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Rich not immune to foreclosure fears
Posted 5/19/2009
Author BankOwnedBids.com Staff

The foreclosure crisis sweeping the nation turns out to be a non-discrimination hardship.

Even some celebrities and sports heroes are feeling the squeeze of falling housing values and know what it is like to fear losing their not so humble homes.

Victoria Gotti, wife of jailed mob boss John Gotti, is only the latest. She owes $650,000 in payments on her five-bedroom mansion on Long Island, the N.Y. Post reported last week. Her house is currently listed for $3.2 million, down from $4.4 million.

In the sports world, former baseball player Lenny Dukstra, who is now a stock investor, may lose his Thousand Oaks, Calif., mansion because he’s behind on his $12 -million mortgage, according to media reports last month. He bought the six-bedroom home in 2007 for $18.5 million.

He follows in the steps of former baseball great Jose Canseco, who bought his 7,300-square-foot Encino mansion four years ago for $2.8 million. Saddled with plunging property values, two divorces, and $1.3 million in liens and a court judgment, Canseco last year turned over his property to the lender.

Other sports stars who have been reported at risk include shamed Olympic sprinter Marion Jones, basketball’s Latrell Sprewell, and football’s Adam ‘Pacman’ Jones.

In show business, the entertainers who have flirted with foreclosure include Michigan’s own Aretha Franklin, who owed back taxes on her $700,000 Bloomfield Hills mansion, MichaelJackson, Whitney Houston, Courtney Love, American Idol winner Fantasia Barrino, and Ed McMahon, who was rescued when Donald Trump became his landlord.
 




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