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Recession

Foreclosures of the Rich and Famous

Death, taxes, and the Neverland ranch.

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Mark J. Terrill / AP Photo

Talk about recession schadenfreude: The Business Sheet presents the 20 "famous foreclosures" on the sprawling estates of the once-moneyed elite, from blue-blooded widowess Veronica Hearst to infamous footballer Michael Vick. The honor for most staggering debt goes to Michael Jackson, who owed somewhere between $23 and $300 million when the Feds foreclosed on his Neverland ranch. Most shocking? Queen of Soul and inaugural sweetheart Aretha Franklin, who overlooked a mere $445 in her 2005 taxes and, four years later, found herself owing the IRS $20,000.

Read it at The Business Sheet

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