Thursday, February 24, 2011

Rich and famous also face foreclosures | Oddly Enough | Reuters

Rich and famous also face foreclosures | Oddly Enough | Reuters: "NEW YORK (Reuters) - Although sales of foreclosed homes dropped last year, they still account for a quarter of U.S. home sales and the rich and famous are among them.

Basketball legend Julius 'Dr.J' Erving, actor Nicolas Cage and hip-hop artist Chamillionaire have all gone through foreclosure proceedings in the last six months, according to

'All price points have been hit by the foreclosure crisis. The rich and famous have not been excluded from that. There are a handful of people in the luxury real estate category that are experiencing foreclosures as well,' said Morgan Brennan of

Former Detroit Red Wings hockey star Sergei Federov and Patricia Kluge, the ex-wife of the late media mogul John Kluge, have also lost their homes.

The bank foreclosed on the Kluge's estate in Virginia. When the palatial re"

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