Thursday, April 9, 2009

Celebrities in Foreclosure

We can all live like celebrities today. Since even international celebrities who make millions of dollars can mismanage their money and live well above their means. Last year we learned about Ed McMahon's troubles - which continue on. As well as Michael Jackson's Neverland Ranch saga. Or should be really surprised about has been and dlisters who are trying to keep up an unaffordable lifestyle. But today we learn that even you can be #1 in the box office and still live beyond your means - like Nicholas Cage. In this article titled Nick Cage, Michael Jackson, Lindsay Lohan and More Strapped for Cash from ABC News we learn about celebrity foreclosures and possibly short sales. Lets take a peek -

[Nicolas Cage] bought Germany's Schloss Neidstein in July 2006, has sold the castle because of the economy.

"Due to the difficult economic situation, unfortunately, I was no longer able to keep it," Cage told German celebrity weekly Bunte. "Even if Neidstein castle is no longer in my possession, it will always have a firm place in my memory."

In spite of the fact that Cage's latest movie, "Knowing," has brought in almost $60 million so far and was the No. 1 movie at the box office the weekend it opened, the actor can't cough up enough dough to maintain the 28-room castle, which boasts 10 bedrooms, five bathrooms and sits on a hill in the middle of 395 acres of Bavarian forest.


Willie Aames, former star of 1970s and '80s hit shows "Eight is Enough" and "Charles in Charge," joined the ranks of recession-hit celebrities last week, when he held a garage sale at his suburban Kansas City, Kan., home. Dozens of fans showed up Thursday to score a piece of Aames' TV memorabilia along with antiques, artwork and mounted deer heads.

Aames filed for bankruptcy last year, and his home is in foreclosure. The garage sale was his latest move to stay afloat.

The article tells us that Cage's castle probably sold for $2.3 million, unfortunately it does not tell us what he paid for it. But an older CBS News article states he paid $2.6 million and is doing some renovation. So this definitely was a money loser - just how much would be interesting.

And the Aames story of going from a TV star to hawking his junk at a garage story - is just sad.

1 comment:

Turban said...

I am seeing reports- "confirm that the delinquent mortgage and foreclosure inventories continue to grow."

Since we are hearing various folks report that the "market" has reached a "bottom" which is the better leading indicator - foreclosure trends pointing to a negative environment or stocks rallying. There are significant implications if one of the trends is more indicative. Thanks.