By: Lynn Green
Somebody, help me out, please! I just received a tip from Greg. It appears that Wyclef is losing his house.
This is what I don’t understand. How are these entertainers earning millions and millions of dollars, yet are unable to pay their mortgage? Are they living beyond their means? What is the deal here?
Former Fugees member Wyclef Jean is at the center of a new situation concerning his recently foreclosed Miami Beach mansion.
The Palm Beach Post reports that Jean took out a $2 million mortgage from Home Equity Mortgage Corp. in 2004 to purchase the estate through a corporation he owns with several friends.Although the rapper/producer set out to renovate the canal-front property, the foreclosed home, which was appraised at $1.4 million, was left unfinished for more than two years as a series of construction liens were filed.
In addition, the property garnered $6,200 in fines from the city of Miami Beach once the $900,000 construction project halted after Jean and his partners couldn’t come up with the $177,913 in construction costs needed to finish the effort.
Court documents note that a lien was put on the property this year by the project’s architects, who have tried to collect $75,000 owed to them since 2004.
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Wow… I don’t understand how this man has made millions during the course of his career and yet didn’t outright purchase his home. Entertainers need to learn from those who came before them about the importance of investing their money and not living larger than life.
I find it disturbing that so many black entertainers are going broke or losing homes. I reported on Damon Dash recently. These are not paupers. These are men who had big money.
Whew! What’s going on?
What’s going on is too much bling and flash! The Black entertainers are notorious for projecting images of living larger than life. Check them out on the red carpets decked out in diamonds from head to toe and (like Mase and Puffy) bragging about their Rolls and jets. Our economy right now is no joke. People are scaling back and that means the entertainment industry is taking a hit also. Wyclef and Damon are not going to be the only ones seeing a foreclosure notice on their front door before it’s all over.
This economy is truly exposing a number of people as living as either frauds or way above their means. I am also inclined to believe that God is revealing a number of these truths to show people that when you focus on building your riches on earth, they are never certain, as you can lose them with the blink of an eye. This is why we need to focus on building God’s kingdom and know that our riches are in glory.
divawidfevah you betta preach dat!
I always respected and admired Bob Hope. He and his wife Delores were truly a class act. When he died in 2003, Mr. Hope dedicated decades to entertaning our servicemen and women via the USO. He was also an astute businessman. After his death, his estimated worth was well over 100 million dollars.
If I spent 2 million dollars on a house it had better be next to perfect. I should not even have to paint.
The old saying “you spend what you make” is true I guess. If you make the kind of money Wyclef was making and buy $2,000 purses, it eventually catches up with you.
Maybe Wyclef should run for the president of Haiti to bring that country back where it once was decades ago.
@deelove: I agree. Why do celebs think they need 100 cars? On MTV crib shows, I just shake my head at the extravagance and waste!!!! One guy had a fish tank big enough for him to swim in it himself!
Mike Tyson had a $33 mill mansion plus tigers and exotic animals. The tigers alone cost a fortune to feed. Now look where Mike is. Trying to make a comeback to earn some money.
If I had all that money I would never work again and volunteer until I dropped dead.