Click to play videoHollywood: It is not just the average American citizen who is facing a hard time holding on to his property, even celebrities seem to be hit by the mortgage crisis punch.
Celebrities like Michael Jackson bought multi-million dollar fortunes with their music and videos but even these huge salaries couldn't save these stars from the mortgage crisis gripping the nation.
Michael Jackson almost lost his Neverland ranch had it not been for the investment firm who bailed him out of a delinquent 24-million dollar loan.
But it was not so for the former baseball M-V-P Jose Canseco who lost his California home citing cash flow problems due in part, to costly divorces.
Mark David, a RealEstalker (one who follows celebrity real estate moves) says, "To see somebody who makes millions of dollars in the course of their career have financial troubles, you know I think it's hard for the average person to sympathize with that."
Mark David feels that it is the extravagant taste of the rich and famous that costs them later, which he says could someday be the case for Ellen Degeneres, the talk show hostess.
"It sounds like she spent like 40 million dollars putting a compound together but it is yet to see whether she could ever turn around and sell that compound for 40 million dollars," adds Mark.
As for reality TV star Denise Richards, Mark says she buys and sells every year so and she doesn't seem to really make any money and in fact she's actually lost money on a couple of these deals.
These stories of the celebrities are a proof that not even Hollywood royalty are immune to the housing meltdown.
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