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Another famous foreclosure

I mentioned the sad story of Ed McMahon the other day and now comes news that Evander Holyfield is in a bit of a financial mess. Not only has he missed 2 child support payments (for 1 of his 11 children) but his $10 million estate on 235 acres outside of Atlanta is to be foreclosed upon. And he is being sued for failing to repay a $550,000 loan borrowed to landscape the property.

This isn't sad, it's dumb. Evander Holyfield earned many millions of dollars including $34 million when he fought Mike Tyson.

Mike Tyson bit his ear, not his brain. Wink

Thanks to the Atlanta Journal-Constitution for the info and picture.

Published Saturday, June 07, 2008 8:41 AM by Howard Arnoff
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Comments

# re: Another famous foreclosure

Some people may think foreclosures occurs only on subprime level, but here we can see EVERYBODY can be affected. Even famous and rich people can have serious financial problem. On the other hand, I am sure Evander will not become a homeless :)

Julie

Wednesday, June 11, 2008 5:41 PM by Toronto realtor

# re: Another famous foreclosure

Julie, thanks for stopping by and you're right, it's not just subprime anymore and financial reversals can happen to anyone.

And I'm fairly certain that Evander won't be sleeping in a box either.

Thursday, June 12, 2008 4:13 AM by Howard Arnoff

# mortgage industry

Real Estate Market- A Self Fulfilling Prophesy

The media plays a large role in what Americans think, how they act, and what they do with their money. There are a variety of shows on television about investment, as well as a vast amount of written literature including newspapers, magazines, and online reading material. One of the current trends in the information age is the ability to independently learn about investment opportunities.

The recent problems in the mortgage industry have become a focal point for the media. Many Americans purchased homes without understanding the terms of their mortgage. Subprime mortgages are those where the borrower has less than good credit. Mortgage companies were essentially lending money to people that they knew would not be able to pay it back when rates adjusted. This has led to an enormous amount of foreclosures. California, Nevada, and Florida are the states that have been hit with the most amount of foreclosures. Charleston real estate has not been experiencing as many foreclosures, but they are having some.

The medias dramatic response to the mortgage industry has scared people who do have good credit out of purchasing a home. This becomes a self fullfilling prophesy for the market. People think that it is a, "bad Market," or a ,"bad time to buy a home," and the entire real estate market suffers. In fact, a buyers market means that it is a good time to buy. It is not a good time to sell a house for a high price, so it is a good time to find cheap deals.

This month in my office on James Island in Charleston, SC has been one of the highest volumes of sales in a year. The market activity is picking back up, so perhaps the public's perception of real estate will as well.

Thursday, June 12, 2008 1:24 PM by James Cook

# re: Another famous foreclosure

thanks James for the good info.

Thursday, June 12, 2008 1:54 PM by Howard Arnoff

# re: Another famous foreclosure

Behind every foreclosure there is a face that goes with it. But in our media crazed world it is the ones with the money and glamor that get the attention. There are way too many people out there with money but have no clue how to manage it.

Sunday, June 22, 2008 8:16 PM by Rick Belben

# re: Another famous foreclosure

Rick, thanks for stopping by. I'm often amazed by a few of the rich and famous who turn their money over to someone to manage and don't bother to check up on them and one day find out they're broke.

Monday, June 23, 2008 5:08 AM by Howard Arnoff
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