There will be more celebrities losing their homes. I’m sure of it.
Jose Conseco lost his 7,300 square-foot home yesterday, owing about $2.5 million on it. The home currently on his plate is smaller.
It’s all a matter of cash flow: trying to support more house than you can easily afford. If a person’s income is bigger, their expenses can be bigger, but not infinitely bigger.
I imagine that earning as much as Conseco does carries its own set of problems, but everyone has to work through their problems one way or another. His foreclosure is getting air time because he’s a celebrity and a personality, but lots of other foreclosures from “ordinary” folks occur all the time without much notice, and the effects of the foreclosures on their lives is a bit more devastating.
This is a reminder that celebrities aren’t entitled to a house any more than the rest of us. They have to pay back the bank, too.