Subprime Meltdown KOs Holyfield's Mansion - TheStreet

While American homeowners continue to suffer from the recent subprime meltdown, has become clear that no one is safe from foreclosure, not even celebrities.

Evander Holyfield is the latest in a crew of notables who have defaulted on mortgage payments after living beyond their means in a recessionary economy. While Holyfield’s $10 million estate is set to be auctioned off by a bank, some stars, like Christian Bale who is set to star as Batman in the upcoming The Dark Night (TWX) were able to save their homes from slipping through their fingers. Five years ago Bale was so deep in debt that his house was repossessed, but he was able to save himself with the money that he earned from the 2004’s the Machinist and Batman Begins. “I don’t believe that there’s an actor alive who hasn’t been in that position," Bale tells Details magazine.

Certainly these stars, who have all dealt with various stages of their homes going into foreclosure, may sympathize with Bale’s comments. Here's MainStreet's take on some recent big names with some big housing issues (all financial numbers are based on reported estimates):

Evander Holyfield
Financial Fact: In 1996 his earnings were $167 million.
Property in Peril: $10 million estate in Fayette County, GA.
End Result: The home is scheduled to be auctioned July 1.

Ed McMahon
Financial Fact: In the 1990s he reportedly had more than $200 million in real estate holdings.
Property in Peril: $5.75 million mansion in Beverly Hills, Calif.
End Result: Countrywide Financial Corp. (CFC) filed a notice of default. The two parties are currently in discussions to find a resolution.

Jose Conseco
Financial Fact: During the peak of his career this ballplayer made $6 million a year.
Property in Peril: 7,300 sq. foot home in Encino, Calif.
End Result: The bank foreclosed on the home in May.

Michael Jackson
Financial Fact: He has generated more than $300 million in royalties since the early 80s and possibly another $400 million in endorsements, merchandising and music videos.
Property in Peril: Neverland Ranch, in Santa Barbara, Calif.
End Result: Investment company, Colony Capital LLC bought the nearly $25 million loan.

Aretha Franklin
Financial Fact: The former chart topper's home slipped into foreclosure over a $445 in 2005 taxes and late fees.
Property in Peril: $700,000 mansion in Detroit, Mich.
End Result: According to her publicist, “the issue has been resolved.”

Marion Jones
Financial Fact: In her heyday, Jones became one of track’s first female millionaires earning between $70,000 and $80,000 per race plus another $1 million from race bonuses and endorsement deals.
Property in Peril: $2.5 million chateau in Chapel Hill, N.C.
End Result: Bank foreclosed on the home

Related Stories:

  • “Cash For Keys” Or Why You Shouldn’t Trash Your House On The Way Out The Foreclosed Door
  • In Search of a Loan: Where To Go When Banks Say No
  • What Rich Homebuyers Like Mariah Don’t Need to Know