Get Your Fresh Intelligence Daily

SUBMIT

Real Estate Bubble Bursts All Over Veronica Hearst

Oct. 27 2008, Published 7:07 a.m. ET

Link to FacebookShare to TwitterShare to Email

AT LEAST SHE HAS HER LOOKS Veronica Hearst and her repo castle Back in April, we gave you the photo tour of Veronica Hearst's 28,000-square-foot Manalapan mansion south of Palm Beach, Florida. Mother of socialite Fabiola Beracasa, stepmom to kidnapped, machine gun-wielding stencil icon Patti Hearst, and widow of Randolph Hearst, 'Roni owes $45 million to New Stream Secured Capital, which holds three mortgages on the property. Then there are the bills: $375,000 in property taxes, a $205,000 insurance premium and $44,000 in utility bills, the New York Post reports today. At last report, Hearst had lowered the asking price of the manse she and Randolph bought in 2000 for $29.9 million to $27 million, but it didn't move, and now she's facing foreclosure.

Article continues below advertisement

She has insisted she's about to free up some cash, but she already pays $290,000 a year in interest on loans made against her art. Randolph, who left her free of debt on everything but the house when he died, was said to have taken out several bridge loans to cover her expensive tastes. On the plus side, we hear Big Lots is looking for part-time cashiers.

Click here to take a tour of the Villa Venezia for old times' sake.

Advertisement

© Copyright 2021 Radar Media Group LLC. Radar and RadarOnline are registered trademarks. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.