in their luxury homes.

The Orange County Register reports that the couple was more than $83,000 behind on the mortgage for their “stately” $4.6 million five-bedroom, five-bathroom abode in Newport Beach, California.

But before it could be auctioned off at a foreclosure sale, which was scheduled for Aug. 25, 2010, the Bellino’s came to an agreement with their lender to reduce the principal through a loan modification.

No specific terms of the modified mortgage are available at this time. However, it appears to be a fair deal, if Jim’s comments are any indicator, that is:

“Chase Bank has been great to work with on my modification. The trustee sale has been canceled, and the modification has been agreed upon.”

Alexis and Jim have three children together, all of whom plan to live in the newly loan-modified home “for an extended period of time.”

This of course is not the first time that a couple from “The Real Housewives” has had to face the possibility of losing their homes to foreclosure.

Jeana Keough avoided foreclosure through a loan modification, Tamra Barney was able to unload her upside-down home via a short sale and Teresa Guidice recently filed for bankruptcy.

To read all about these lovely ladies, as well as other celebrity types, and their real estate-related issues click here.

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Celebrity chef Timothy Dean, who participated in the seventh season of the popular “Top Chef” program on the Bravo network, is fighting to save his Prime Steakhouse in Baltimore, Md., from foreclosure.

Baltimore Business Journal reported earlier this week that a foreclosure auction for the Fells Point building (located at 1717-1721 Eastern Ave.) has already been scheduled for Sept. 16, 2010. If it goes through, the business would have been open for a mere seven months.

Adams National Bank sued Dean and his company for $1.3 million, which is the reason behind the foreclosure proceedings.

The good news is that Dean is confident that the two parties can reach an agreement, renegotiate the terms of the loan and live happily ever after. He’s even willing to declare bankruptcy if it means he will avoid losing the building to foreclosure.

Dean, who says in the report that business at Prime Steakhouse is booming (he plans to open another restaurant in nearby Prince George County this fall), was among 17 chefs hand-picked to compete “against each other in culinary challenges” on “Top Chef.”

The 39-year-old was eliminated from the competition in episode five when his dish of roasted turnips and asparagus with honey failed to impress the palettes of the tournament judges.

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Co-founder of Roc-A-Fella Records, Damon Dash, is about to lose his duplex loft, which is located in a Tribeca, N.Y., “power building,” according to Curbed.com.

Dash, who purchased the 5,200 sq. ft. “stunner” in “The Atalanta” building for $3.875 million in 2004, currently owes his lender nearly $9 million after a refinance in 2006. He stopped paying the $78,000/mo. mortgage in late 2008.

Here’s a description of the property:

“This stunning 5,200 SF duplex loft boasts 20 foot ceilings in the living room, 4 bedrooms and 4 baths on TriBeCas best block. Add huge windows facing north and south, a mint kitchen and luxurious bathrooms, it leaves nothing to be desired. Located in the preeminent full service doorman building, the Atalanta, Must be seen!!”

The duplex is scheduled to be put on the auction block today (Wednesday, July 28, 2010) at 1 p.m. ET, during which a new buyer will emerge or the bank will claim possession of it.

Stay tuned.

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