Ex-NBA Star Derek Coleman is in $5 Million Debt. According to Wallstreet Journal, he has filed for bankruptcy and is $4.7 million in debt. His debts include $1.3 million lawsuit brought against him by Comerica Bank and a $1 million real estate loan from Thornburg Mortgage Home Loans. He also owes $50,000 to NBA Hall of Famer, and current Detroit mayor, Dave Bing.
Coleman made around $87 million dollars in his career in NBA and played for 76ers, Nets, Pistons and Hornets. His career lasted for 15 years.
His attorney says that Derek’s investments in real estate and businesses in Detroit market turned south and that’s how he lost all his money.
Despite the bankruptcy Derek will try to keep his house in Beverly Hills and the house he bought for his mom in Beverly Hills.
Nicolas Cage lost his house to foreclosure due to huge debts he has. He owes $11 Million to Citibank. He has had the house in market for over a year but no one was willing to but it for the $11.5 Million asking price. Last Wednesday the bank held an auction, but no one made the minimum bid of $10.4 Million. Westside Estate Agency who was holding the auction said this clears most lenders with stakes in the property and leaves Citibank as the sole owner.
Located in Los Angeles (the posh Bel Air community), this party palace has had several high-profile owners, including Tom Jones and Dean Martin. It has 35-seat home theater, nine bathrooms, six bedrooms and a huge swimming pool. The actor reportedly has several such mansions in several countries.
Nicolas Cage’s former mansion was built in 1940′s “on a flat acre in a prime Bel Air location,” Shapiro his attorney said. “It’s about 11,817 square feet of two-story English brick Tudor house. It’s very old world craftsmanship, great detail, a lot of charm, but specific in its tastes.”
In case you don’t know who Nicolas Cage is, he is an Oscar winning actor who has played in over 60 movies, including “Raising Arizona,” “Honeymoon in Vegas,” “National Treasure” and “Ghost Rider.”
Unlike many other large cities across the world, the real estate market in Mexico City hasn’t experienced an especially sharp downturn. While prices have dropped from their peak last year, the loss of value has been small, in the neighborhood of 2.5% to 6.5%. Because the market is largely both local and cash-based (the country doesn’t have a formal mortgage system), the downturn in the global economy has had less of an impact here.
However, the decrease in value of the peso means that real estate in Mexico City is now more affordably priced for foreign buyers looking to take advantage of a relatively stable market. Many affluent neighborhoods, such as Polanco and Coyoacán, are particularly attractive to buyers from North America, Spain, France, and China, among others. The prices in neighborhoods such as these start as low as $200 per square foot, though they rise quickly from that point.
Like many countries around the world, the real estate market in Spain has been hit hard by the current financial crisis. It is estimated that there are as many as 1.2 million new homes sitting on the market unsold, many of which have yet to be completed. In some spots that are more popular for those purchasing vacation homes, including the Costa del Sol region, the market peaked as early as 2004. Recent months have seen a significant wave of foreclosures, with more expected to follow.
However, the luxury home market in Spain hasn’t seen as dramatic an impact as other segments of the market. It is estimated that these homes have only dropped 15% to 25% of their value since they hit their peak. This includes more unusual homes or those that have a unique historical appeal. It is likely that the prices have held up better because wealthier buyers aren’t as dependant on financing. Many of these sellers are also more likely to be able to hold onto the properties until the market improves.
