Celebrity Foreclosures

November 5. 2009

Whitney Houston

Atlanta homes are quite beautiful, but there is an emerging trend of foreclosures among celebrities in the city. Famous Atlanta residents such as Whitney Houston (2007), Bobby Brown (1990s), Ed and Lisa Wu Hartwell (2009), Sheree and Bob Whitfield (2009), T-Boz also known as Tionne Watkins (2008 and 2009) and a host of others. Tony Braxton is another Atlanta resident that has seen her financial ups and downs, according to most, due to overspending.

Whitney Houston's former property in the Country Club of the South, went into foreclosure, forcing her to sell it in 2007

A number of reality TV stars from the series "The Real Housewives" in addition to Hollywood actors and singers, have been stung by the foreclosure bee as well, not just in Atlanta. Therefore, the mortgage crisis did hit high profile citizens as well.

My friend used to work in the mortgage industry in Atlanta and she told us a year and a half ago, how bad the foreclosures were in Atlanta. She decided to leave the industry as a result, as there were so many foreclosures and so few new mortgages.

Currently the states of California and Arizona lead the nation in foreclosures. States such as Florida and Georgia are also high on the list.

Bob and Sheree Whitfield's foreclosed home that was sold at auction for a fraction of its value

The Judiciary Report has been reading tidbits about the Nicolas Cage real estate saga for years. It seems there was always an article in real estate publications and on websites of the same, stating Hollywood actor, Cage, had just purchased another property. It was adding up.

Nicolas Cage's townhome in England

Over the past two weeks the story exploded, when Cage, whose career has been on the decline for a few years, told the world he was worth $300,000,000, but now he is broke and suing those he believes responsible.

Nicolas Cage's castle in Europe

He blames his accountant/manager, who advised him to stockpile real estate, which can be financially dangerous. One is liable for property upkeep, taxes and municipal membership fees.