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Russell Simmons recently took the “L” on his Saddle River, NJ mansion, which was once featured on “MTV Cribs.” The hip hop mogul purchased the property back in 2007 for $23.7 million, and sold it for a measly $10 million. Eeeeekkkk! Originally his crib was placed on the market for $24-mil, then dropped to $20 mil and then fell to…well you know the rest.

The Saddle River pad is approximately 35,000 square feet, includes 50-seat indoor theater, pool, gigantic backyard and…*inhale* the list could go on forever!

Dang…the housing market has everyone’s “panties in a bunch!”

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Tiger moves to the concrete jungle……

Tiger Woods was spotted moving into his new bachelor pad downtown in New York City over the weekend. A witness says the newly divorced “cheetah” made his rounds by “introducing himself as the new neighbor.”

I hope Tiger can keep his paws clean! *wink wink*

Comedian Eddie Murphy won’t be joking about this…..

Nearly five years after his posh seven-bedroom Englewood, N.J., mansion went on the market for $30 million, the actor has slashed $15 million off the asking price. The reason?? Still no buyers.

The lavish gated estate, known as Bubble Hill, is 25,000 square feet, boasts 32 rooms and comes complete with a bowling alley, theater and recording studio. It also has a full-size racquetball court, indoor pool, elevator and a carriage house with gym. Annual taxes alone are $197,723. (Gasp, I just swallowed my tongue)

POP THE HOOD FOR MORE CELEBRITY ESTATES……

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POP THE HOOD TO FIND OUT WHO….

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While 50 cent is busy focusing on his new album “Before I Self Destruct” as well as his directorial debut on a short film, his staffers are becoming a menace. An employee of 50 Cent‘s company G-Unit is facing assault charges following a fight at Fitty’s Connecticut mansion.

Dwayne McKenzie reportedly was asking a woman for oral sex during a party. A friend took offense, and the woman left the party with her friend. Another woman, a friend of McKenzie, then jumped the woman who wouldn’t give McKenzie oral sex, and while McKenzie held her down, his friend smashed her in the head with a hard object, leaving a big gash. McKenzie claims he took pepper spray to his eyes.

Doesn’t there seem to be a lot missing from this story??!!? Well the full truth will eventually come out one way or another. 50, who has put the mansion on the market for more than 10-million dollars, wasn’t there during the party.

Dammn Damnn Dammnn, Another Real Housewife with no house!!

According to TMZ, Lisa Wu Hartwell and her husband, former Oakland Raiders linebacker Eddie Hartwell, were booted from their multi-million dollar Georgia mansion last week. The bank is said to have foreclosed on the place and sold it shortly after. 

Hartwell’s rep tells us the couple was in talks with the lender to restructure the loan because the home had lost value — but that failed. They originally bought the place for $2.9 mil back in 2007 — but the bank only got $1.9 mil when they resold it this month. 

Unfortunately forclosure’s are at a grand high in Atlanta right now. Much like the rest of the country, jobs are at a low and bills are at a high. Even though letting their home be foreclosed on may sound like a raw deal, I think it may have been a smart move for the Hartwell’s.

Check it out, if they only put a small amount down on the house, then purchasing another home for significantly less and then walking away from an over inflated mortgage saves them mucho guap. Then when the market comes back in a few years they can ride the equity back up in their new property. No loss!!! I’m a real estate investor and so is Lisa so I’m sure she knows this, plus she’s a smart girl.