Being rich and famous is certainly no guarantee of future wealth, nor does it protect you from the law, paying your debts, or becoming a victim of the housing crisis. We hear daily about the record number of foreclosures that are affecting consumers across the country, but it is hard to imagine somebody we perceive as having “significant financial means” would fall victim to foreclosure. Movie stars, musicians, politicians, sports stars, and other public figures are also being affected by the recession, as well as their own poor planning or bad advice from their (likely overpaid) financial consultants.

I ran across a number of news articles recently on the net which provided lists of various “famous” individuals who are or have been affected by foreclosure. Some only had 15 minutes of fame (which is likely why they are in the position they are), as it is human nature to adapt your livestyle to your income level (particularly if you’ve experienced a radical change like a lottery win or reality TV stardom). Browsing through the list(s), here are just of few of the more interesting victims and their purported woes:

Ed McMahon. Of  “Tonight Show” fame, his financial woes were well publicized last year and even had Donald Trump offering a helping hand when he was facing foreclosure of his mansion. He is now deceased.

Jose Conseco. The baseball star blamed the loss of his 7300 square foot Encino, California home to financial woes brought on by two expensive divorces.

Aretha Franklin. She nearly lost her Detroit home to foreclosure due to past-due property taxes. Claiming it was simply an oversight by her attorney, she satisfied the debt plus required interest ($445 grown to $20,000) in time to save her home.

Fantasia Barrino. Of American Idol fame, Fantasia’s pond-front Charlotte, North Carolina mansion was saved from foreclosure a few days prior to auction in a last-minute settlement with the mortgage lender.

Evander Holyfield. The fighter best known for having his ear bit off in his bout with Mike Tyson experienced foreclosure of his Fairburn, GA home. Of course, having eleven children and in arrears on child support payments didn’t help his case.

Amber Frey. Probably forgotten by most of us already now that her 15 minutes has expired, the ex-mistress of convicted murderer Scott Peterson lost her California home to foreclosure this past year.

There are victims of the times all around us, rich and poor. Some stories seem more deserving then others for a sympathetic ear. Take the unfortunate victims of Bernie Madoff’s ponzi scheme, many of whom thought they were rich one day, and were wiped out the next. I read the other day that plans were in place to liquidate an estimated $30 million in his real estate holdings, with the proceeds to go to his victims. Unfortunately, they won’t get as much as they deserve.

Moral of the story? You draw your own conclusion. Seems being rich is no guarantee of smarts, or luck, or good fortune in the future. Hate to repeat this again, but just ask Micheal Jackson.

Related posts:

1. As the Foreclosure Moratorium is Lifted, What Next? The foreclosure process for many American homeowners has been interrupted...
2. Real Rich People Don’t Act Rich You’ve heard it before: Rich people are cheap. It’s either...
3. Contemplating Foreclosure? Keep Your Creditors in the Dark When you owe more money on your home than it...
4. Benefits of the New Home Affordable Foreclosure Alternatives Program (HAFA) Yes, another government program to help struggling homeowners, this one...
5. “Operation Get Rich or Die Tryin” May Break World Record for Consumer Data Theft In an achievement “clearly” worth being proud of, Albert “Segvec”...