Rich, Famous, and Facing Foreclosure
COLLINS: Quickly, we want to get this information in to us here in the CNN NEWSROOM. According to our Brianna Keilar who is in the White House gaggle, the off-camera briefing that we talk about so often here. We have some new projections for the budget deficit. According to senior Bush administration officials apparently that number is going to be something around $490 billion. They're saying the reason why it's being driven to record levels is because of the sagging economy and stimulus payments that have been sent off to people as we talked about here quite a bit. Once again, that new number, of $490 billion, going to be a record, the current record, $413 billion. Set back in 2004. So, we'll check in with Brianna Keilar coming up next hour from the White House. Also, want to look at these numbers for you now. Dow Jones Industrial Averages opening to the negative a little bit there. Down about 38 points or so. Resting at 11,333. Friday, we closed to the positive. But this week there's going to be a whole bunch of key economy factors. We'll talk about them throughout the week. Nothing major today. Remember that old saying it's not how much you make, but how much you save? Well, that wasn't apparently fell on deaf ears in much of Hollywood where the rich and famous are also falling victim to the nation's mortgage crisis. CNN's Brooke Anderson looks at some celebrity foreclosures.</s>BROOKE ANDERSON, CNN ENTERTAINMENT CORRESPONDENT (voice-over): Celebrities like Michael Jackson amassed multimillion dollar fortunes with their music and videos.</s>UNIDENTIFIED MALE: Here's Johnny!</s>ANDERSON: But sky-high salaries couldn't save these stars from the mortgage crisis gripping the nation.</s>RICK SHARGA, REALTYTRAC INC., V.P. MARKETING: Celebrities just like normal American citizens can be moving paycheck to paycheck too and can get in over their heads.</s>ANDERSON: Boxing champ Evander Holyfield is less than three weeks away from losing his Georgia mansion in a public auction. The heavyweight is in default on a $750,000 loan.</s>UNIDENTIFIED MALE: If you spend more money than you make, you know what happens?</s>ANDERSON: Ed McMahon risks foreclosure after falling $644,000 behind on a $4.8 million loan. McMahon's publicist is optimistic, telling CNN the home has not sold but is still on the market and people are looking. Michael Jackson narrowly avoided losing Neverland Ranch this year when an investment firm bailed him out of a delinquent $24 million loan. But former baseball MVP Jose Conseco did forfeit his California home, citing cash-flow problems due in part to costly divorces.</s>MARK DAVID, THE REALESTALKER: You know, to see somebody who makes millions of dollars in the course of their career have financial troubles. You know, I think it's hard for the average person to sympathize with that.</s>ANDERSON: Mark David tracks celebrity real estate moves and said it's often the extravagant taste of the rich and famous that costs them later, which David said could some day be the case for Ellen DeGeneres.</s>DAVID: She spent like $40 million putting this compound together. It remains to be seen whether she could ever turn around and sell that compound for $40 million.</s>ANDERSON: And reality TV star Denise Richards.</s>DENISE RICHARDS, ACTRESS: Nothing is working.</s>DAVID: She buys and sells every year, and she doesn't really seem to make any money. And in fact, she's actually lost money.</s>ANDERSON: Proof not even Hollywood royalty are immune to the housing meltdown.</s>SHARGA: There are probably hundreds of other people whose names you would recognize who just haven't bubbled up to the surface.</s>ANDERSON: Brooke Anderson, CNN, Hollywood.</s>COLLINS: Forced from their homes in Beijing. China trying to put on a good face for the upcoming Olympics.