mortgage

They're rich and famous and in foreclosure

Mortgage » They're Rich And Famous And In Foreclosure

How does a Toni Braxton, Allison Janney or Kiss guitarist Ace Frehley fall behind on house payments?

The same way ordinary people do: They get squeezed by an adjustable-rate mortgage, trapped by a down economy or hung out to dry when prices refuse to rise sufficiently to cover their debt. Here are six celebrities whose fame and fortune couldn't forestall a real-life foreclosure.

The star: Emmy-winning "West Wing" actress Allison Janney

The house: A five-bedroom, five-bath, 6,657-square-foot mansion in Palm Springs, Calif.

The details: Janney purchased the former home of late actor William Holden in 2006 for $3.95 million but was unable to unload the property throughout the foreclosure process, even for an asking price of $2.25 million. The bank took possession in October 2012.

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
MORTGAGE & REAL ESTATE NEWSLETTER

Timely market news and advice for consumers ready to buy, sell or invest in real estate. Delivered weekly.

Blog

Holden Lewis

Cautious BofA heeds history

Remember the wise decision that Bank of America made in August 2001 in light of the decision it's making now.  ... Read more

advertisement
Partner Center
advertisement

Connect with us