Famous Celebrity Foreclosures

Not even celebrities are immune to foreclosures, especially in this economy. The number of celebrities who have faced home foreclosures within the past few years might surprise you. Here are just ten of the many celebrities (in no particular order) who have struggled with pending foreclosures.

Nicholas Cage lost two homes in New Orleans at a sheriff's sale in early 2009 – a six-bedroom home in the Garden District and the haunted LaLaurie Mansion in the French Quarter. He spent more than $3 million each on these homes in 2005 and 2006, respectively. Regions Bank bought them both back for two-thirds of what Cage originally spent on the homes.

Michael Vick was in jail for hosting dog fights when his house in Atlanta was purchased at a foreclosure sale in 2009. Okay, so Michael Vick's financial trouble had more to do with his morals (or lack thereof) than the economy, but he did still lose his home to foreclosure.

Evander Holyfield almost lost his $10 million Georgia home to foreclosure in 2008, but managed to save the home before it was taken back by the lender.

Courtney Love inherited the historic home that once belonged to a lumber baron before her late husband, Kurt Cobain, purchased it. It was no surprise when Courtney, not known for being the most responsible person, lost the home in 2005 to foreclosure after failing to make the mortgage payments.

Fantasia Barrino may have won American Idol, but she almost lost her home in Charlotte, North Carolina in order to pay for her taxes. Fortunately for the singer, she was able to keep the home from going into foreclosure.

Whitney Houston lost her Georgia home at a foreclosure auction and almost lost her New Jersey home as well. However, she managed to work out a payment plan on the mortgage and to pay enough back taxes on the New Jersey property to save it. I don't know about you, but back in the 80's, I never thought someone like Whitney Houston would have trouble paying her mortgage or her taxes.

Latrell Sprewell, former NBA star, saw his Milwaukee home go into foreclosure after also losing his 70-foot yacht at a foreclosure auction.

Michael Jackson barely escaped foreclosure on his famous Neverland Ranch, and if it weren't for his fame and notoriety, he surely would have. Saved from foreclosure by an investment company, Neverland Ranch has since been renamed Sycamore Valley Ranch.

MC Hammer lost his home to foreclosure, and Nationwide Investment Services Corporation even made a commercial about his financial problems. The 90's pop star starred in the commercial, which I have to say took some guts and humility on his part.

Ed McMahon faced foreclosure of his California home in 2008. However, help came from an unexpected source when, according to the Los Angeles Times, Donald Trump offered to buy back the mansion and lease it back to McMahon.

Some celebrities blame their managers for their financial woes. Others blame their ex-spouses. Still others have no one to blame but themselves. The reasons vary, but one has to wonder why people whose names are in the spotlight and whose day-to-day lives are splattered across papers and on the Internet would allow their homes to go into foreclosure unless they were truly facing some hard times.