Celebrity Cribs
Celebrities aren’t immune to foreclosure, either. In 1998, Nicolas Cage purchased a six-bedroom, nine-bathroom Los Angeles home (left photo) for $35 million. After it was repossessed, Citibank sold it for a mere $10.5 million. Foreclosure proceedings have begun on the five bedroom $2 million custom-built home (right photo) in St. George, Utah, of basketball star, Julius “Dr. J” Erving. In 2008, Johnny Carson’s sidekick, Ed McMahon very publically defaulted on his $4.8 mortgage on his Beverly Hills six-bedroom estate. Last fall, West Wing’s Timothy Busfield failed to make $1.25 million worth of payments on his Malibu home and is now facing foreclosure.