Celebrity Homes for Sale in 2010: Foreclosures, Bargain Sale Prices

In 2010, financial disaster even hit Hollywood as some celebrities headed to bankruptcy courts and others were forced to sell their properties at discount prices. Selling a high-end property is a challenge in today's tough market. This year more celebrities than ever had to slash the asking price of their luxury properties. As celebrity foreclosure soared in 2009, celebrity home owners who opted sell this year were marketing their properties well below market value to secure potential buyers interest and the sale. With the increase of celebrity foreclosures and bargain sale prices, even the average Joe could just about afford to become the proud owner of a previously owned celebrity home.

The California home Michael Jackson rented during his "This is It" tour rehearsals went on the market for $9 million less than it was in 2008. Presently, it is on the market at an asking price $28,995,000. Another celebrity feeling the hard times of economic climate rocking the nation is Leeza Gibbons. Her previously owned by Joan Crawford's Hollywood Hills Estate is on the market for $5,850,000. Originally listed on the market at $8 million, the price was slashed after the property sat on the market for years. Even with the bargain basement asking price, this 11,137 square foot property has not sold.

In Nashville, Singer Sheryl Crow put her mansion up for auction after struggling to find a buyer at the original asking price of $7.5 million. The three story five bedroom house has a theatre room, swimming pool, a staff annex, and six car garage. It also has a three bedroom guest cottage and a fourteen stall barn and indoor riding arena. Crow bought the house for $6 million in 2006.

Nearly bankrupt, Oscar winner Nicholas Cage attempted to sell several of his luxury properties to reduce the debts he accumulated over the years. His French Quarter Estate was just one of reportedly 15 mansions owed or previously owed by Cage. Purchase in 2007 for $3.5 million, the property was listed on the market for sale in 2008. Originally built for French royalty, this six-bedroom LaLaurie Mansion three-story mansion was listed on the market at a modest $2.9 million. It is one of two New Orleans homes the actor lost to foreclosure in November 2009. After taking one-third off the asking price, Cage sold his Bel Air home for just $10.5 million after the property went into foreclosure in 2010.