Not even wealth and fame could shield them from the financial crisis gripping homeowners in the United States.
Celebrities were also victims of bank foreclosures and lost millions invested in properties acquired when real estate was booming.
Nicholas Cage’s Former Las Vegas Residence
Three years after the global financial meltdown, celebrities from Hollywood's finest actors to NBA Hall of Famers were not spared the consequences of poor financial judgment and mismanagement.
With the property markets still in the doldrums, some celebrities have opted to sell at a loss just to get by.
Properties recently listed for sale include those of Hollywood A-listers Bruce Willis, Sharon Stone, Robert De Niro, Sylvester Stallone, Jason Priestly and Melissa Gilbert.
De Niro's coveted New York property on a storied West Village block had been put on the market in the third quarter for $14 million. By the end of November, De Niro lowered the price to close to $12 million.
Stone has also moved to sell her Los Angeles property for $8.995 million, although she purchased the property in 2006 for $10.995 million, according to World Property Channel.
Her co-star in the mid-'80s flick "The Specialist," Sylvester Stallone, is in a similar situation. Stallone put his 1.75-acre property in Thousand Oaks, Calif., on the auction block. The vintage lakefront home with a boathouse, guest quarters, and caretakers' quarters was acquired in 2008 for $4.85 million, is now priced at $4.495 million, public records said.
Nicholas Cage, on the other hand, is not so lucky because he not only sold at a loss but lost four of his properties to bank foreclosures. One of his properties cost $45 million at purchase, but he had to give it up to pay taxes.
Another celebrity who lost his property to foreclosure, is basketball star Julius "Dr J" Erving, who attempted to sell his Utah property for $2.25 million to at least break even from his investment. He did not get any buyers until early this year.
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