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Real Estate Bubble Bursts All Over Veronica Hearst

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

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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.

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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.



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