Bank foreclosure knows no boundaries. Once thought of only as a poor man's problem or situation of the unmotivated, foreclosure now plagues neighborhoods and homeowners in all price ranges. To illustrate the point let's look at some celebrities facing foreclosure.
*Heavyweight champion and Olymic Athlete Evander Holyfield's 10M Georgia manse was set to go on the auction block 7/1/08. Also on Holyfield's list of I.O.Us is backpayments of child support and $550k to the lawn boy.
*Baseball player Jose Conseco's 2.5M Encino home is headed back to the bank after Conseco claimed it just didn't make sense to keep making the payments.
*Only slightly less moronic than Conseco is former NBA star, and someone I've never heard of, Latrell Sprewell. Known for choking his coach, turning down a 21M dollar contract, and assaulting his girlfriend in front of their children, Latrell lost his yacht and his home. After the auctions there is still $500k owed and the bank says they are going after it!
*The exception to the aforementioned celebrity boneheads in foreclosure is Ed McMahon. Too bad Johnny's not here to help his old buddy out. Ed's been unable to work since he broke his neck 18 months ago and has fallen behind on his payments. He has reportedly been working diligently with Countrywide Mortgage to get things worked out. Last I knew, Countrywide was having it's own financial troubles... those in glass houses... Anyhoo, McMahon has been trying to sell his manse in Mulholland Hills but the showing feedback has indicated that all the paparazzi around neighbor Brittney Spears is a deal breaker!

Now I am not sure what happened with either Michael Jackson's Neverland or Aretha Franklin's mansion in Bloomfield Hills. If anybody knows how those were resolved, please share. But an interesting note about Franklin that has me particularly curious about Aretha's situation is that animal rights oganization PETA offered to pay her approximately 20k in taxes in exchange for her word to never wear fur again!

Hey PETA! I quit eating meat last month! I could use some money to get my roots done and a mani/pedi!