Lindsay Lohan: Home on the Auction Block

By Teresa Ambord

Another round of bad news for the Mean Girls star Lindsay Lohan (age twenty-six) and her mother, Dina (age fifty). In early February they were greeted by an envelope tacked on the gate of their Merrick, New York, mansion. The envelope was marked "Important Information Enclosed" and was stuffed full of foreclosure documents, according to the process server from JP Morgan Chase Bank. This is the last in a series of efforts by the bank to foreclose.
 
Lindsay has been staying with her mother in the home in Merrick, presumably because Lindsay is under a load of money troubles. Looking back over the last few years, part of Lindsay's financial problems

There's more on AWEB!

Do you have colleagues or clients who might like to receive the free AccountingWEB newsletter?
• Practice
• Education
• Tax
• A&A
• Technology
• Wealth Management

could stem from her efforts to bail out her mother. 

 
The bank has been threatening foreclosure on Dina's home as far back as 2005 (when Lindsay was only eighteen). Dina has been able to hang on, by establishing new payment agreements and, with Lindsay's help, making the payments for a while. Eventually however, she fell behind again, and a new threat has arisen. 
 
In 2012, the bank began rattling the saber again. And again, Lindsay helped save the home by loaning her mom $40,000 to give the bank. Now, just months later, the bank is back.
 
The tendency to spend unwisely may run in the family, with Dina in debt more than a million dollars. History shows that she may have relied too much on her daughter's ability to come to the rescue. Now with Lindsay's own resources severely depleted, the band-aid fixes to the mortgage debacle may be over. If the foreclosure goes through, it'll be yet another sad chapter in the young star's life. 
 
Related articles:
 

You may like these other stories...

Many senior US tax professionals believe that a streamlined audit process will be the top benefit resulting from the IRS Transfer Pricing Audit Roadmap, a new toolkit organized around a notional 24-month audit timeline,...
Tax accounting to be simplified for money-market fundsThe US Securities and Exchange Commission (SEC) voted 3-2 on Wednesday for sweeping changes to institutional money-market funds, Emily Chasan, senior editor of...
By Cathy Stopyra and Todd SimmensUnderpayment interest, refund interest, and penalties charged to businesses are just a few of the considerations the IRS calculates when determining taxation for a given company. Though...

Upcoming CPE Webinars

Jul 31
In this session Excel expert David Ringstrom helps beginners get up to speed in Microsoft Excel. However, even experienced Excel users will learn some new tricks, particularly when David discusses under-utilized aspects of Excel.
Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.
Aug 20
In this session we'll review best practices for how to generate interest in your firm’s services.