Pimp My House
The consensus is that Xzibit’s blue mausoleum-like home is a bit of an eyesore, and could use a bit ‘pimping’ if he plans on selling the home any time soon. The rapper and TV host of “Pimp My Ride,” is yet another addition to the growing list of celebs facing a bit of real estate backlash. His home purchased in 2003 for $670,000 was listed for sale last year for $1.2 million only to be recently dropped to $700,000 as a short sale.
The home located in Woodland Hills sports four bedrooms, four bathrooms, a loft and a bridge. According to Redfin the home has “gorgeous landscaping in front, side, and back of house. Beautiful backyard with large patio.” While this sounds lovely the pictures only show the horrific façade with a ride worthy of making an appearance on his show parked in the driveway.
The Most Famous Foreclosure Ever: Michael Jackson’s Neverland Ranch, One Year Later
It has been a year now since the death of the King of Pop, Michael Jackson. With all the endless hoopla that continues on with how he died, everyone knows of the financial troubles that most likely led to his death. One financial trouble was what we refer to as “The Most Famous Foreclosure Ever.”
Neverland Ranch was the sickest house EVER! This foreclosed home was the mother load for any investor that had the money. With an amusement park, giant statues, and a zoo, this property was fit for the king. Jackson bought it back in 1988 from a golf course entrepreneur named, William Bone, for something close to $30 million.
After the foreclosure proceedings, Jackson transferred title of the property to Sycamore Valley Company LLC. The move made the property a joint venture between Michael Jackson and an investment company called Colony Capital LLC. While Jackson sold a portion of the property for around $35 million, his name still owns a stake in the rest of the venture. No word what happens with the stake of ownership Michael Jackson had now goes (probably the kids) but it’s definitely worth a ton of money.
Terrell Owens gets sued over martini bar lease
NFL superstar and drama queen, Terrell Owens, is being sued by a Birmingham business for terminating a lease on a martini bar. Apparently T.O and his cousin Antonio Minnfield didn’t pay $12,000 from a lease agreement when it was terminated.
The martini bar lawsuit has been filed in the Jefferson County Circuit Court. The lease was ended in March 2008 by T.O and Minnfield’s company under the name Minnifield Owens Lounges, also known as M&O Lounges. The lawsuit requires a payment of over $9,000 in principal balance and $3,000 in attorney fees that is owed.
No word on what the two are expected to do. Meanwhile Terrell Owens is under crunch time to find a new team since he is currently a free agent after leaving the Buffalo Bills.
The Real Housewives of Foreclosure
It looks like diva Teresa Giudice of Bravo’s hit show ‘The Real Housewives of New Jersey’ is yet another addition to a growing list of housewives getting a taste of foreclosure. According to a New York Post article the NJ couple owes over $11 million to creditors and have sought bankruptcy as a ‘fresh start.’ Meanwhile the bank holding the mortgage on their gaudy eight-bedroom mansion has filed foreclosure proceedings.
The couple owes $2.6 million, or eight mortgages, on three separate homes. Two homes have already been repossessed by the lenders. Other debt includes $104,000 in retail credit cards, a $1,280 monthly car payment and a $2,300 monthly phone bill.
Despite their lavish lifestyle, the bankruptcy filling shows the couple only reported an income of $79,000 per year and another, more mysterious, $120,000 per year from family “assistance.”
On the hit Bravo TV show, Giudice is known for her ostentatious spending habits including buying designer clothes for her three young girls. In one of the more notable shopping sprees Giudice threw down $2,000 in a mere ten minutes.
Viewers can only hope to see the quintessential Teresa ‘flip out’ if the custom home does eventually head to the auction block. I know I’ll be tuning in for some Garden State dram-o-rama.
Chamillionaire loses his chamillion dollar home
Hollaaa! The rapper Chamillionaire gets his Houston mansion repossessed by the bank after it went into foreclosure. The 7,583 square foot home was bought by the rapper back in 2006. Chamillionaire, who’s real name is Hakeem Seriki (Do you care?), paid more than $2 chamillion dollars for the mansion.
Apparently the missed payments which led to the foreclosure was the rappers master plan. Chamillionare decided to just let the property go since he saw it as a failed investment with the current real estate market. He owed more than the home is worth. Of course, this situation is similar to the millions of Americans nationwide.
TMZ caught up with the rapper in New York to ask him about his situation. Chamillionaire said, “I just didn’t feel like it was a good business investment to pay that much mortgage for a house I was never at.”
