'Girls Gone Wild' Honcho Foreclosure Looms On Fancy Pad

EXCLUSIVE
0920_joe_francis_bel_air_house_launch

update_bar
11:40 AM PDT:  We just spoke to Joe ... who told us he's contacted his accountant who's going to take care of the problem.

gray-bar-update

Joe Francis
' money problems are compounding -- 7 months after "Girls Gone Wild" declared bankruptcy, his bank has started foreclosure proceedings on his Bel Air compound.

The estate is sick ... worth an estimated $11.4 mil.

According to JPMorgan Chase Bank ... Joe has slacked off on mortgage payments to the tune of $127,686.91.   

In addition to "Girls Gone Wild" filing for bankruptcy ... Joe's also been ordered to personally pay $19 million to Vegas casino mogul Steve Wynn. And we're not even gonna mention the jail sentence hanging over his head.

Calls to Joe weren't returned.