It's Not Just Ed McMahon

Posted by: Chris Palmeri on June 27, 2008

evander.jpgIs that a swimming pool in front of the Pentagon? Nope. It’s boxer Evander Holyfield’s old Atlanta estate and it has joined the growing list of celebrity homes going into foreclosure.

Thanks once again to the financial trade publication Investment News for this story. We’ve all heard about Countrywide starting foreclose proceedings on its $4.8 million loan on Ed McMahon’s house. The Beverly Hills estate is still listed at $6.5 million.

Other celebrity homes in foreclosure include Holyfield’s $10 million property which he lost in May. Baseball slugger Jose Canseco’s $2.5 million house in suburban Los Angeles. And homes owned by Rep. Laura Richardson and football player Adam “Pacman” Jones.

Actor Dustin Diamond, best known for playing “Screech” on Saved by the Bell sold T-shirts on his Web site and made a pitch to fans for money on the Howard Stern show. That saved his home.

Then there’s the saga of Michael Jackson who avoided foreclosure on the Neverland Ranch only because distressed debt investor Tom Barrack bought the $24 million loan. Barrack is now negotiating to feature Jackson in one of his casinos as part of a restructuring plan.

 

About

BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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