What do Mel Gibson, Nicholas Cage, Octomom, and Timothy Busfield have in common?
Each of these Hollywood stars is well-known and has increased their media attention to include the foreclosure processes of their respective homes.
Unfortunately, foreclosures do not happen in a vacuum, and even the wealthy are at risk.
Actor/Director Mel Gibson
Mel Gibson has definitely been in the spotlight for a substantial part of his life, with most of his fame coming from the Lethal Weapon franchise and Braveheart, and his controversial role as director of The Passion of the Christ. Gibson has already sold two properties for well below the list price and may be losing several other properties, including his church and home in Malibu, California. Gibson has been sued by Rampage Construction for approximately $12,000, but the company previously stated that it accepts foreclosure of each of the residential properties and church to account for the failed payment. The exact stage of this lawsuit is not known at this time.
Actor Nicholas Cage
Along with facing his son’s recent admission into rehab, actor Nicholas Cage has also lost his Los Angeles home to foreclosure over the year. Cage is best known for his performance in a variety of films ranging from National Treasure and Gone in 60 Seconds to Ghost Rider. He purchased his home in 1998 for $6.5 million. After renovations, Cage tried to put the home on the market in 2006 for $35 million and was unsuccessful in his attempt to sell. In 2010 the bank foreclosed upon his property and failed at an attempted auction in April. The property is currently listed on the market for a mere $10.5 million, well below the price Cage was requesting in 2006.
Reality TV Star Octomom
Octomom, also known as Nadya Suelman, is famous for giving birth to octuplets and starring in the Octomom reality television show that followed. Over the last couple of years, Octomom has been delinquent on her mortgage payments numerous times. This time the bank moved forward with the foreclosure process and even served eviction papers last December. Suelman’s father purchased the home in 2009 for $565,000 and eventually put the home in his daughter’s name. In 2010 the foreclosure process began, followed by an eviction notice. Now the repossession is pending on this La Habra, California home.
Actor Timothy Busfield
Busfield is best known for his roles in The West Wing and Thirtysomething. Busfield originally purchased his Malibu home in 2003 for $1.2 million. After a very expensive divorce, he decided to put the property up for sale in 2008, listing it for $2 million. At the end of last year Busfield’s delinquent payments caught up to him and the foreclosure process on his Malibu mansion began. In January, he lost his home to foreclosure.
These individuals are known for their performances on popular television shows and movies; however, now they are also receiving national attention due to their financial insecurity and foreclosure proceedings. Even though these individuals have spent countless hours in front of a camera, they are still subject to the struggles and financial strains that often surface for your everyday Americans.
These instances show us two things: First, the foreclosure inventory is still strong and prospering; therefore, there are countless investment opportunities for new to seasoned real estate investors. Two, the foreclosure crisis is broad and includes not only single and multi-family homes, but also celebrity mansions and estates.
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