Last July, Crain's Chicago Business reported that R&B singer R. Kelly faced a $2.9 million foreclosure lawsuit on his mansion in Olympia Fields, Ill. The complaint said that Kelly hadn't paid his mortgage in over a year. See the rest of the story on Zillow.
Actor Nicolas Cage got in trouble with the IRS in 2009 when it put a lien on some of his properties to make up for the $6 million that he owed on purchases made in 2007. His $35 million Tudor Mansion in Bel Air sold in foreclosure for just $10.5 million. See more on AOL Real Estate about homes sold by Nicolas Cage at a loss.
Comedian/actor Chris Tucker got caught big-time in the housing crisis. A central Florida lakefront house that he purchased for $6 million in 2007 -- right before the housing market crashed -- was appraised at just $1.6 million in 2011. The bank claimed that he owed more than $4.4 million on the home, putting his mortgage seriously underwater. Read more on AOL Real Estate about Chris Tucker's foreclosure crisis.
In September 2010, Grammy winner Toni Braxton filed for bankruptcy. She owed over $50 million, but her assets only totaled $10 million. To make up some of the debt, her $2.6 million home in Nevada was sold in foreclosure for a little more than $1 million. Read more on AOL Real Estate about Toni Braxton's financial troubles.
Former NFL star Terrel Owens is having a bad year when it comes to real estate. In May, he faced foreclosure on a condo that he owned in Sunny Isles Beach, Fla., because he had stopped paying his mortgage in the fall of 2011. Earlier in 2012, two of his Dallas properties fell into foreclosure. Read more about Terrell Owens' many foreclosed properties on AOL Real Estate.
NBA legend Julius Erving (aka Dr. J) defaulted on his mortgage for his 6,572-square-foot home in St. George, Utah, and faced foreclosure in 2010. Recent property records show that as of March 2012, he no longer owns the home. See more photos on AOL Real Estate of Erving's customized home.
In 2010, Mel Gibson was sued by the construction company that built three of his properties in Malibu, Calif. According to TMZ, Ramage Construction was asking for around $12,000, but, as an alternative, it also asked for permission to foreclose on the homes to satisfy the debt. Gibson listed one of the houses in 2011, so it is likely that he settled the debt and was not foreclosed on. The house is no longer on the market. Read more on Zillow about Mel Gibson's legal trouble.