Don’t get it twisted because this guy is sitiing on serious stacks:
Proving that foreclosures spare no one, a Miami Beach property owned by hip-hopper Wyclef Jean is about to be auctioned on the proverbial courthouse steps, according to court records.
Through a corporation he owns with friends, the former guitarist of The Fugees borrowed $2 million from Home Equity Mortgage Corp. in 2004. He wanted to rebuild a canal-front home next door to Kennedy clan stalwart Anthony Shriver, Maria’s little brother. A series of construction liens filed since then shows the Pine Tree Drive project was burdened by a heap of financial trouble.
The property
(photo above by Manny Hernandez) stayed nearly abandoned for two years as it racked up $6,200 in fines from the city of Miami Beach. Then the $900,000 construction on a property appraised at $1.4 million stopped when Jean and his partners couldn’t come up with $177,913 to finish.
In 2008, the project’s architects put a lien on the property, according to court files. They’ve been trying to get their $75,000 since 2004. In all, Jean’s corporation now owes the bank $2.4 million, according to the judgment. The home is to be sold Dec. 12 in downtown Miami.
Unlike many other rap stars, Jean isn’t particularly ostentatious. He shares time between Caldwell, N.J., and South Florida, where he is mostly know for his philanthropic work to benefit children’s causes in his impoverished homeland of Haiti. Jean couldn’t be reached for comment. The Coral Gables lawyer listed as the legal rep of the corporation didn’t return calls.
This is strictly business. As soon as people here that a celeb filed for bankruptcy or has a home in foreclosure, everyone immediately thinks that they are broke. That’s not always the case. Sometimes real estate deals go bad and the best thing to do is let the property foreclose to save money.
