The credit crunch shows no mercy and even millionaire celebrities aren’t immune – just days after Michael Jackson was forced to put his Neverland Ranch up for sale, former Fugees star Wyclef Jean has had his Florida home repossessed…
I can only remember one song that the R&B band the Fugees ever did – Killing me Softly - and that was a remake of an old Lori Lieberman song (not Roberta Flack, as so many think).
So, having copied their biggest song, it seems fitting that former Fugees hip hop star Wyclef Jean, should be following the trend prevalent in the USA property market at the moment and having his home repossessed.
The £1.5 million Miami Beach mansion, which Wyclef bought in 2004 with a £1.3 million mortgage, could now be sold at auction on December 10th this year at the Miami-Dade Courthouse, after entering foreclosure.
The waterfront mansion is on Pine Tree Drive, one of the nicest areas of Miami Beach, just west of Collins Avenue, stretching from 23rd street to 63rd street.
It boasts some of the largest homes on Miami Beach and downtown Miami, South Beach, and Miami International Airport are just minutes away. Waterfront homes line the east side of Pinetree Drive, and less expensive non-waterfront homes line the west side, with home prices presently ranging from £586,333 to £15 million.
Wyclef’s home, which is still under construction, is now owned by a bank. The home, under construction, has a 2.4 million loan due to Home Equity Mortgage Corp.
He also owes thousands of dollars in fines to Miami Beach city officials after the £600,000 renovation project floundered due to a myriad of legal issues. It is claimed that he also failed to pay the employees who worked on the building of the house.
Whereas celebrities often seem to live a charmed life, the economic downturn has proved that no one is immune to the credit crunch. A true case of ‘I’m a celebrity, get me out of here.’
For more information on American properties and the market in general, please visit http://usa.themovechannel.com/
-ENDS-
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