Growing up homeless? Victoria Gotti's home faces foreclosure

Supermodel-turned-mob wife turned-reality TV star Victoria Gotti's home is in foreclosure, with a court having cleared the way for JPMorgan Chase to foreclose on the Long Island palace.

New York has an idea for how Ms. Gotti can use this as an opportunity to revitalize her career: "Really, just add some lowlights and contrition, hook her up with Countrywide CEO Angelo Mozilo for a couple of public service announcements, and it could revitalize her whole career. There really are opportunities in this market."

MoneyWatch's Ali Rogers adds that
"The cause of the "Gotti Gotcha?" News reports say that Victoria Gotti hadn't paid her mortgage for two years. (Fans of celebrity real estate may remember the case of Ed McMahon, who had a similar attitude of I'm-going-to-toss-the-next-24-mortgage-bills-in-the-trash-and-see-what-happens.)"

Ah yes: The old don't pay your mortgage for two years. The home is now being listed by Laffey Associates for $2.9 million. The Capital Letters Happy Listing Consisting Of One Really Long Sentence Informs Us That:

"This Exquisite Custom Brick Estate With Old World Charm And Elaborate Detail On 4 Acres Of Magnificent Property Was Built In 1993 And Features A Pool With Cascading Waterfalls, Guest/Cabana House, Gazebo With Pond, Stable/Paddock, 4 Car Garage. Fountains, Children's Playground, Tennis Court."

News reports suggest that the Gotti Boys offered their entire collection of hair spray and cologne to the bank to try avert repossession, but the total value was just one-half of the mortgage balance outstanding.
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