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
46.

Paddy    

Buy it for cash, THEN apply for a mortgage. Not sure why a mortgage is needed when you're worth a hunnert million. The FM prolly has a kickback deal with the mortgage company.

Justin, take control of your OWN money. Look what happened to Leonard Cohen. At least, don't put it all under one FM, use 4 or 5. Keep a VERY close eye on what's goin' on bud.

850 days ago
47.

Cally    

I'm way too old to be a Bieber fan - never even heard his music - but if this story is true, it's yet another testiment to how strong and influential his mother has been, and continues to be. Someone mentioned "rich people problems". How about "good people values"? Teaching your children not to waste money, to pay a fair price for what you want, but nothing more and nothing less. Isn't that what's happening here?

I'm single Mum, I taught my son that (he's 2 years older than Justin), and he also wouldn't just pay what someone wants without first finding out what it's actually worth. He'd use that extra million for something worthwhile; no reason to believe Justin Beiber won't also.

Kudos to Beiber-Mum and Beiber-Son, keeping it real and doing what's right no matter what the bank balance is.

Lohan-Mum, Spears-Mum ... and all the rest, look and learn. THIS is how you raise a responsible child in the spotlight (or one not in the spotlight, for that matter).

849 days ago
48.

rrrrrrrrrrr    

This kid is annoying to me, but he has found a niche and marketed his talent. He EARNED the money. I don't get people saying he needs to donate the money to charitable organizations, or he does not need the house, or not one this large. It is HIS money to do with as he pleases. This is still a free country--at least for now.

849 days ago
49.

Dick Lepre    

You cannot deduct interest on more than $1,000,000 of mortgage debt.

849 days ago
50.

Jane    

Wow! he is hardly hurting... we need more anti bieber pictures like THIS bitly.com/HLw7w7 hahaha! Hope bieber likes BEES!

845 days ago
Previous 15 Comments | 1 | 2 | 3 | 4

Around The Web