Hockey Star Fedorov Falls Into Celebrity Foreclosure List

People tend to believe that the present foreclosure crisis, engulfing the nation is hitting only those, who are classified as low and mid-income groups of earners. This is because we assume these were the unfortunate ones, struggling to make both ends meet. But they are proved wrong by instances, where people we are thinking as “well-to-do” are also caught into financial problems, whereby succumbing to the foreclosure fiasco, to forfeit their high-end properties worth in millions.
The latest is the occurrence of foreclosure of two homes, owned by the Detroit Red Wings-fame hockey star, Sergei Fedorov, as reported by det.news.com. The sportsman is very popular with his hockey career achievements – taking him from Russia (with love for hockey?) to US and places like Detroit, California, Ohio and Washington.
Apparently, the high-earning sports star is muddling with financial problems, as evidenced on Thursday, when a lending bank filed notices of foreclosure in respect of his two of million-dollar homes in Bloomfield Hills.
It is reported that Fedorov is indebted to more than $2 million mortgages on both these properties to the lender, The Private Bank and Trust Company and also has dues of property taxes on them to the tune of more than $51,000 – as per records of Oakland County Treasurer’s Office.
The background of foreclosure goes thus – In 1999, the 4,200 square-foot home on Huntingwood Lane was bought by Fedorov for $1.25 million. The property advertised for sale at $990,000 has a mortgage debt of $1.25 million. Real estate sites describe the above home as having been built in 1991; four bedrooms; a sun room with Jacuzzi; a basement with a gym and a dry sauna, as amenities available in it.
The legal notices published in the Detroit Legal News claim that Fedorov owes another mortgage of $915,623 for a 5,300 square-foot, six-bedroom home on Tiverton. It is said that the sportsman acquired this home in 2003 from his parents – Viktor and Nataliya Fedorov. It is not known what payment he made for this home, but city tax records have it that the property is assessed at greater than $1million.
News of another foreclosure story involving Fedorov is doing its rounds in the media – the Federal Deposit Insurance Corporation, successor to the Michigan-based Citizens State Bank has initiated foreclosure action on a Miami Beach condo, said to be bought in 2003 for $1.63 million, by Fedorov from his former wife, Anna Kournikova.
Seems the Hockey player is in a real fix, financially.

Category : Avoiding Luxury Foreclosures &Celebrities &Headlines