Credit crunch celebs

Lucky for mega-rich celebs, they don’t have to worry about trivial things like money, right? Wrong! It seems even a Hollywood postcode can’t keep you from the global credit crunch. Okay, so they’re not exactly on the breadline, but these celebs are sacrificing their beach homes and their private jets! Ahlan! reveals what the stars stand to lose…

Lost: Racing car
Frankie Muniz
Racing enthusiast Frankie has had to slash the price of his Hollywood Hills home by Dhs680,000 to just Dhs13.6million. As Frankie’s selling up to concentrate on his new racing career, he’s now going to have to forget about a snazzy new racing car.

Lost: New York Loft apartment
Scarlett Johansson
Scarlett sold her trendy Tribeca loft back in April at a loss of Dhs191,000 – an amount unheard of in Manhattan. She bought the state-of-the-art duplex – with hand-painted Tuscan walls, cherry wood floors, limestone fireplace and floor-to-ceiling windows – for nearly Dhs7.2million back in January 2006 and, thanks to the housing crisis, she sold it for a mere Dhs6.9million.

Lost: Louboutins
Paris Hilton
Paris is going to have to tighten her purse strings! Thanks to plummeting house prices in LA, her Beverly Hills pad is losing an estimated Dhs237,000 a month in value – that’s around a 100 pairs of her treasured Louboutin shoes. The house may be worth Dhs22 million, but if prices continue to freefall, Paris may only get half that if she sells in five years.

Lost: Vegas nightclub
Jay Z
Jay Z sold his Vegas nightclub 40/40 last month, less than a year after it opened. The club has been plagued by financial problems since it missed its New Years’ opening celebration due to failed health inspections, and over 100 staff were let go as management realised how slow business was. Jay Z has been playing down the financial implications of the sale, saying, “The sale is a great business decision,” but financial watchers claim it was bought out because it was becoming a financial liability.

Lost: Neverland Ranch
Michael Jackson
Wacko Jacko may turn out to be the biggest credit crunch loser. Neverland Ranch – once valued at up to Dhs441 million – was recently given a reserve price of just Dhs73.5 million by auctioneers. Luckily, a finance group has stepped in at the last moment with a loan, so Michael won’t have to sell until the market recovers.

Lost: Twin condos
Damon Dash
Another hip hopper taking a financial hit is Damon Dash. He’s currently being sued for failing to make monthly mortgage payments on a pair of trendy Atlanta condos. The bank claims he hasn’t coughed up for the properties – worth a combined Dhs26.8million – since January and he’s now having to pay more than Dhs8million in taxes.

Lost: Pool and spa
Dido
Hit by the mortgage crisis, Dido put her three-bedroomed LA bungalow up for sale months ago. Despite the views of the Pacific Ocean, a pool, spa, media room and marble bathroom, nobody was buying, so the singer was forced to drop the asking price to Dhs16.3million – Dhs551,000 less than the asking price.

Lost: Hollywood mansion
Sharon Stone
Sharon looks set to lose Dhs1.8million after she was forced to sell her luxurious Hollywood home – for less than she paid for it. Sharon bought the Dhs20.2million mansion in 2006, but last month put it back on the market for Dhs18.4million. “Hollywood is feeling the market’s slowdown just like everyone else,” says LA-based property expert, Ann Brenoff.

Lost: Private jet
P Diddy
Diddy has been forced to ground his private jet because he can no longer afford the soaring fuel prices. The 38-year-old was forking out around Dhs735,000 a month on two round trips from New York to LA to pursue his ‘acting career’, and he can no longer justify the expense. “I’m actually flying commercial,” he ranted. “That’s how high gas prices are. We need to do something about it, so tell the next President we need to bring gas back down.”