Celebrity Mishaps: Wyclef Facing Foreclosure On Miami Beach Property

by Upscale Swagger on November 23, 2008



Wyclef Jean is going through some financial problems right now. It was announced earlier today that Wyclef is facing foreclosure on a Miami Beach property if he failed to pay the $2 Million mortgage for the property. 

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.

But a series of construction liens filed since then shows the Pine Tree Drive project was burdened by a heap of financial trouble.

Construction for the property was put on hold when Jean and his partners couldn’t make up the rest of the balance of $177,913 to finish. Jean’s corporation now owes the bank $2.4 million. If Wyclef doesn’t pay off the home it will be sold on December 12 in downtown Miami.


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