Just like the average American, celebrities are having financial issues often springing from their real estate or leading to the sale or foreclosure of their real estate. It shouldn’t really come as a surprise to anyone given the size and cost of celebrities’ homes these days. On top of the size and cost of celebs mansions, the current housing market is anything but thriving. Let’s take a look at a few current celebrities facing real estate hardships.

Case 1: Timothy Geithner. After reducing the price of his home to $1.575 million he was attempting to sell he finally resorted to renting his New York suburb mansion out for just $7,500 a month, surely not covering his $27,000 a year taxes and two loans covering the cost of the house.

Case 2: 50 Cent. After having his Farmington, CT house on the market for 2 years he gave up on selling the mansion. It had gone from selling originally at $18.5 million eventually creeping down to $14 million, and even at that price it couldn’t sell. It didn’t help that the house had been known for its legal issues stemming from an issue where 50 Cent had the house repaired for $6 million whereas it had been appraised at only $500,000. On top of that a real estate appraiser leaked to the Hartford Courant that the house isn’t worth a $1 over $5 million.

Case 3: Mel Gibson. Only a short drive away from Mr. Cent in Greenwich, CT Mel Gibson has been having problems selling his mansion (not to mention his divorce). The mansion, nicknamed “Old Mill Farm” had been originally put on the market for a price of $39 million. Even with its 15 bedrooms and 17 bathrooms it couldn’t fetch that price. So Gibson lowered the price to $29 million where it has been sitting for some time now.

Case 4: Elle McPherson. The British model took $2 million off her asking price for her 1850s Victorian house which has been on the market for almost 2 years now. The 6 bedroom home hasn’t attracted much attraction from potential buyers apparently.

It may console you to know that it’s just the average joe having real estate problems. Then again, it confirms the fact that the real estate market is pretty stagnant.

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