Celebrities may stay in shady motels at the start of their career, but when they make it big, they’re supposed to have enough cash for that Malibu mansion, right? Well if you think every celebrity’s story ends in “happily ever after in an oceanfront villa,” think again. Celebrities are notorious for wrecking fabulous credit records, and have often been found with empty pockets hanging out of their Armani suits. This equals eviction or foreclosure when it comes to real estate. So, here is a list of 7 celebrities who were sunbathing by their infinity pools when the bank agents arrived to seize their homes.
1. Courtney Love
Love purchased a home from the family of her ex, Kurt Cobain, but perhaps forgot the mortgage she had taken out on the home required monthly payments. How else can one explain how she allowed debt on the property to accumulate for three years? At one point, Love owed an astounding $386,000 in back mortgage payments. Within a few months, following court action, the singer lost the property in foreclosure.
2. Kristin Cavallari
Laguna Beach’s notorious party girl lived in a $13.9 million (as listed in 2009) home boasting four bedrooms and six bathrooms. This was until 2012, when the home, which was owned by her parents, went into foreclosure. Subsequently, it was purchased by OneWest Bank for less than half of the 2009 list price. Today, Kristin is married to a professional football player, so mortgage payments shouldn’t be an issue for the couple.
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