Another day, another celebrity foreclosure, this time involving former Fugees guitar player and current solo act Wyclef Jean.
Before you feel too bad for him, understand that the residence had never been vacated by the hip-hop star, so he’s not out on the streets as a result.
According to the Palm Beach Post, Wyclef’s corporation borrowed $2 million from Home Equity Mortgage Corp. back in 2004 so he could build a canal-front home next door to Maria Shriver’s little brother.
But the project came to a stand still after Wyclef and his partners couldn’t come up with an additional $177,913 to finish the job, likely abandoned because of the ongoing mortgage crisis.
The city of Miami imposed fines totaling $6,200 and construction loans began to pile up, including a $75,000 lien put on the property this year by the disgruntled architects.
In total, Wyclef’s corporation now owes $2.4 million on the property, which appraised recently for just $1.4 million.
The home is expected to be sold at auction on December 12 in downtown Miami.