When castle gates slam in your face
We’re calling all bed-wetters and ambulance chasers.
Poor pick-pockets, bring ‘em in.
Come join the Youth and Beauty Brigade.- From “Youth and Beauty Brigade” by The Decemberists
We’re all ambulance chasers, aren’t we? When the train wrecks, we can’t help but look. And when we do, we can’t look away. We also love the high and mighty in America; they are our royalty. But we love it even more when they fall from grace, when the train wrecks, when they plant face down on the steaming blacktop. If they need quick payday loans like we do to stagger to their feet, oh how juicy it is.
Mafia Princess Victoria Gotti is the latest member of the royal family to face hard times. Her Long Island mansion is facing foreclosure.
Even “stars” pay the piper
Lisa Colangelo and John Marzulli report for the New York Daily News that Victoria Gotti’s Old Westbury, Long Island mansion – the same one that was featured on the A&E reality TV series “Growing Up Gotti” – has barred the castle gates to its former princess. The late Gambino crime boss John Gotti’s daughter won’t get a mortgage loan modification from JPMorgan Chase. Victoria Gotti is behind $650,000 and hasn’t made a payment in two years, according to court documents.
JPMorgan Chase has been granted a summary judgment on the foreclosure. Currently, it is under consideration whether the six-acre property will be sold as one unit. The six-bedroom, seven-bath mansion is listed at $3 million. That’s after a $1 million markdown. Curse this stagnant home buying market…
“A booby prize”
Victoria Gotti blamed the troubles on ex-husband Carmine Agnello, whom she claims surreptitiously took a $856,000 loan against the castle. She became the sole owner in 2004; Agnello plead guilty to racketeering that same year. In the meantime, they defaulted on the mortgage during divorce proceedings.
“I won a house that was a booby prize riddled with debt,” Victoria Gotti said.
Make your payments
Agnello has since been released from prison, but Gotti says he still hasn’t paid alimony or child support. This is despite the fact that he is living well with a new wife.
“He still owes the federal government nearly $10 million and yet they still allow him to live this way?” Victoria Gotti said.
The yearly tax bill for the castle, which includes a stable and pond, is $92,000. Gotti says she managed to avoid foreclosure in 2005 when she paid $50,000 up front and agreed to continue paying $25,000 per month. Yet the payments stopped after a few months, which caused the banks mouth to water once more.
A new line of work
Victoria Gotti’s brother John Jr., who faces murder and racketeering charges, is also hurting for money. Thankfully a judge denied his bid for taxpayer funds to help his legal defense. Royals can only be given so much leeway. Then it’s time to get nasty.
Jessica Pressler blogs for New York Magazine that this may just be the perfect thing for Victoria Gotti. It’s all in how you work it, sister. Farsi bella; il mondo è in attesa per la sua principessa:
We know it feels like a booby prize now, but in reality this is probably a good thing for Victoria Gotti, who is, with her taut, fake-tanned skin, surgically enhanced features, and freakishly flaxen hair, the perfect spokeswoman for the overindulgence and overextension of the Boom. Really, just add some lowlights and contrition, hook her up with Countrywide CEO Angelo Mozilo for a couple of public service announcements (on mortgage loan modification), and it could revitalize her whole career. There really are opportunities in this market.
You had this ambulance chaser at booby prize…
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A lot of the wealthy have their troubles just like the rest of us. Granted, when someone has the cash to make payments on a multimillion dollar home, you’d wonder why they didn’t just buy a house they could afford outright, but I digress. It’s a bit hard to conjure sympathy for people that make that much more money than the average joe, but the other half get themselves in trouble. Hey, anyone remember MC Hammer? Got foreclosed on years ago, and then you have Willie Nelson’s troubles with the IRS. With all the cash they had to spend on huge houses, perhaps they should have splurged on accountants.
I’m on the same boat, Peter Stone. If she hasn’t made a house payment for two years, what did she spend her money on? Clearly, the answer is obvious. I don’t feel bad for people who are trapped in a fiscal turmoil because of their own irresponsible financial dealings. Evidently, her majesty was more concerned about her looks than her finances. Thus, she is now facing the consequences. It doesn’t matter who you are, a celebrity or not, you will end up at the same roadblock with that type of attitude.
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I just dont understand why do rich people not just buy their house, why get a mortgage? Its not guaranteed u will be still be rich 15 years from now, so why not just buy the whole house.
Thats sad, she has been paying $25,000 a month for years, and all of that is now going down the drain. This just doesnt make sense to me, when you get rich buy your home! And if you dont have the money to buy it outright, then you cant afford it! simple