From Forbes: “....We are
seeing foreclosure activity on higher-end homes increase at a faster pace for
the past two years,” says Daren Blomquist, vice president of RealtyTrac. From
2007 to 2011, foreclosure activity on homes worth more than a $1 million
increased 489%, compared to a 105% increase on properties under $1 million,
according to the Irvine, Calif.-based real estate information provider.
Some high-end homeowners, like comedian Chris Tucker, are
facing foreclosure due to money woes. In October, Sun Trust Bank filed foreclosure
papers alleging that the “Rush Hour” star owed $4.4 million on a
10,000-square-foot mansion in Lake County, Fla., that he purchased in 2007 for
$6 million. It finally sold in a short sale earlier this year for a much lower
price: $1.7 million. He also reportedly owes the IRS $11.5 million in back
taxes.
Burt Reynolds, who’s had a history of money troubles, was
hit last August with a foreclosure filing by Merrill Lynch Credit Corp. on his
waterfront estate in Florida. The actor has not paid his $1.2 million mortgage
since September 2010. Boasting
12,538-square feet, a helipad and yacht dockage, the Hobe Sound compound is
currently listed as a short sale for $5 million, a $4 million price chop since
foreclosure proceedings began a year ago.
In some cases, wealthy deadbeats have gotten a reprieve
because lenders have taken longer to begin the foreclosure process, reticent to
repossess a property that will require more money and time to sell ……
No comments:
Post a Comment