Aug 22, 2024
Kevin Spacey is allegedly “refusing to leave” his lavish Baltimore condo after it was foreclosed on due to his "many millions" in legal bills. It was later sold at auction in July.
The 65-year-old actor wants to stay in the 9,000-square-foot home, which he bought in 2017 for $5.65 million, for an extra six months — supposedly “without paying anything,” according to the new owner Sam Asgari, a Pontomac real estate investor.
Advertisement
Asgari later seemed to tone down the accusation he made in The Baltimore Banner — which Spacey’s lawyers labeled as “false” — to suggest he was “trying to negotiate a move out date” with the controversial actor, who is millions of dollars in debt after fighting several lawsuits alleging sexual misconduct.
“He was going to leave in six months, but it costs so much money to keep that condo,” Asgari, who bought the luxury property at a foreclosure auction for $3.24 million, told the Baltimore Sun.
Asgari wants the actor to move out so he can get on with his plans for the five-story pad, which he eventually hopes to sell as “one of the most expensive houses in Baltimore.” If Spacey refuses to leave, he could face more legal action and potential eviction from his former home.
‘I can’t pay the bills’
Spacey admitted the sad fate of his waterfront residence — which is in the exclusive Pier Homes at Baltimore’s Harbor View community — back in June during an appearance on Piers Morgan’s talk show “Uncensored.”
During that interview, the two-time Oscar winner and former “House of Cards” star told Morgan: “Where I have been living in Baltimore is being foreclosed on. My house is being sold at auction [...] because I can’t pay the bills that I owe.”
He admitted he owes “many millions” of dollars in legal bills after allegations of sexual misconduct were filed against him in 2017. He was eventually found not liable in a New York lawsuit and was acquitted of charges in London, U.K., but that didn’t put an end to his financial troubles.
Advertisement
Spacey told Morgan: “There’s been a couple of times when I thought I was going to file [for bankruptcy] but we’ve managed to dodge it,” adding that he wasn’t sure where he would live after his house went to auction.
The property, which is a combination of two townhouses and features six bedrooms, seven bathrooms and luxury amenities like a home theater, sauna, a billiard room, and a 76-foot roof deck with a spa, officially went to auction on July 25.
According to The Baltimore Banner, Asgari won his multi-million dollar bid within 15 minutes and had to put a $100,000 deposit down to lock it in.
Per the foreclosure auction terms in Baltimore, the sale must be ratified by the court (a process that can take up to 30 days) and then the title will officially pass to Asgari, who then has 10 days to pay the full amount owed, as well as any additional taxes, interest and penalties.
If Spacey overstays his welcome, he could be dealt a “notice to vacate” followed by a “writ of possession” (a legal order that allows the new owner to take possession of the property) and possible even a sheriff’s eviction and further legal consequences — all things Spacey will want to avoid as he tries to rebuild his reputation and, as he told Morgan in June, “get back on the horse.”
Must Read
- Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — are you doing the same?
- Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how
- Robert Kiyosaki says this 1 asset will surge 400% in a year and begs investors not to miss this ‘explosion’
Join 250,000+ readers and get Moneywise’s best stories and exclusive interviews first — clear insights curated and delivered weekly. Subscribe now.
Facing foreclosure
If you find yourself deep in debt and are concerned your property could soon face foreclosure, there are certain steps you can take to potentially avoid losing your home.
Advertisement
First off, it is worth communicating with your mortgage lender to see if you can make modifications to your loan to make the monthly payments more manageable. You may also be able to negotiate forbearance, a temporary reduction or suspension of your payments until your financial situation has improved.
To secure the latter, you would have to demonstrate your need for postponing your payments, such as financial difficulties brought on by a major illness or the loss of a job.
You could also consider filing for Chapter 13 bankruptcy which can temporarily stop the foreclosure process and give you time to reorganize your debts and make your past-due payments over a reasonable period of time.
If you need help understanding the law and your options, you can access free or very low-cost counseling from the U.S. Department of Housing and Urban Development (HUD). Avoid foreclosure prevention companies who may contact you promising to negotiate with your lender as they often charge a hefty fee for information you can get for free from HUD.
Finally, watch out for foreclosure recovery scams, where firms claim they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf. If you do this, you may well be signing over the title to your property and become a renter in your own home.
You May Also Like
- Turning 50 with $0 saved for retirement? Most people don’t realize they’re actually just entering their prime earning decade. Here are 6 ways to catch up fast
- Inside a $1B real estate fund offering access to thousands of income-producing rental properties — with flexible minimums starting at $10
- Vanguard’s outlook on U.S. stocks is raising alarm bells for retirees. Here’s why and how to protect yourself
- Here are 5 easy ways to own multiple properties like Bezos and Beyoncé. You can start with $10 (and no, you don’t have to manage a single thing)
Bethan Moorcraft is a reporter for Moneywise with experience in news editing and business reporting across international markets.
