The (in)famous Watergate Hotel in Washington, D.C., which fell into disrepair in 2007 and then foreclosure two years later, has been sold for $45 million in cash to Euro Capital Properties, according to The Washington Post.

Located at 2650 Virginia Avenue NW, the 251-room building, which also features 146 suites, is located in the same complex where perhaps the most famous political scandal in American history took place.

In 1972, five men were arrested for burglarizing the Democratic National Committee headquarters within the Watergate Office complex. It was eventually revealed that President Richard Nixon had knowledge of the illegal activities and attempted to cover them up

Nixon resigned two years later in 1974 to avoid impeachment.

In 2009, then-owner Monument Realty defaulted on a $40 million loan, forcing the lender to foreclose on the fabled landmark, which overlooks the Potomac River near the heart of the nation’s capital.

It’s that ideal location, as well as Watergate’s rich history, which convinced the new owners to make such a large investment.

Euro Capital principal Jacques Cohen explains:

“There’s no other property in walking distance of Georgetown and that close to the White House and the Kennedy Center … and that has the most gorgeous views in Washington.”

Cohen explains that Euro Capital will dump an additional $50 million into Watergate in renovations that include luxury condominiums, a spa and ample meeting space, as well as restaurants and bars, among other amenities.

Rooms, according to the report, will likely fetch more than $300 a night.

Jeana Keough isn’t the only cast member from the “The Real Housewives of Orange County” to dodge a potential foreclosure action.

The Orange County Register reports that Tamra Barney — the self proclaimed “hottest housewife in Orange County” — was recently able to unload her five-bedroom, 5.5-bathroom family home, which is located in the posh Ladera Ranch, Calif., for $1.12 million in a short sale.

It was originally listed for $1.6 million; however, the lender accepted a lower offer from another buyer to ensure that it did not fall into foreclosure. All told, the Barney’s lost around $600,000 of their money when the transaction closed.

According to the report, the couple, which has three children together, is currently in the midst of a divorce. She is staying in a modest two-bedroom apartment nearby.

Hopefully, this marks a new beginning for them both.

will.i.am — a founding member of the six-time Grammy Award-winning hip-hop group Black Eyed Peas — doesn’t claim to be “mega crazy rich,” but that didn’t stop him from helping two random families avoid foreclosure.

All told, will.i.am put up $350,000 of his own money on a recent tearful episode of “Oprah,” ensuring that a family of eight, The Eller’s, as well as a single mother, Alycia Allgood, keep roofs over their heads for the foreseeable future.

Indeed, both homes are now completely paid off, which is more than likely the best news the cash-strapped families have heard in a very long time.

As for will.i.am, it’s a selfless gesture that is close to his heart:

Read the rest of this entry »

“Ghosts don’t move out”

That’s the tagline for an upcoming “thriller” independent film dubbed “Foreclosure,” which will feature Michael Imperioli as its leading man, according to Reuters.com.

Filming for the Richard Ledes-directed picture began two months ago back in March.

Here’s a quick synopsis of “Foreclosure” via its official Web site:

Foreclosure is the story of a broken family striving to stay together while a curse and the ghosts of a haunted house try to tear them apart.

Ledes reveals in an interview with ScreamStress.com that the nationwide foreclosure crisis served as inspiration for the theme, saying:

“Isolation is intrinsic to the sense of horror in the film. The isolation felt by the characters in our story is created through the effect of foreclosures on the neighborhood in which they live.”

Trapped in a home you can no longer afford with paranormal spirits who won’t leave. If there was ever a strong case for a homeowner “walking away” from a home, this might be it.

Ledes cast Imperioli — who made a big name for himself as Christopher on the mega HBO hit series “Sopranos” — to add some star power to the film, which currently does not have a release date set.

We’ll keep you posted on “Foreclosure” the movie as more information becomes available. In the meantime, feel free to check out the video trailer of the film right here.

Faisal Shazad — the man suspected of attempting to detonate a crude and poorly constructed car bomb in Times Square over the weekend — is/was facing foreclosure on his Shelton, Conn., home, according to MSN.com.

Shazad reportedly defaulted on a $200,000 loan, forcing his lender to foreclose on the single-family home that he shared with his wife and two young children.

The two-bedroom, two-bathroom house — located at 119 Long Hill Ave. — was built in 1988 and last sold to Shahzad and another woman in 2004.

Shazad, who was arrested late last night on board a plane headed for the Middle East, is currently being held without bail. He faces major charges that include terrorism and weapons of mass destruction.