Monday, June 09, 2008

Holyfield and McMahon Losing It; Congresswoman Richardson Already Lost It

Foreclosure "victims" include the rich and spoiled

CNBC reports that Evander Holyfield's home is going to have a foreclosure auction on July 1.
A legal notice that ran Wednesday in a small newspaper in Georgia said Holyfield's estate will be auctioned off "at public outcry to the highest bidder for cash" at the Fayette County courthouse on July 1.

The 5,000-square-metre home—located on Evander Holyfield Highway—has 109 rooms, including 17 bathrooms, three kitchens and a bowling alley.

Holyfield defaulted on a $10 million loan to Washington Mutual Bank, which will auction off his home on the courthouse steps.
The Wall Street Journal reports that former Tonight Show sidekick and Star Search host Ed McMahon may lose his home to foreclosure. In addition, Congresswoman Laura Richardson has already lost hers.
Ed McMahon, the longtime sidekick to television star Johnny Carson, faces the possible loss of his Beverly Hills home to a foreclosure action initiated by a unit of Countrywide Financial Corp....

Mr. McMahon, a jovial fixture of American television for decades, is one of the most prominent people caught up in a wave of mortgage defaults that has devastated low-income areas, suburbia and even a few posh gated communities, such as the one where the McMahons live. U.S. Rep. Laura Richardson, a California Democrat, recently lost a home in Sacramento to a foreclosure. Rep. Richardson didn't respond to requests for comment.
These are some of the people "suffering" from the housing bust. Let me sum up my thoughts on this one with a little video:

Update: Apparently, former baseball player Jose Canseco also lost his home to foreclosure.

Further update: Here is a blog post explaining Why Athletes Go Broke.


  1. I wouldn't consider them as "victims". After all, they could have hired financial advisers. They just got too greedy like the many others who are now suffering.

  2. For the record, I think Rep. Richardson denied losing the house. It didn't appear in the WSJ, but as I recall, she or her office subsequently said that she and the lender had managed to arrive at some sort of agreement/workout to avoid foreclosure. Someone may want to fact-check that one.