Looks like one of classic rock's biggest names may be kissing his sweet home goodbye. Ace Frehley, famous member of KISS, apparently stopped paying the $735,000 mortgage for his house in Yorktown, New York, two years ago. Now, the U.S. Bank National Association is following up and Frehley is facing foreclosure. Eeeeek, doesn't sound like a rockin' party, eh?
It's just crazy to me. The housing market has taken such a total nosedive, and now, although it's "recovering," we're still seeing so many people struggle to make payments on time -- even celebrities. If someone who was making gazillions of dollars can't keep a home, where's the hope for the rest of us??
The good news? If you have a casual $700K laying around -- you could own a piece of rock history. The bank has ordered the sale of the home for the outstanding amount, which includes all of the interest, late charges, and other charges totalling $703,581.48. Personally, I'd rather a cute little house by the water for that much.
Frehley is definitely not alone. Loads of celebrities have been where he's been, including Chris Tucker, Mel Gibson, Toni Braxton, Octomom Nadya Suleman, and William Levy, as well as a plethora of Real Housewives including Sheree Whitfield and Teresa Giudice.
Whether you're famous or not, the frustrations of buying a house these days with the soaring costs and tough economy are high. Plain and simple: the demise of real estate really has been a great equalizer for us all. To be fair, though, I will note that Frehley stopped payments on his house two years ago. No matter how rich and famous you are, do that and, well, you're gonna get the boot.
Does the state of the housing market make you nervous? Would you ever buy an old celebrity home?
Image via jamiecat*/Flickr