The Queen of Versailles: Naivetee, arrogance, or both?

A house that is ready to be foreclosed upon, a family whose idea of economy is taking a super stretch limo to McDonalds and hanging on to the solid gold purse while not paying the staff enough money and working them longer hours, you have to wonder how in the world this billionaire became a billionaire and why his children and wife seem to have the business sense of a retriever.

90 thousand square feet will soon be up for grabs when the threatened bank foreclosures take hold of the Siegel family home, or a short sale is arranged to avoid one. Back in 2012, with the house still under construction and billed as one of the largest homes in the United States, the Siegels had not grasped the fact that their reign was soon coming to an end. In a world where bank foreclosures and short sales are part and parcel of everyday life to many Americans, the Siegels were living in their own little dream world.

David is generally portrayed in the media as a study in hubris, telling the world that he was nearly “singlehandedly” responsible for putting George W. Bush in the White House. Nowadays his wife Jackie, in an attempt to save money, takes a stretch limousine to McDonalds to purchase a meal.

When asked questions about the remainder of the world and how they are having to tighten their belts to make ends meet, the Siegels respond “Let them eat cake.”

If you believe the portrayal of this family in the upcoming “Queen of Versailles” documentary, this is a family that loses multiple pets because they’ve lost track of them and/or forgotten to feed them, while dog feces is often deposited unceremoniously about the floor on costly rugs. It is a study in contradictions.

Today, rather than cake, the Siegels order dollar menu items from a stretch limo and hang on to the trappings of wealth, while trying to sell their home for more than 75 million–a home which is not yet completed.

The world looks in awe at the the lifestyles of people like the Siegels, while those who are a bit more practical can find in this story much cause to be amused and saddened.

You can see a gallery of over 100 photos of the Versailles project here.

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Real Housewife + real estate = real mess (Part Deux!)

Just because someone is on television does not mean they are any less likely to get their home foreclosed than anyone else.  A person can get put on the foreclosures list whether they are on television or not.  We had already reported that Alexis Bellino is facing foreclosure – but maybe it’s a trend.

The Real Housewife of Orange County, Peggy Tanous, is facing foreclosure stating the lending institution she financed her home through is not living up their end of the bargain.  The fight goes on for Peggy and her family.

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Krisen Bell takes a 1-Million bath on her California home

Kristen Bell bought a home in 2006 for over three million dollars.  Now, six years later the house is worth less than two million.  Six years between 2006 and 2012 has made quite a difference in housing value, and because of this loss her home is now on the list of foreclosures.

Because of the economy, houses are not as high in value as they once were, and now even celebrities are just as likely to get foreclosed as anyone else.

Real Housewife + real estate = real mess

The Real Housewife of Orange County, Alexis Bellino is facing the loss of her home through foreclosure.  With the help of a lawyer, Alexis is trying to keep her six bedroom home from going to yet another foreclosures auction.

The house is up for a short sale.  The asking price is a little over three million dollars.  The family has defaulted on the mortgage twice already, and only time will tell if Alexis Bellino can save her home from foreclosure in the near future.

Antoine Walker’s Florida foreclosure

One would think that a successful basketball player would be good at managing his own finances.  The answer to that is, not necessarily.  Antoine Walker, who once played for the Boston Celtics, is facing his Florida home on the foreclosures list.  Walker owes creditors a lot of money because he has a gambling habit that has left him in a lot of financial trouble.  The lesson here is that too much money can be a bad thing sometimes!