Chad Johnson FACES FORECLOSURE & Borrows From Investors Amid Evelyn Lozada SPLIT!
In addition to all the other bad news, Chad Johnson has learned that his Miami condo is being foreclosed on. What happened? It turns out that he hasn't paid the $863-maintenance fees on his $400,000-16th floor crib at Two Midtown Miami since June 2009!
That puts him at a balance of $28,703...but it gets worse. Chad just took out a $150,000-mortgage from two private Palm Beach County investors, Michael Pomerantz and well-known dermatologist Patrick McPoland. He has until June 2015 to pay the principal back.
For collateral, he used a $350,000-Miami Springs house he bought for one of his baby mamas!
Oh, but there's more. According to St. Marteen's online newspaper, Today, the island may be demanding a refund of the money they spent on Chad & Ev's wedding that took place there last month. Apparently, St. Marteen offered up a whopping $90,000 in exchange for major publicity once Chad & Evelyn's reality show aired. Of course, the reality show was all about their nuptials, so the island and the resort they exchanged vows at-- Le Chateau des Palmiers--would have gotten some serious air time.
But now that the show has ben cancelled by VH1, and the marriage is kaput, the Finance Minister of the country says he has every right to ask for their money back:
The airing of the show would have given St.Maarten additional publicity as a tourist destination but like all other business ventures was an investment with a risk that the government was well aware of, Finance Minister Roland Tuitt said on Wednesday.
“It’s like if you invest in a marketing program. It is a risk you take when you are in business and you are investing and if the risk happens then you have to deal with the consequences.”
He indicated that a contract had been signed and contained clauses that St.Maarten could very well use to recover its money if it is not returned voluntarily.
Prime Minister Sarah Wescott-Williams said that the matter was still to be discussed at the level of the Council of Ministers to determine what definitive action will be taken by the government.