Ed McMahon in Foreclosure? - X Nations
      
      
Go Back   X Nations > X Nations > General Webmaster Business and Discussions

 
 
Thread Tools Display Modes
Prev Previous Post   Next Post Next
Old 07-09-2008, 02:38 PM   #1
TheLegacy
TheLegacy is Bi - Sexy
Moderator
 
TheLegacy's Avatar
 
Join Date: Aug 2003
Location: Brantford, Ontario, Canada
Posts: 2,900
xBucks: 57,336
Send a message via ICQ to TheLegacy Send a message via AIM to TheLegacy Send a message via Skype™ to TheLegacy
Default Ed McMahon in Foreclosure?

Apparently all celebs are hit hard

http://www.cnn.com/2008/LIVING/homes....ap/index.html



LOS ANGELES, California (AP) -- Tabloid magazines like to reassure us that celebrities are just like us -- they go grocery shopping, take their dogs for a stroll around the neighborhood, even pump their own gas.

The asking price for actress Joely Fisher's home has been reduced by about $1 million.

These days, that can also hold true when it comes to the plummeting real estate market. Several celebrities have dealt with foreclosure issues on their luxurious estates and many more have had to drop their asking prices, putting some high-profile faces on a growing problem: the real-estate meltdown is now hitting every socio-economic class.

The case of Ed McMahon has shown that you can make millions over a lengthy show business career and still find yourself in foreclosure. Johnny Carson's former "Tonight Show" sidekick owes more than $644,000 in mortgage payments on his Mediterranean estate in Beverly Hills, a house he and his wife have been trying to sell for the past two years. The six-bedroom, five-bathroom home -- in the same exclusive, gated community where Britney Spears lives -- is now on the market for $6.5 million, down from an original price of $7.6 million.

The 85-year-old television personality, who has been unable to work since breaking his neck in a fall 18 months ago, described his economic problems as "a perfect storm."

"If you spend more money than you make, you know what happens. And it can happen. You know, a couple of divorces thrown in, a few things like that. And, you know, things happen," McMahon said on "Larry King Live" recently. "You want everything to be perfect, but that combination of the economy, I have a little injury, I have a situation. And it all came together." Watch McMahon's appearance on "Larry King Live" »

McMahon certainly is not the only celebrity to find himself in such financial trouble. Former NBA player Vin Baker saw his home in Durham, Connecticut, go up for auction last weekend. The seven-bed, six-and-a-half-bath mansion, on about 11 acres with a basketball court and a bowling alley, had been on the market for $2,950,000. Earlier this year, former baseball star and "Juiced" author Jose Canseco stopped making payments on his $2.5 million home in the upscale Encino section of LA's San Fernando Valley.

Rick Sharga, vice president of marketing for RealtyTrac, which monitors foreclosures, says that people of any income level can get in trouble by buying overvalued homes at the peak of the market that they ultimately can't afford. See possible lifeline for homeowners »

It's not all doom and gloom, of course. Avril Lavigne listed her nearly 6,900-square-foot Mulholland Estates mansion for $5.8 million and, after just 36 days on the market, recently accepted a cash offer of $5.2 million.

The price of Angela Bassett and Courtney B. Vance's house has dropped more than $2 million in the past year. The French Colonial in a gated section of Los Angeles' old-money Hancock Park neighborhood has five bedrooms, seven and a half bathrooms, a gym, a hair salon and a two-story guest house. An agent listed it last year for $5,999,000, then a month later took it off the market for seven months. Then June Ahn of Coldwell Banker got the house and listed it for $4,999,000; she reduced it soon afterward to $4.6 million, and now has reduced it again to $3.9 million.

More to read
__________________
Robert "TheLegacy" Warren
Chief of Marketing and SEO

Skype: robjameswarren

"Wise men talk because they have something to say;
fools, because they have to say something." - Plato
TheLegacy is offline   Reply With Quote
 


Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Forum Jump

Powered by vBulletin® Version 3.7.3
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
vBCredits v1.4 Copyright ©2007 - 2008, PixelFX Studios
2013 - xnations.com
All times are GMT -4. The time now is 08:57 PM.
Skin by vBCore.com