More political scandals have rocked the real estate world this week. Another celebrity is faced with foreclosure. These stories and more in this week’s real estate roundup.
Celebrity Real Estate
Avril Lavigne may have finally managed to sell her Beverly Hills house, which had been on the market. According to the Times, Lavigne received an offer of $5.2 million in cash, less than the $5.8 million she had been asking, but the cash may be the deal maker. Lavigne paid less than $5 million for the house in 2004. She currently lives in the Bel Air Crest community with her husband, Sum 41 front man Deryck Whibley.
Ed McMahon is the latest celebrity faced with foreclosure. McMahon once had a fortune of over $200 million, but now has defaulted on a loan of just $4.8 million. The house, located in Beverly Hills, has been on the market for over two years and is now listed for $5.75 million.
News
Barack Obama’s campaign has come under scrutiny this week for possible shady dealings. Jim Johnson, the man Obama appointed to lead his search for a vice presidential candidate, supposedly took out over $7 million in loans at low interest rates from Countrywide Financial as a “friend of Angelo’s,” meaning under-fire Countrywide CEO Angelo Mozilo. Johnson has now resigned from Obama’s campaign, saying that he did not want to distract from the issues.
Laura Richardson, the foreclosed-upon Congresswoman, had a big week. Not only did she win the Democratic primary, but she also had some financial news. Washington Mutual, the lender for her foreclosed-upon Sacramento home, has issued rescission of the sale of her home to James York. York has contested the rescission and plans on fighting to keep the home for himself. Richardson wasn’t just avoiding house payments; she also avoided paying for repairs on her car. Richardson abandoned her BMW at a repair lot in 2005 without paying her bill, then took a Long Beach city vehicle (she was then a councilwoman) and put 2,400 miles per month on it. This was almost three times as many as any other council member. She also continued to drive the vehicle for several days after leaving office.
Estate of the Week
This week’s top estate could also qualify under the celebrity real estate section. Former baseball all-star Lenny Dykstra, who was the subject of a Real Sports segment earlier this year for having made a fortune running car washes in Southern California, has listed his Thousand Oaks home for $24.95 million.
Dykstra has owned the home for less than a year after buying it from a true sports legend, Wayne Gretzky. The estate covers 6.69 acres and of course includes a number of sports facilities, including a gym and a pool.Events
The Theodore Payne Foundation is holding a class on Saturday on California’s native salvias. Tickets are $35 for members, $45 for non-members. The class will cover the selection and care of a number of salvias for garden usage.
The Victorville Home & Backyard Show takes place Friday through Sunday at the San Bernardino County Fairgrounds.
Ed McMahon Photo via Wikipedia
Estate of the Week Photo via MLS Listing
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