Former member of “The Fugees” and acclaimed hip hop producer Wyclef Jean — who has sold more than 30 million albums throughout his illustrious career — is the latest celebrity to feel the foreclosure blues.

Several published reports indicate that Jean and several friends failed to pay construction costs and fines on an unfinished $1.4 million Miami, Fla., mansion that the group purchased together more than two years ago with plans to renovate.

All told, Jean and Co. now owe approximately $2.4 million on the home. And if the outstanding liens and payments are not cured in a matter of days, the home will be foreclosed on and sold at public auction on December 12.

Jean joins a growing list of other high-profile homeowners, including Michael Jackson, Jose Canseco, Ed McMahon, Evander Holyfied, Latrell Sprewell and others, who have recently found themselves facing foreclosure situations.

It just goes to show once again that no one is immune to foreclosure — it can happen to anyone at anytime.

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“Real estate became very liquid especially in the condo market. People would buy pre-construction pricing and that’s before the building was out of the ground, and then they would sell the contract while the building was being constructed and for huge gain sometimes 200% gains…. They were selling anywhere from $600,000 to well over a million dollars, and now there is an active foreclosure in this building for $219,000.”

“Real estate analysts say South Florida’s housing market peaked late in 2005, and would-be flippers stopped buying in 2006. People who bought condos before 2005 might still make money or at least break even if they sell soon, the analysts say, but those who bought at the height of the mania [the speculative craze of 2004 and 2005] stand to lose a bundle … some are figuring out how to profit from the downturn … people [are often] willing to resell preconstruction units at their original price.”

– A feature in today’s New York Times explores the speculative real estate market in South Florida, which is beginning to cool after a significant boom these last few years. In fact, investors who purchased homes and condos during preconstruction phases are looking for ways to get out of their contracts or are walking away from their deposits. To stay on top of the growing real estate listings and deals in South Florida click here.