Buying a house is one of the most significant financial decisions someone could make, and just like any major decision in life, you have to make sure that you can sustain the costs associated with that decision. There is this sense of financial stability and security someone feels once they can buy their own home. Owning a house is not easy, and it comes with costs and limitations; for this reason, some people think renting is a better option than buying one.
Most people do not earn millions of dollars annually and spend as much on buying something such as a property. However, celebrities purchase and sell houses like it is no big deal, and some of them own numerous properties because they can. Most of these celebrities own lavish homes with expensive cars, yachts, private jets, etc. However, few personalities cannot keep up with the costs of living a luxurious lifestyle, and listed below are some of the celebrities who cannot afford their luxury homes.
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7 Kate Gosselin
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Kate Gosselin has to sell her Pennsylvania property for less than $200K compared to the property’s asking price. Kate Gosselin used to earn millions from her TLC series Jon & Kate Plus 8, which attracted millions of viewers worldwide. One of the largest audiences gathered by TLC was their finale for the show, which recorded almost 10 million viewers. During the show’s popularity, couple Jon and Kate used to live in a spectacular Pennsylvania mansion. They earned an estimate of $25,000 to $50,000 per episode on the show. However, as the show bid goodbye on air, their relationship started to falter, and they eventually ended up in a costly divorce. With the high maintenance costs for the mansion she owns, Kate decided to sell her 6,200-square-foot mansion for $1.1 million in 2021, $214,000 less than the house’s current market price.
6 Michael Vick
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Michael Vick has lost the Atlanta property he owns after the dogfighting case. The case against Vick was filed because he allegedly used dogs for dogfighting, and about 70 dogs were found on his property in 2007. With a sentence of two years in jail in 2009, Vick has to sell his Atlanta lakefront house in the auction to pay off his debts following the lawsuit. He also needs to sell his other home located in Virginia, where the actual dogfight took place. The 15-acre property was then bought by the animal rights group Dogs Deserve Better. They turned the area into a rehabilitation center for dogs.
5 Stephen Baldwin
Stephen Baldwin has to sell his cottage in New York at an auction for $100. The actor is known for his role in The Flintstones in Viva Rock Vegas and The Usual Suspects. He became a famous name for his roles in different TV shows; however, his earnings from these shows were not enough to support his lifestyle. Because of this, his debts were piling up, and eventually, he was forced to sell his New York home in 2017 after he owed a bank about $800,000. He bought the house in 2000 for $812,500; however, after 13 years, Deutsche Bank filed a case against him because he defaulted the mortgage of $7,000 per month. However, the house only sold for $100 in an auction, which means that he still owed the bank $1.1 million, which was racked up because of interest.
4 Kristen Bell
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Kristen Bell has her Los Angeles property foreclosed just three years after it was featured in a magazine. She bought the 2.5 acres place for $3.1 million about six years before the foreclosure. The bank seized the property in late January 2012. Bell had no other properties during that time, but her then-fiancé Dax Shepard owned a three-bedroom Los Feliz ranch he purchased in 2005. The two decided for Bell to move in with Shepard even before the home was sold.
3 R. Kelly
R. Kelly, whose mansion in Illinois is worth over $5 million, was also foreclosed. After the conviction for racketeering and sex trafficking, he was sentenced to a ten-year jail time because multiple women victimized through three decades came forward. Before the incident, Kelly’s mansion in Illinois was selling on auction for $950,000. This was a vast undervalue for a property because the property used to be valued at more than $5 million
2 Warren Sapp
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Warren Sapp has lost his Florida mansion after it was sold on auction along with 200 pairs of Nikes he owns. The former Tampa Bay Buccaneers and Oakland Raiders Warren Sapp once earned $77 million from his NFL contract; however, those earnings seem to have vanished and could not even save him from bankruptcy. After filing for bankruptcy, it resulted in him selling his 10,000-square foot mansion in the auction, which was eventually sold for $2.9 million, way too low as it was valued at more than $7 million.
1 Nicholas Cage
Nicholas Cage has lost multiple of his properties to the bank. In the early 2000s, this seemed farfetched because his movies banking and have become major blockbusters at the box office. In 2013, he was even named the fifth highest-paid actor. But things went sour, and eventually, some of his properties were seized by the bank. It all happened so fast because, during the peak of his career, he was also dealing with accusations as his business manager took about $20 million from his pocket. The matter even reached the California courts with the lawsuit against his manager, who lined his pockets with millions of business management fees which led to the financial demise of Nicholas Cage.
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Sources: House Digest, Variety, Sports Casting, Page Six, TMZ
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