It’s hard to believe that wealthy celebrities face financial problems like paying back a personal loan or mortgage rates. But the fact is, a surprising number of them actually do,and they all failed to use their loan calculators right. Despite the fact that some celebs earn more money in one year than most of us would see in a lifetime, they can’t always seem to handle their money well and, as a result, find it difficult to hold onto their lavish homes.
Here are some celebs who faced evictions and foreclosures, and sadly had to lose their mansions. Perhaps they should take a payday loan next time…
Nicholas Cage has earned more than $150 million throughout his career but somehow managed to amass a $14 million debt. It’s rather absurd, but this easily happens when you buy countless mansions, castles, jets, yachts and cars. As a result, the actor has had more than one property foreclosed. In 2009, Cage lost his two New Orleans homes worth a total of $6.8 million to foreclosure auctions. He reportedly owed $5.5 million in mortgage payments and $151,730 to the City of New Orleans in real estate taxes. He also tried to sell it back in 2007 for $37 million, but had no luck.In 2010, Cage also lost his precious Bel Air mansion to foreclosure and a limited liability company bought the house for a reported $10.5 million.
R. Kelly previously took a mortgage of $3.5 million to buy his 20,000-square foot Illinois mansion back in 1997, but it was auctioned off in 2013 for only $950,000. The bank tried to foreclose it in 2011, claiming that Kelly hadn’t made mortgage payments on his home for over a year. The singer and producer tried to sell it for $1.6 million to block foreclosure, but there weren’t any offers. Guess it can be pretty lonely at the top.
Tori Spelling and Dean McDermott were reportedly ordered to “pay or quit” their L.A. rental home. A notice was put on the gates to the property, which read: “Pursuit to the residential lease agreement dated March 28, 2013…there is now due, unpaid, delinquent rent in the amount of $7,750.” It didn’t look like these two came to agreement with the landlord as they were seen moving out of the house on December 15. Ouch.
The singer, who is notoriously irresponsible and wild, bought a house for the family of her late husband Kurt Cobain in 1997. Court documents later claimed she stopped paying for it in December 2003. The debt on the property summed up to $386,000, which Love could have paid but seemingly chose not to for some reason, so the house was put up for public auction. Unfortunately, there were no bids so the mortgage company took possession of the home. Love was also banned from accessing the trust fund left for her daughter when her husband Kurt Cobain killed himself in 1994. She claims she has had more than £300 million stolen from her by fraudsters since 2003 and has even hired investigators to try to track them down.
There is a usual story that accompanies celebrity bankruptcy, and it usually starts with an actor or actress who used to earn big money and no longer does. So when Lena Headey, who currently stars in one of the most popular series on television Game of Thrones, filed for bankruptcy, it came as quite a shock. Unfortunately it seems Lena’s inspiration for Cersei may have been her husband. Following a not-so-friendly divorce (to say the least) and a drawn out custody battle Lena had to file for bankruptcy and sell her home in a bid to get back on her feet. Here’s to hoping her death isn’t imminent on the show.