Dang! This has been a crazy week for celebrity home foreclosures. We started the week by learning about Fantasia, mid week we hear about T Boz and now former Fugees member Wyclef Jean has failed to pay the mortgage on his unfinished Miami Beach mansion. Which was scheduled to be sold today by Miami-Dade County.
The Palm Beach Post reported that Wyclef took out a $2 million mortgage from Home Equity Mortgage Corp. in 2004 to purchase the estate through a corporation he owns with several friends.
Although the rapper/producer set out to renovate the canal-front property, the foreclosed home, which was appraised at $1.4 million, was left unfinished for more than two years as a series of construction liens were filed.
In addition, the property garnered $6,200 in fines from the city of Miami Beach once the $900,000 construction project halted after Jean and his partners couldn’t come up with the $177,913 in construction costs needed to finish the effort.
Court documents note that a lien was put on the property this year by the project’s architects, who have tried to collect $75,000 owed to them since 2004.
After all of that, Jean’s corporation now owes the bank $2.4 million.
Court records also show that Jean has not paid employees who worked on the home.
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