Thursday, July 2, 2009

Everybody's broke

Posted By on Thu, Jul 2, 2009 at 3:00 PM

That's likely because so many have spent so long living beyond their means, celebrities included. Look no further than Michael Jackson. But, he's not the only one. Sports stars, media darlings, musicians -- they're all feeling the pinch.

One big difference between them and us, though: They're debts are often measured in the millions.

It seems like just yesterday — excess was in and celebrities lived it up, buying lavish cars, expensive toys and over-the-top homes. Now, they're losing it like everyone else.

Victoria Gotti, daughter of deceased Gambino family crime boss John Gotti, let audiences into her lavish $4.2 million Long Island estate for her reality TV show, Growing Up Gotti. But now, the mafia princess turned New York Post columnist is behind by $650,000 on her mortgage and will likely lose her home.

Part of the problem for some celebrities is that they were allowed to borrow huge amounts of money because of their sizable paychecks during boom times. But Hollywood is fickle, and now some VIPs are struggling with smaller income streams and mortgages worth more than what their homes are currently worth.

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