TMZ

Our TV Shows

Got a Tip?

Call TMZ at (888) 847-9869 or Click Here

Justin Bieber

The Housing Crisis

Is Hurting Me Too!

3/28/2012 5:00 AM PDT BY TMZ STAFF

0327_beiber_house_tmz_compsite_ex
Justin Bieber is suffering the effects of the housing crisis ... just like millions of other homeowners ... because he can't get the mortgage he wants on the house he wants to buy.

TMZ broke the story ... Justin has made an offer on a 9,000 square foot estate in Calabasas, CA ... a ritzy area with gated communities 20 miles from Hollywood. We've learned the hang-up is that the property didn't appraise near the asking price of $7+ million. 

Justin could easily afford to plunk down the asking price, but we're told his business manager has insisted that he take out a mortgage, because it makes good financial sense. But we're told the appraisal has come in significantly under asking -- more than a million under. As a result, Justin can't get the mortgage his business manager wants.

So Justin and the seller are haggling over price, trying figure out if they can agree on a price that will allow the 18-year-old to get a mortgage. We're told Justin is willing to pay $6 mil but the seller is blanching because he sunk way more than that into the property.

It's tough for everyone in these difficult times. Well, not really.

0328_justin_bieber_house_footer

57 COMMENTS

No Avatar
31.

Lisa    

LIAR. That's a ridiculous excuse. If he really wanted the house, and was willing to pay 7 million, he would pay 1 million and mortgage 6 million. He just wants the house for cheaper, and he's using the appraisal as an excuse. Transparent.

884 days ago
32.

Lisa    

You guys, I know what his manager means. He wants him to mortgage it and pay the mortgage off quickly in order to raise his credit. That's a huge jump in his credit score if he pays off a mortgage.

884 days ago
33.

Eleonora49    

What I was told the housing problem is not over !!Some Rich guy from Greece pumped Money into the Stock market I was told to make all look good until Obama is back into office for a another turn.Then He will pull all out and under...so it will fall again I was told.And then there is the baby Boomer bust still caming too.DO not buy Taxes on a home to high.Homes have really no Value back yet,The Job market and our pay is not there!!Cost of Daily living way up to high!!!Our Pay sinks !!!So you can make all look good on Paper.We need the Truth no lies !! Basic FACT WE ARE ALL STILL IN THE **** HOUSE !!!!!!!!!!!!!!!!!

884 days ago
34.

ju    

what a comment to make some people cant afford a pot to piss in why do you need a big home like that hes acting like its a crisis well when you voice starts changing and your history thats what happens when ya get older you will fade away

884 days ago
35.

AlexandroTheGreat    

Look up "blanching." I think you meant "balking." Spell-check doesn't catch mistakes like these.

884 days ago
36.

pimpc    

Douche!!!

884 days ago
37.

spoutinghorn    

Mortgage interest is deductible, that's why he's not paying cash.

884 days ago
38.

Xenu    

This article is actually insulting to working class Americans.

884 days ago
39.

dee dee    

We all know you have the money, but dear, you don't need a house that big.

884 days ago
40.

Tucker Kao    

Check out the floor plan of this 17,200 square foot mansion I designed.

Main Floor - http://i41.tinypic.com/zxpfgo.jpg
Second Floor - http://i41.tinypic.com/2h7g9pc.jpg
Basement - http://i39.tinypic.com/33wl1s3.jpg

Round beds are most suitable for some polygon shaped bedrooms.

I want to send this to Justin Bieber - please help.

884 days ago
41.

Susan62509    

Bieber's jacket looks like it was made from a kids bedsheet.

884 days ago
42.

Susan62509    

When a person makes the amount of money Bieber does, they need tax write offs. The mortgage interest you pay every month against the loan is deductible from his annual taxes. Bieber has a great business manager to guide him financially so Bieber doesn't spend his own money unwisely. A home is a financial investment and when the housing market blooms again, Bieber will make a profit when he sells. No bank will loan more than the appraisal and sellers won't accept a sale lower than an appraisal unless they are desperate. Bieber needs to follow the advice of his manager. Most managers don't care about their client and that is why so many celebrities are broke. TMZ writes about them all the time.

884 days ago
43.

one direction lover    

I don't think he should move hes growing up way to fast I LOVE HIM REPEAT LLOOOVVVEE HIM IM OBBSED WITH HIM BUT I REALLYDONT WANT HIM 2 LEAVE GEORGIA he has only had i concert in the VA 2i want him 2 come to virgina again so i can go

884 days ago
44.

Becca    

The Biebs looks very much like Eddie Munster in that pic.

Back on topic: Me thinks he should still be living with his parents. He seems too busy and too young to have a home of his own.

884 days ago
45.

Ben    

"but we're told his business manager has insisted that he take out a mortgage, because it makes good financial sense"

NOT THAT IT WILL HAPPEN TO HIM BUT how many times have you seen someone in Sport or Holly loose the house cause they can't make enough anymore. If you can Pay the dame thing off and if you ever do go broke, what get out the house is yours.

884 days ago
Previous 15 Comments | 1 | 2 | 3 | 4 | Most Recent | Next 15 Comments

Around The Web