TMZ reported today that singer Toni Braxton's 6 bedroom, 6 bath Duluth mansion was in foreclosure. If you thought you could get a good deal on the $1.1 million mansion once owned by Toni Braxton, you're too late. According to Rodney Ho of AJC's Radio & TV Talk blog, the home is already under contract.
From Rodney Ho:
[UPDATED at 3:37 p.m.: I just confirmed from Patel Real Estate Group, the listing agent, that the house is now under contract. That doesn't necessarily mean the deal will close but that puts it off the market for now.]
The home, built in 2001, had been up for sale for more than four months. It has six bedrooms, six baths, jacuzzi and three-car garage.
According to Zillow.com, the 11,407 sq ft home, located in the affluent Sugarloaf subdivision, is worth about $773,000.
A foreclosure doesn't exactly mean Toni is broke. The wealthy routinely walk away from million-dollar properties that are worth less than what the owners paid. It's called "strategic default" when millionaires abandon bloated mortgages even though they can afford to pay.
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