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Saturday, June 7, 2008
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11 comments:
Another famous foreclosure
Ex-champ Holyfield apparently in financial straits
...The 54,000-square-foot home — located on Evander Holyfield Highway — has 109 rooms, including 17 bathrooms, three kitchens and a bowling alley...Meanwhile, Holyfield's handlers allegedly told the mother of one of his children that he will no longer be able to make his $3,000-a-month support payment...
...Kessler said the foreclosure of Holyfield's estate could actually be good news for his client, noting the 2003 trial uncovered evidence that the boxer had paid a $17,000 electric bill the previous December, largely because of an elaborate light display at the home.
hog
Pacman's house foreclosed on
http://tinyurl.com/43sw4t
Ed McMahon
It's hard not to feel sympathy for the man. He's elderly, he's disabled, and he freely admits (to Larry King) that he didn't manage his affairs properly. The former celebrity pitchman, 85, hasn't worked in 18 months since breaking his neck. He is $644,000 in arrears to Countrywide on his Beverly Hills home, a six-bedroom mansion on the market for two years for almost $6 million. Maybe prospective buyers are scared off by the scrum of paparazzi camped out at the neighbor's house. Who's the neighbor? Britney Spears.
Rep. Laura Richardson, D-Long Beach
She may not be a household name, but the California congresswoman represents the Golden State in more ways than one. Just like many constituents, she evidently bet big on the real estate boom - and lost. She's had three houses in foreclosure proceedings in recent months. Her Sacramento home was sold at a foreclosure auction in March, while her properties in Long Beach and San Pedro went into default, according to press reports. She caught up on payments for the Long Beach house and qualified for a loan modification on the San Pedro property. Richardson blamed the foreclosure on her lender's "miscommunication" and said she would pay almost $9,000 in back property taxes she owes.
Latrell Sprewell
The former NBA guard went through two foreclosures this year. In January, the U.S. Marshals Service sold off his 70-foot yacht, "Milwaukee's Best," for $856,000 after he stopped making the $10,322 monthly payments. In May, his home in a Milwaukee suburb was foreclosed on; he owed $320,284 on the house worth about $610,000. Sprewell, who once choked head coach P.J. Carlesimo during a Golden State Warriors practice, turned down a three-year, $21 million contract extension with the Minnesota Timberwolves for being insultingly low.
Michael Jackson
Getting behind on his mortgage may be the most normal thing Jackson has done in years. His sprawling Neverland Ranch in Santa Barbara County, complete with train, merry-go-round and Ferris wheel, was due to hit the auction block this spring. In a last-minute reprieve, a private investment company swooped in and bought the loan. Press reports said the company wants Jacko to pay it back by staging an Elvis-style comeback in Las Vegas.
Jose Canseco
A couple of ugly divorces cost the former American League MVP some of the millions he racked up during his baseball career. Canseco could be a pitchman for walk-away homeowners. "It didn't make financial sense for me to keep paying a mortgage on a home that was basically owned by someone else," he said on "Inside Edition" about his $2.5 million Encino home. "I decided to just let it go."
Aretha Franklin
In March, the Detroit Free Press reported that the singer owed back taxes on her $714,000 brick mansion overlooking the Detroit Golf Club and a $2 million condo in Bloomfield Township. That left both properties liable to forfeiture to the tax collector. After press calls about the debt, Franklin blamed an attorney's mistake and said she planned to immediately pay off the debts.
Evander Holyfield
The four-time heavyweight champ's 109-room estate in Fayette County, Ga., is scheduled for the gavel July 1 after he defaulted on a $10 million loan to Washington Mutual. That's just one of his money woes. Holyfield, 45, also owes more than half a million for landscaping, and he's being sued for back child support. Reportedly he wants to get back in the ring to bring in some quick dough.
http://tinyurl.com/4fv6vd
I got a quick question.
For a few recently-sold houses, I'm curious what the difference was, if any, between the list price and the ultimate contract price. What's the lag time between a sale and when that information becomes public?
And is there a resource that shows how much recently-sold houses went for?
zerodown,
What's with posting the foreclosures of famous personalities? Does it make you feel personally better that celebrities can have money problems too?
zerodown
Thanks for posting those clips....they are interesting to read.
smirkles
And is there a resource that shows how much recently-sold houses went for?
Do a search for the assessor's office in your area. They will post actual sales data. For example, the Loudoun County assessor's site that I use is http://inter1.loudoun.gov/webpdbs/
zerodown, lance is right, none of those foreclosures happened in dc or N Arl, international cities.
Meanwhile, Holyfield's handlers allegedly told the mother of one of his children that he will no longer be able to make his $3,000-a-month support payment...
What!?! He'll pay that. I know a female judge that would love to have a chat with him in front of her bench... He could first fire a few 'handlers'. This sounds like the handlers wouldn't/couldn't tell him know when it came to spending.
Sprewell, who once choked head coach P.J. Carlesimo during a Golden State Warriors practice, turned down a three-year, $21 million contract extension with the Minnesota Timberwolves for being insultingly low.
lol
Press reports said the company wants Jacko to pay it back by staging an Elvis-style comeback in Las Vegas.
Michael Jackson, the Vegas years. ;)
As to those who don't like these posts, lighten up. Most of the stuff I post here is too statistical to discuss at cocktail parties. What zerodown posted is just light chat stuff. I can already hear the jokes on how Michael Jackson is having to perform so he can get the little boys back to his home. ROTFL. Its the humor of every recession. Sort of like how after every stock market crash people relieve their anxiety by telling stock broker jokes? e.g., What's the difference between a pigeon and a stock broker? Well in 1987, the answer was "the pigeon can still make a deposit on a BMW." ;)
Its also good to point out the damage divorces do (The Jose Canseco example). Its estimated that divorce(s) will delay more baby boomer retirements than any housing correction (due to the financial damage). So its good to put things into perspective.
While it has nothing to do directly with DC home sales/prices, the Screen Actors guild negotiations will get an immense amount of coverage and impact Joe Six pack's view of the economy. So its worth getting out of the 'statistical/analytical' fact box and sometime take a look at the celebrity picture.
Got Popcorn?
Neil
Mastercard gas purchases down 5% in DC area:
Article on tourism from Post
Basically, gas prices are cutting into US domestic tourism.
Airline offered seat map, Oct 2007 vs. planned Oct 2008
The above link might have an argument for the inner areas doing better. Dulles domestic traffic is down a bit (5.3% YOY) versus National cuts are in the noise. Note: That map is prior to the huge fleet cutbacks announced at American airlines, United Airlines, and Continental. So the YOY drop will almost certainly be greater.
Air travel is considered an almost real time indicator of the economy's health. Why "almost?" It lags by six weeks or so the real economic growth and has some seasonality that is disconnected from the real time economy.
Got Popcorn?
Neil
Smirkles,
About the fourth heading down on the right-hand column of this blog you'll find links to the "County Assessment Websites". That's what I use to find recent sales. The Washington Post's Real Estate Section is another resource, but they get the info. from the counties.
You can also try Zillow, Trulia, Redfin, etc.
As for lag time -- I think it goes county by county -- maybe a month or two? Although our local paper (www.timescommunity.com) has them in just a few weeks.
Someone on C-R posted a link to this very clear explanation of how we ended up in this mess-- and how and why it's likely to get worse-- by the former director of the Commodity Futures Trading Commission. It's about a half hour from an episode of 'Fresh Air'.
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