patrick.net

Now is a TERRIBLE time to buy a house. A house = DEBT and Wealth is NOT Debt. Caveat Emptor.

That Florida condo is small & eh.

$1.8 mil? Yeahno, good luck on that . . ...

Patrick, Anne Rice's home went into foreclosure. It was auctioned on 6/1/11. JP Chase Morgan owns it now. She's living in a much smaller rental home now in Palm Desert. The foreclosure is on the Redfin website.

I am so astonished that she couldn't pay cash for these places, what the hell has she been doing?

Below Means says

Patrick, Anne Rice’s home went into foreclosure. It was auctioned on 6/1/11. JP Chase Morgan owns it now. She’s living in a much smaller rental home now in Palm Desert. The foreclosure is on the Redfin website.

i love celebrity foreclosures.

it's a good way for the everyday-man/woman to get exposed to boring real estate news.

OO says

I am so astonished that she couldn’t pay cash for these places, what the hell has she been doing?

Im sure she like so many like her has a "Absolutely Fabulous" shoe collection. Probably takes up 800 sq ft of closet space of her "Absolutely Fabulous" mansion. Lets not forget the Bently and the Parties she throws. After all darling its Hollywood!

Price history over 9 years .. after being built in 1995
10 years... and 400% later.

12/29/2005 Sold $3,600,000 Public records
12/21/1999 Sold $2,300,000 Public records
09/06/1996 Sold $700,000 Public records

thomas.wong1986 says

OO says

I am so astonished that she couldn’t pay cash for these places, what the hell has she been doing?

Im sure she like so many like her has a “Absolutely Fabulous” shoe collection. Probably takes up 800 sq ft of closet space of her “Absolutely Fabulous” mansion. Lets not forget the Bently and the Parties she throws. After all darling its Hollywood!

But still??? The "Absolutely Fabulous" shoe collections and cars should cost peanuts (well ok, a couple of mil?) compared to the amount of money she gets from licenses, screenplay, royalties, TV appearances and book deals???? I cannot believe that someone so famous is in such dire straits.
Very interesting that she says at one point that "Have not seen it in years" regarding a beautiful beachfront property. How many properties does she actually have that she has not seen some of them in years???

So, again, what the hell has she been doing???
(PS: I am intrigued enough to head to her facebook page now to read in person about all this :)

bayhousehunter says

I cannot believe that someone so famous is in such dire straits.

Cashflow, man. A lot of celebrities don't think about it until it's too late. These people have massive massive overhead in their life and refuse to cut it when necessary.

The publishing industry is in a crisis. She has been pushed aside by True Blood and Twilight. Her peak earning years were in the 90's. Her books aren't being made into films. She burned a lot of bridges in the industry and with fans (see what she did to Neil Jordan, her rant about Blood Canticle on Amazon and what she did to fanfic writers).

She invested almost exclusively in real estate and lived lavishly. Like Corntrollio said, she had massive overhead. I've followed some of her real estate transactions, but don't know what else she has. Most were sold at a loss. Looks like she bought high and sold low. She put the Gulf coast condo up for sale during the spill crisis.

She held onto the same agent with that foreclosed house for a year. She doesn't appear to be a good businesswoman.

Here's the listing on Zillow:

http://www.zillow.com/homedetails/70305-Thunderbird-Rd-Rancho-Mirage-CA-92270/18143059_zpid/

There are still some real estate sites that have it with the pictures of her home.

Here's the Redfin site with the foreclosure:

http://www.redfin.com/CA/Rancho-Mirage/70305-Thunderbird-Rd-92270/home/6111456

Below Means says

She held onto the same agent with that foreclosed house for a year. She doesn’t appear to be a good businesswoman.

I wouldn't completely blame her for staying with the same agent. Most celebrities have to be extremely careful when dealing with outside help because there are always plenty of opportunists looking to make a buck. Not all celebrities are sophisticated in these matters and depend on the help greatly in many cases and aren't good at managing money.

There are plenty of good examples of celebrities who did poorly in real estate during this bust. My guess is that their accountants and other advisers tell them to buy property so at least they won't go homeless when they burn through all their cash. Most celebrities will live paycheck to paycheck if you let them.

Perhaps you are right about the opportunists. I'm pretty demanding of real estate agents and won't stay with someone who isn't producing results. She sure did burn through some cash.

Below Means says

Perhaps you are right about the opportunists. I’m pretty demanding of real estate agents and won’t stay with someone who isn’t producing results. She sure did burn through some cash.

Understood -- I'm not saying Rice is blameless in this, but rather that it's a concern that doesn't apply to us little people typically. It's not uncommon for the help to embezzle funds, abuse the credit card, and engage in other questionable transactions with celebrity funds, as many entertainment lawyers could tell you.

I don't know anything about Anne Rice, but many celebrity-types are not sophisticated at all about finance/money or practical things. "Oh really? I need to pay a fee upfront to retain a used house salesman? Okay, here's a check." They really don't live in the real world and have never had to do things for themselves, so they don't know what the hell they're doing or what's customary. Some of the help basically functions as a high-priced babysitting. Again, not an excuse for incompetence, but just an explanation why.

Some get good advice early on that sticks. Others, I think, get used by all their advisers and help. As long as the cash is flowing, they just don't care. No one her age should be in this position. Someone on the financial side didn't take care of her.

Below Means says

what she did to fanfic writers).

Had she encouraged fanfic writers, it would make her own works sell better, as those who might have come into that genre via another author would have eventually gone to the source.

Same way I got into 70's hard rock and prog rock backwards from Metal and New Wave. Or read Gorhmenghast because of "Drowning Man", or read HP Lovecraft because of "Call of Ktulu" as a teenager. My favorite artists' favorite artists.

Anyway, another great argument for the looser handling of IP and not having it cover derivative works...

I agree with you, Thunderlips. Instead, she went ballistic and enraged a devoted fan base. She is doing the same thing now with the fans of her Christian works.

Some argue that everything is derivative. Loosen up the IP laws and there will be a dam burst of creativity.

She's a "Christian" Fundie now. She deserves everything that is happening to her due to her sell out stupidity.

That is old news simchaland. Anne Rice resigned from Christianity last year on her Facebook page. The press swooped in and she was the center of attention for a month or so. She has been bashing Christians, particularly Catholics and fundies, from her bully pulpits since then. I would bet there has been a dramatic decline in sales for her Christian themed books since then. No one burns bridges like Anne Rice. I'd say she is paying the price for that.

Here is the REO listing for Anne Rice's house. It's now being sold for $2,699,000. It looks a lot better without all of that reproduction furniture cluttering the rooms. Two weeks back on the market is a pretty fast turnaround.

http://www.movoto.com/real-estate/homes-for-sale/CA/Rancho-Mirage/70305-Thunderbird-Rd-206_21430617.htm

If you didn't see the home with photos when Anne Rice was living there, here is a website that still has them:

http://www.movoto.com/real-estate/homes-for-sale/CA/Rancho-Mirage/70305-Thunderbird-Rd-206_21430617.htm