Former NBA Star Latrell Sprewell Heading for Foreclosure

We first learned that ex-NBA player Latrell Sprewell was possibly facing foreclosure yesterday on Bossip. Looks like it's true.  Luxist reports that his home in Purchase, New York, is scheduled for a sheriff's sale in January 2010.  Nearly a decade ago, Latrell bought the 7BR home(the same one where he was accused of attacking his girlfriend a few years ago) for $2.3M.  It sits on 3.3 acres and comes with a gym, pool, spa, basketball court, and a recording studio.  The home is currently listed for $3.8M.

Visit Luxist to see photos of the inside.  We'll stay behind and bite our tongues about the interior decor!

Exclusive Details: La Toya Jackson's Las Vegas Condo Headed for Foreclosure

TMZ reported today that Michael Jackson's sister, La Toya Jackson, may lose her Las Vegas condo if she doesn't come up with the cash to pay her mortgage by the end of the month. According to TMZ, La Toya owes nearly $750,000 on her condo, located in the swank Regency Towers (below) in Las Vegas. TMZ also includes a statement reportedly issued by her representative:

"La Toya has an extensive real estate portfolio and her advisors directed her to the business decision to let this particular property [] go to short sale . . . The property was also something she got during her divorce from Jack Gordon and she has no attachment to it."

We believe her! For the most part, that is.

We located the property records ourselves and found that it was recently placed up for sale at a list price of $205,000, but it is now temporarily off the market.

If she owes almost $500,000 more than the condo is even worth, perhaps it is a smart financial decision to just let it go.

The thing is, technically a short sale happens when the bank allows you to sell your home for less than what you owe. In this instance, TMZ reports that La Toya's condo is slated for auction on September 30.

That would be a FORECLOSURE, NOT A SHORT SALE!!!

Anyway, La Toya is scheduled to appear on ABC's 20/20 tonight in an interview with Barbara Walters. We'll see if she discusses any of this.

Feds Prepare to Sell Bernie Madoff's Beach House in Montauk

Various news outlets report today that the U.S. Marshals are preparing to sell Bernie Madoff's Long Island beach house, located in Montauk, New York. The home was seized by the feds after Madoff was convicted of swindling investors out of billions of dollars. CNN reports that the feds hope to fetch about $7 million for the home, which CNN describes as unremarkable except for its views of the Atlantic Ocean.

So let's see if CNN is right:

Well, yeah, the living room decor (above) is indeed pretty tired. Judging from the taupe leather sofa "collection," it looks like the home was last updated in the 1980's. And too bad someone cut a giant hole for a TV into that beautiful stone fireplace. Guess it happened before the invention of flat screen TVs.

And, yeah, the kitchen (above) is dated too. Just look at those appliances. But after all, it is just a beach house. Casual is the goal.

Nevertheless, the circular dining room (above) with windows galore is simple, rustic, and frankly perfect for the setting.

Perhaps all the U.S. Marshals need to do is hire an interior designer (or at least a home stager) to bring out the best features of this beach house.

UPDATE: If you want to see a slideshow with additional, larger-sized photos, please go here.

Another Real Housewife of Atlanta Loses Her House

TMZ is reporting today that unReal Housewife of outside Atlanta Lisa Wu Hartwell and her husband ex-football player Ed Hartwell lost their McMansion last week. They bought their generic home in Duluth, Georgia, in 2007 for $2.9M and the bank just sold it in a short sale for $1.9M. (Do any of the Atlanta Housewives actually live in Atlanta?)

Don't believe it's generic? These interior shots look like the kind of nondescript photos you see in homebuilders ads from earlier in this decade:

According to TMZ, the couple's representative says they have purchased a new home that sits on 10 acres elsewhere. At least they figured out that if you're going to live in a mansion, don't live in one that sits so close to its neighbors.

Don't believe it could be that close? Check out the backyard:

Sorry to see anyone lose their house to foreclosure. Let's hope their new home is a better fit for them . . . and more interesting than the last one!

Celebrity Homes in Foreclosure

CNN reports today that 1.53 million U.S. homes are in foreclosure so far this year. And we're only halfway through the year. Unfortunately, even celebrities aren't immune to these rough economic times.

Photo: Vincent DeSalvio/Journal News

According to the Journal News, Actor Stephen Baldwin and his wife, Kennya, are in default on their home (pictured above) in Upper Grandview, NY. They owe more than $800,000 on a house that only cost them $515,000.

At first we thought only somebody like Stephen could let that happen to him, especially since we aren't talking about a terribly expensive house. And we suppose this could happen to anyone. But what we can't understand is, why his brother Alec (who is reportedly house-shopping in NYC) and the rest of the Baldwin clan can't help him out. Anyway, more details here.

Other celebrity homes in foreclosure include those belonging to Bravo's unReal Housewives of Atlanta and Orange County.

Nevermind that none of the Real Housewives of Atlanta really lived in Atlanta. They still faced the real issue of wannabes pretending to be high-rollers. Sheree Whitfield's ginormous home in the Atlanta suburb of Sandy Springs, GA, reportedly went into foreclosure in February, eventually selling via auction for $1.1 million.

We might as well mention that the trashy Atlanta Housewife NeNe Leakes lost her digs too earlier this year, but she was just a renter anyway. That was just more proof of her wannabe status.

Finally, Real Housewife Jeana Keough of Orange County -- another wannabe and a freakin' realtor -- also fell behind on her ostentatious home and various rental properties, but at least she was smart enough to seek a loan modification and put her home up for sale. For more details and photos of her less-than-stellar interiors, go here.

Looks like REALITY is the New Reality TV. Good luck to all of them in finding new digs.