This past summer, Georgia ranked number one in the country for foreclosures. In May 2012, Georgia had the highest foreclosure rate in the nation with 300 housing units, according to the Atlanta Journal-Constitution. Things may have improved slightly, but a high number of foreclosures still continue in the Peach State, and big-name celebrities were not immune. Access Atlanta reports on all the housing problems of the stars.
On top of her other money troubles, Toni Braxton’s Duluth home was foreclosed on November 12. The home, according to TMZ, had been up for sale for $1.1 million. Nas still owed $507,000 on the $584,000, two-bedroom, three-bathroom Georgia home he bought in 2004. Needless to say, he lost it to foreclosure.
He made millions as the heavyweight boxing champion but even Evander Holyfield couldn’t avoid foreclosure on his $14 million dollar Georgia mansion. And, he will be auctioning off his possessions on November 30.
TLC’s Tionne Watkins-Rolison, aka T-Boz, has brushed close to foreclosure not once but twice. In 2009, she almost last her five-bedroom, 10,000-square foot Georgia home. And again last year she was threatened with foreclosure.
Even if they haven’t faced foreclosure, other stars are having major real estate woes. Usher is trying to get rid of his Roswell mansion, reports TMZ. He wants $3.2 million for the 12,544-square-foot home he purchased in March 2007 for $3 million while married to Tameka Raymond.
In another part of Georgia, Academy Award-winning Precious actress Mo’Nique is trying to get out of her $22,000-a-month lease on her Georgia rental. She is complaining the house smells like dog feces. Yuck. Good luck with that Mo´Nique.
But the million-dollar question is why celebs have so many real estate problems. Is it a case of just having too much property to keep track of? Maybe celebs are real estate novices just like the rest of us and need better advice about how to handle their business? Anyone out there with expertise that can shed a little light on this issue?