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Even The Rich Are Feeling The Pinch!

Talk about Main Street problems meeting Money Street! These days it seems no one can escape the foreclosure mess that is plaguing this country. Did anyone take a look at today’s headlines? I couldn’t believe it! What does it say about us when even “Multi-Million Dollar Earning” celebrities and athletes are having a hard time making ends meet? Isn’t foreclosure an “Average Joe” problem? I guess not…even the rich are not immune to financial pitfalls.

Every media outlet today reported on the sad tale of Ed McMahon (legendary TV Personality), facing foreclosure and is about to lose his Beverly Hills Mediterranean mansion because he is in arrears on mortgage payments. I bet he’s wishing someone would knock at his door and hand him one of those “nifty” Publisher Clearing House checks; that sure would come in handy. Then I came upon an article on Jose Canseco (Major League Baseball Player) walked away from his $2.5 million dollar Encino, California estate because his mortgage payments “didn’t make sense anymore to keep paying”. Huh??? But the best celebrity woe is the one I saved for last… a legal notice appeared in the Fayette County, Georgia local paper that Evander Holyfield’s (Heavyweight Champion) home in Georgia is scheduled for a Bank Foreclosure Auction on July 1st. His expansive compound is a 54,000 square foot mega-mansion, with 104 rooms, and is estimated to be worth in excess of $10 million dollars. If not to make matters worse for the guy… the mother of one of his nine children filed a petition for contempt, claiming he has missed 2 months of child support for her 10-year old son. I guess being a celebrity guest on “Dancing with the Starsdoesn’t pay so well? You can’t help but shake your head in disbelief, and wonder how is this happening? Sad really…Today, homes in foreclosure topped 1million. This is not just a working class problem; this is quickly becoming an “Everyone” problem.

Ed McMahon-View Link:

Jose Canseco-View Link:

Evander Holyfield-View Link:

The information herein is believed to be accurate but not guaranteed and may be subject to errors, omissions and changes without notice. This is not to be construed as a solicitation of property presently listed for sale.

All information is derived from the Palm Beach County Property Appraisers website and the MLS.