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Asa Lovechild: Toni Braxton House Foreclosed On Again

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By Asa Lovechild

Tony Braxton has lost her Duluth home to foreclosure, according to TMZ. Braxton failed to make payments on a 1.5 million dollar loan that she took out in 2004. As of Tuesday, her house has been temporarily pulled off of the market. This will be her second house that she has lost due to foreclosure. Featured on the reality, show, Braxton Family Values, the 11,400 square foot home had all the bells and whistles, including a library, jacuzzi, six bathrooms, and six bedrooms.

Braxton’s troubles date as far back as, 2010, when she filed for bankruptcy. It is reported that Braxton is currently 50 million dollars in debt. When she filed back in 2010 it was said that she was also 50 million dollars in debt. Some of her creditors included, Cedar-Sinai Medical Center, Neiman Marcus and the IRS.

Before 2010, she filed bankruptcy in January of 1998, in an attempt to get out of a contract with LaFace Records. Is there a trend here? The buzz of a daytime talk show for her and her siblings could not come soon enough for the Grammy Award winner. With a revived career on the reality circuit, it should be no time before Braxton gets back on her feet.

This time around, instead of investing in a big sprawling home, maybe she should consider investing in a good accountant the she can trust. Just a few rules for artists out there: Before embarking on your career, take a finance class, read everything, and have a good lawyer. Somehow, Toni has always managed to resuscitate her finances and stay above water. There is no doubt that she will land on her feet this time around.

Asa Lovechild is an accomplished actress and singer out of New York City.
Follow @asalovechild
www.facebook.com/asaentertainmentgroup
www.asalovechildworld.com

41 Comments

  1. tiamete

    November 14, 2012 at 9:13 am

    It is time to get this mess together. She is not going to learn until her behind is on the street. Neiman Marcus is not even something that can be justified. The Medical Center and the IRS I can understand. I can’t conceive of being that much in debt. This woman does not believe in paying bills.

  2. Butch

    November 14, 2012 at 11:38 am

    What’s the big deal? Businesses do it everyday LOL! It appears she is getting her affairs in order. People don’t file BK for the heck of it. Something happened, and she was blind-sided, so she had no other alternative. The IRS needs to quit this BS, people work hard for their money, and to have 48% taken away and thrown in a melting pot for welfare programs is just weird. Why not be honest with people and JUST say, WE NEED YOUR MONEY! Its why this economy is snow balling out of control. White folks that are rich have networked *(Good Ole Boys Club)* to point they don’t pay taxes, everything is swept under the rug.

  3. Ana

    November 14, 2012 at 6:39 pm

    Don’t look down your noses at Toni, Donald Trump goes bankrupt all the time. It is just something to do. Only poor people find shame in bankruptcy.

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