Chris Tucker's Foreclosure: 'Rush Hour' Star Owes $11M to IRS
Chris Tucker's foreclosure is probably unsurprising to his fans: he owes upwards of $11 million to the IRS in back taxes.
Why shouldn't Rush Hour fans be surprised? The comedian has even worked his financial woes into his routine. "That's the last time I let Wesley Snipes help me out with my taxes," Tucker recently joked during an act.
For those that haven't heard, Snipes is in prison serving time for evading taxes.
But losing a home is usually no laughing matter. And in Tucker's case, it seems that he's about to lose his $6 million mansion in Florida.
This is especially sad because Tucker's house comes complete with a pirate ship-themed basement.
Tucker still owes the bank $4.4 million. Adding to his woes? The IRS imposed an $11.5 million lien on the house last year.
A lien is essentially a claim on a piece of property that is imposed as a result of a debt. If you don't pay the debt, the person who holds the lien on the property can go to the court and ask them to foreclose the property and sell it. The holder of the lien will get the amount of the lien, and the property owner will get the difference between sale price and the lien amount.
The mortgage holder is also usually in line to get some money. And it typically gets paid before the lien holder.
Let's do some math: say the house sold at $6 million. Tucker still owes the mortgage company $4.4 million. If they get paid first, there will be $1.6 million left over. But since there's an $11.5 million lien on the property, the IRS would get the rest.
So basically, Chris Tucker's foreclosure sale wouldn't exactly leave the star flush with cash. Sadly, it seems that not even high-paying celebs can afford mansions these days. You'd think someone who signed a two-picture deal with New Line to star in the Rush Hour franchise worth about $40 million would be able to afford a mansion or three.
Chris Tucker facing foreclosure of mansion; Ne-Yo is a dad again (Washington Post)
What is a lien? (FindLaw)
Wesley Snipes Tax Evasion Appeal Denied by Supreme Court (FindLaw's Celebrity Justice)
Burt Reynolds Faces Foreclosure in Florida (FindLaw's Celebrity Justice)