Hearst Foreclosure

Villa Venezia, the Palm Beach home of publishing heiress Veronica Hearst, was sold in a foreclosure auction for $22 million. The buyer, New Stream Capital, has lent Hearst $40 million to date.

1. Golf pro Greg Norman attended the auction but did not bid
2. Hearst is the step-mother of Patty Hearst
3. Eight individuals or corporations bid on the house
4. Veronica Hearst is the widow of William Randolph Hearst's son Randy
5. Home purchased in July 2000 for $29.87 million

• Topix.net: Hearst Foreclosure
• Google News: Hearst Foreclosure
• PalmBeachPost.com: "Manalapan mansion of Hearst's widow sold in foreclosure auction" (February 25, 2008)
• CNBC: Existing Home Sales And "True" Measure of Market--Hearst Mansion (February 25, 2008)
• PalmBeachPost.com: "Oceanfront of red ink puts Hearst in bind" (February 24, 2008)
  • According to an October 2007 deposition, Hearst did not understand the details of her mortgage deal. "I am unable to understand completely a legal document because I'm not a lawyer."
• Radar Online: Fresh Intelligence: Veronica Hearst Faces Foreclosure on Palm Beach Mansion (February 5, 2008)
  • In addition to mortgage payments, Hearst owed considerable debts on the mansion: $375,000 in property taxes, $205,000 in insurance and $44,000 in utility bills.
• PageSix.com: Veronica Hearst's Villa Venezia mansion in Manalapan in foreclosure (February 5, 2008)
  • Veronica Hearst continues to claim that she has plenty of money and has argued that the foreclosure results from "a conflict of interest."
• Real Estalker: In Other Foreclosure News... (February 7, 2008)
• New York Post: "Foreclosing on Hearst Widow" (February 5, 2008)
• Google Blog Search: Hearst Foreclosure

• New York Magazine: Daily Intelligencer: Veronica Hearst posts
• New York Post: "Hearst Widow Estate Default" (October 18, 2007)
  • In 2004, Hearst allegedly sold off 1.6 acres of the estate around Villa Venezia for $6.2 million. She can't access most of her inherited funds to save them home because they are tied up in trusts.
  • Features a photo tour of the recently-sold home.
• Radar Online: Fresh Intelligence: Veronica Hearst's $27M Must-go Manse (April 5, 2007)

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