MIAMI BEACH (CBS4) ― Governor Charlie Crist has considered suspending foreclosures during the holiday season. It could be a big boon to South Florida, where rates are generally high than most other cities around both the Sunshine State and the Country.
Worse, foreclosures are affecting everybody. It appears being famous doesn't save you from the bank, as rapper and producer Wyclef Jean has found out.
On the outside, the home being built on Miami Beach look like any other luxury home. But a quick records check find the property, owned by a big name, is in trouble. Jean has sold 30 million albums, but apparently couldn't keep up with his mortgage.
The $2.4 million waterfront mansion on Pine Tree Drive is now owned by a bank. The house is scheduled to be sold at the Miami-Dade Courthouse next month, along with a handful of liens by the construction crews, who never finished, and more than $100 thousand in unpaid taxes.
Neighbors were surprised by the news. "I really think he's a great musician and he's come a long way and gone through a lot in terms of his history and his life," said neighbor Sara Poses. "I don't know what the circumstances are but I feel bad for him."
Jean is just the latest in a tidal wave of Florida foreclosures. In Miami-Dade County, banks have filed foreclosure on a record 46 thousand homes. To put that in perspective, the number is more than what the entire state of Florida every year from 1979 to 2006.
Other celebrities are finding their assets slipping through their fingers. Late night entertainer Ed McMahon and NBA star Latrell Sprewell lost homes in the crashing market, proving nobody is off-limits.
"It's happening everywhere and I think that's what everyone needs to think about," Poses told CBS4 Reporter David Sutta.
CBS4 News tried to reach Jean's attorney, but did not get a call back. It appears Jean made a deal with his bank to pay off his debt by next year, but defaulted again.
The home is slated to be auctioned off December 12th.
Worse, foreclosures are affecting everybody. It appears being famous doesn't save you from the bank, as rapper and producer Wyclef Jean has found out.
On the outside, the home being built on Miami Beach look like any other luxury home. But a quick records check find the property, owned by a big name, is in trouble. Jean has sold 30 million albums, but apparently couldn't keep up with his mortgage.
The $2.4 million waterfront mansion on Pine Tree Drive is now owned by a bank. The house is scheduled to be sold at the Miami-Dade Courthouse next month, along with a handful of liens by the construction crews, who never finished, and more than $100 thousand in unpaid taxes.
Neighbors were surprised by the news. "I really think he's a great musician and he's come a long way and gone through a lot in terms of his history and his life," said neighbor Sara Poses. "I don't know what the circumstances are but I feel bad for him."
Jean is just the latest in a tidal wave of Florida foreclosures. In Miami-Dade County, banks have filed foreclosure on a record 46 thousand homes. To put that in perspective, the number is more than what the entire state of Florida every year from 1979 to 2006.
Other celebrities are finding their assets slipping through their fingers. Late night entertainer Ed McMahon and NBA star Latrell Sprewell lost homes in the crashing market, proving nobody is off-limits.
"It's happening everywhere and I think that's what everyone needs to think about," Poses told CBS4 Reporter David Sutta.
CBS4 News tried to reach Jean's attorney, but did not get a call back. It appears Jean made a deal with his bank to pay off his debt by next year, but defaulted again.
The home is slated to be auctioned off December 12th.
