When you think of celebrities, you think of amazing real estate. While this is the common thinking – it isn’t always the correct thinking. I’ve dug up some incredible real estate fails when it comes to celebrity transactions, and while it is never “fun” when a home goes into foreclosure- the following transactions make for interesting reading.
So, as 2014 closes- here are my top picks for worst celebrity real estate transactions…ever!
#1. Hockey player Sergei Fedorov. He purchased a home in 1999 for $1.25 million. He had a failed short sale in 2010 for $999,000 and the home was foreclosed upon shortly thereafter.
#2. Singer Toni Braxton purchased a home in 2004 for $1.5 million. In 2011 Braxton had fallen behind on payments and the home was foreclosed upon.
#3. Actor Nicolas Cage purchased his home from Tom Jones in 1998 for a little more than $6 million dollars. The bank repossess it in 2010 and resold it for $10 million.