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Celebrities Sell at a Loss

It seems as if it's not just average citizens like you and me who are being affected by the real estate crisis. Celebrities aren't immune to the downturn either, and some are having to sell their multimillion dollar mansions for significant losses. A recent Forbes article outlines the biggest losers in the celebrity real estate game.

Denise Richards, the 36-year-old mother of two and former Bond girl, sold her five-bedroom home in Hidden Hills, Calif., located just north of Los Angeles, for $3.8 million in November 2007, after listing it the previous March for $4.5 million. The actress took at least a $200,000 loss on the home.

For more pictures of the home she sold, as well as a few of the other celebs affected by the treacherous housing market, just


Richards was only one of many celebs Forbes reported as having lost significant amounts of money in the past year due to the faltering real estate market. Others affected were Avril Lavigne, who had to reduce the price of her manse by over $1 million, and Wilmer Valderrama, who sold his suburban five-bedroom home last month for $200,000 less than the $1.95 million asking price.

While it's a bummer that these stars have taken a hit on their big-buck investments, it's hard to feel a lot of sympathy for them when the average Joe and Jane is suffering from foreclosure and getting kicked to the curb. While the celebs may feel a pinch in their pocketbooks after selling their homes at a loss, you won't find them out on the street, which is unfortunately the possibility for a lot of homeowners who'd bought their houses with subprime loans.
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