All Articles Tagged "damon dash foreclosure"
When the real estate bubble popped in 2008, even the rich and famous weren’t immune from the consequences. As of October, foreclosure filings–default notices, scheduled auctions and bank repossessions–were reported on 332,172 properties, a 4% decrease from the previous month but almost exactly the same total reported in October 2009, according to RealtyTrac, an online marketplace for foreclosure properties. Here’s a look at some highly publicized foreclosures since 2008:
Known as “the most famous foreclosure ever,” the king of pop defaulted on a $24.5 million loan in 2008 for his 2,676-acre Neverland Ranch in Los Olivos, Calif., which included an amusement park, a zoo, and giant statues. To avoid foreclosure, he sold the property to a real estate investment company, Colony Capital LLC. There were plans to renovate and re-sell it but presently, nothing has come to fruition.
(Gawker) — Former hip hop mogul Damon Dash ran into some money trouble a few years back (we can think of a few reasons why) and reportedly stopped paying a $78,504.20-per-month mortgage. Now comes the foreclosure auction. Dash’s $7.3 million loan was for a pair of Tribeca lofts, one at 72 Laight Street, and the other a 5,200-square-foot duplex in The Atalanta at 25 N. Moore Street, one of the neighborhood’s power buildings. Jay-Z’s ex-bestie tried to sell that Atalanta stunner for $7.9 million (he bought it for $3.875 million back in 2004) to pay off his debts, but the guy’s got 99 problems and this condo stayed one-until 1 p.m. tomorrow at the New York County Courthouse, when a new owner could emerge.