Rumors - Written by The Source on Monday, December 15, 2008 14:54 - 14 Comments
Doug E Not So Fresh
The foreclosure crisis is turning into a high profile affair as Doug E. Fresh becomes the latest member of the Hip-Hop community to fall victim to the ongoing collapse of the US housing market.
The New York Post reports the human beatbox owes over $3.5 million in unpaid mortgages for his three Harlem area homes. On top of that, State taxes, American Express and an IRS-issued tax lien all add nearly another $500,000 to his debt.
Doug E shouldn’t feel alone though, as it seems everyone in the entertainment business has either been losing track of their payments or losing track of the number of homes they own.
More stars and the homes they’ve lost after the jump.
An Atlanta area home once belonging to now divorced couple T-Boz and Mack 10 but listed in T-Boz’s name got slapped with the foreclosure stick a few weeks ago.
Suge Knight lost his Malibu pad shortly after filing for bankruptcy earlier this fall.
Fantasia’s North Carolina mansion will be headed to the auction block on Jan 12th of next year unless her late payments are met.
Wyclef lost his Miami home to an unpaid mortgage even before its construction was complete.
Former Dog fighting ring master, Mike Vic failed to stay up to date on the crib he purchased for mom dukes, forcing her into foreclosure.
Producer Scott Storch’s Miami island home and DMX’s one-time hideout is being threatened with foreclosure after he reportedly missed payments for most of the year.
85-year-old TV host Ed McMahon defaulted on payments and lost his Beverly Hills home but at the same time launched his rap career. His financial “cred” maybe shot but his street cred is still aight.
The list will surely grow as the housing market continues to do the opposite. - Michael Ahene
14 Comments
harlemprincess
I FEEL BAD FOR THE ARTISTS LOOSING THEIR HOMES, AND I HAVE A LOTTA LUV FOR FANTASIA.. HOPING YOUR ARTICLE WILL BE A WAKE UP CALL TO OTHER ARTISTS, BECAUSE THE WAY MANY ARE SPENDING THEIR MONEY ON JEWELRY AND CARS, AT LEAST HALF WILL END UP BROKE.
tik tok
damn all that money?
avril
well when the econnomy hits everyone it means that the economy is real bad. well lets learn one thing a man has a right to live life to the fullest of his potential. when you are poor you cannot live rich so when a man is rich he has a right to live like the sky is the limit, as long as he can understand that nothing last forever. just as long as they can deal with the fall then its ok to rise to the occasion for a second at least they know how it feel to be on the cloud for a minute. dont laugh at their down fall just pray for them that at least when they rise they do not forget where they are coming from and will help those who are less fortunate. lets pray for the world.
RICHER TOSON
this recession thing is really having an effect on everyone , from the have nots to the good and plenties. it just goes to show you no matter what you have or who you are , we are all on the same level in the eyes of the great one . some people will need this as a period of evaluation thus bringing forth evoloution. i love money, but im in love with god , that attitude keeps me good , because i get love in return when im broke as a joke / or tricky rich. it is what it is.
http://www.hiphopfrequency.com
Damn you mean to tell me that there aint a retirement plan for Ol School rappers?
Save me Barack Obama
HipHop is Alive
fb916
shut the fuck up with that barack obama hip hop is alive shit faggot
harlemprincess
Celebrities need to pay their bills on time!
It is the same game. Artist get thier loot and don’t have the knowledge to handle the finances. Instead of trying to look fly or bling, they must focus on what is important….the future. A big house doesn’t mean anything. It is just a front. What matters is trying to take care of family and making sure as many can eat as possible. A big house and you aren’t feeding the family or making sure they have opportunity then you are going to lose. Those who are in the money end of the game study how to get your loot, so you got to handle your business and take care of family.
This is a wake-up call to all African Americans as well as all Americans to wake-up. I seen in another celebrity magazine where even Paris Hilton is buying lingerie on sale. You know that the economy is in trouble. Thank God that gas prices are coming down; though. It isn’t one thing it is another one. Poor Fantasia; though!
biglildaddy
The man is always trying to put the black man down, hopefully not for longer…but there aint no reason why celebrities ain’t paying there mortgage…they make too much money for that…
lost
These people should have stayed on top of their payments. They work so hard for many years to create this lavish life for themselves but act financially irresponsively. Sad.
lost
There are poor people who would be more than happy to have their life and maintain it.
kiki
see people wanna have all this shit and can’t keep up the payments and stuff. Wanna get shit they can’t handle.
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The recession is hitting everyone from the top down. This is living proof that no one is above the economic crisis.