The real estate market has taken a dive in the past five years, and while it’s been difficult for many middle-class Americans to hold onto their overpriced houses, it’s been no different for the rich and famous. Many celebrities have gone through foreclosure just as other Americans have, but being in the limelight can make the process more public, and even embarrassing. Here are a few celebrities who lost their homes in the past decade:

<b>Burt Reynolds</b> – Burt Reynolds was a major star in the 1970s, and just 30 years ago, no one would ever imagine him having financial troubles. His divorce, however, in 1993, and his declining career landed Reynolds in $10 million in debt. After a bankruptcy in 1997, Reynolds still couldn’t get back on his feet and his Florida home was foreclosed on in 2011.

<b>Chris Tucker</b> – Comedian Chris Tucker is known for his movie series “Rush Hour,” and was even paid $20 million for “Rush Hour 2” and $25 million for “Rush Hour 3.” With pay outs like that, it’s hard to believe that Tucker could ever be in danger of losing his home. Tucker, however, wasn’t very diligent on paying his income taxes and the IRS placed a $11.5 million lein on his $6 million home in 2011. As if this wasn’t bad enough, Tucker had already owed his bank more than $4 million when the foreclosure papers were filed.

<b>Nadya Suleman</b> – Nadya was an ordinary mother of six, but rose to fame after deciding to undergo in vitro fertilization and have another eight children. While her rise to fame was short-lived, and although she made thousands from tabloids and talk shows, providing for 14 children took its toll. In 2011, she could no longer keep up with her $450,000 balloon mortgage and the bank began the foreclosure process.

<b>Nicholas Cage</b> – Nicolas Cage made his millions from movies like “Face Off” and “Birdy.” While Cage commands a typical $20 million per film, he wound up in financial trouble in 2010 when he reportedly fell far behind on taxes. The bank auctioned off his $35 million home with a starting price of $10.4 million.

<b>Mel Gibson</b> – Mel Gibson hasn’t had the best few years, on top of his very public run ins with the law and a divorce from Oksana Grigorieva, Gibson faced a double lawsuit. A construction company, Ramage Construction, has filed two lawsuits against Gibson. The first for $12,000 for three properties built for him and a second lawsuit claiming that Gibson owes $200,000 on a Malibu property.

For more news and information on <a href=”http://www.porchlightgroup.com”>Aurora Real Estate</a>, or if you’re considering buying or selling a home, please visit us at PorchLight.com.

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