During the upcoming holiday season Governor Charlie Crist has considered suspending foreclosures. Interest rates are higher than most other cities and Miami foreclosures are abundant so this could be a great benefit to South Florida home owners.
Miami foreclosures are affecting everybody and being famous doesn't save you from the bank, as rapper and producer Wyclef Jean has found out.
Rapper Wyclef has sold over 30 million albums, but apparently has defaulted on his mortgage. Records check finds the luxury Miami Beach real estate
property being built on Miami Beach, and owned by a big name producer is in trouble.
The Miami Beach waterfront home
on Pine Tree Drive is worth over $2 million dollars and is now owned by the bank. Next month at the Miami-Dade Courthouse, along with other Miami Beach real estate properties it is scheduled to be sold, with a handful of liens by the construction crews who never finished, and more than $100 thousand in unpaid taxes.
The news has taken neighbors by surprised. Neighbor Sara Poses says, "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,” "I don't know what the circumstances are but I feel bad for him."
Jean is just the latest in a wave of Florida and Miami foreclosures. Banks have filed foreclosure on a record 46 thousand homes, in Miami-Dade County. This number is more than what the entire state of Florida filed every year from 1979 to 2006.
Wyclef is not the only celebrity finding their assets slipping through their fingers. Ed McMahon the late night entertainer and NBA star Latrell Sprewell lost homes in the crashing market, proving nobody is off-limits.
Poses told CBS4 Reporter David Sutta, "It's happening everywhere and I think that's what everyone needs to think about."
Jean's attorney could not be reached by CBS News team. It appears Jean made a deal with his bank to pay off his debt by next year, but defaulted again and his due to be auctioned off December 12th. Yet another amongst the thousands of Miami Beach real estate
property in foreclosure.