Financial difficulty and debt are things that many Americans relate to. People of every status and class have found themselves with financial problems at times. Even some of the country's big name celebrities couldn't avoid being hit by the recession.
It is sometimes difficult to imagine that millionaires with tremendous incomes can't live within their means. It does happen, however, and when it does the media loves to investigate and publicize the whole messy story. Here are some of the internet's favorite famous repossessions.
Mega millionaire movie star Nicolas Cage found himself firmly against a financial wall. Beyond what one can only assume to be a careless attitude toward money, he failed to pay the taxman to the tune of 13 million dollars. At one point, Cage was one of the highest paid celebrities working, raking in around 40 million dollars a year. As it is said, what comes up must come down, and it did. It was clear that the star hadn't been saving for a rainy day.
When Nicolas Cage found himself heavily financially burdened, he began to unload some of his properties, hoping to find relief. It turned out his 15 homes fell short of wise investing. The real estate market was not on his side, and the bank seized many of the properties. With the money from the sales he could close, he managed to pay off only half of his 13-million-dollar tax bill that dated back to 2002.
Although Terrell Owens may not have been the most loved athlete, the media certainly loved to cover the story of the NFL player's financial failure. Forbes once voted Owens as one of the most disliked athletes, but the public loved hearing about the athlete's multiple home foreclosures. After failing to pay his mortgages and maintenance fees on four Dallas-area condos, the bank intervened. If that wasn't bad enough, the same fate fell on his Trump Tower apartment in Sunny Isles.
T-Boz from TLC filed for bankruptcy back in 2011, but never completed the required paperwork. Unfortunately, as a result the singer lost the protection that bankruptcy provides and couldn't stop creditors from coming after her possessions. Honda filed a law suite in Georgia, and in 2012 asked the judge for the green light to repossess her 2005 Honda Odyssey. It may not be the fanciest ride to ever be repossessed, but it does show the scope of the economic crisis of the time. It was unclear how much T-Boz owed in back payments; what is clear is that she wasn't paying the bills.
Between 2007 and 2011, the foreclosure rate for homes worth over one million dollars skyrocketed to 489%. Compared to the 105% increase in foreclosure activity on homes under a million dollars in the same time period, it looks as though the recession may have impacted the wealthy more than many people think.