These days, leasing is all the rage, at least for those looking to cover their mortgage payment without actually selling their home.

And now the King of Pop, who narrowly escaped foreclosure on his sprawling Neverland Ranch, is getting on board.

According to an article in the LA Times, Michael Jackson has signed a one-year lease for a Bel Air-area mansion at a whopping $100,000 a month (perhaps he knows better than to buy in this market).

The 7-bedroom, 13-bathroom, 12-fireplace French-style estate was one of the most expensive homes offered for sale in L.A. last year, go figure.

Jackson’s manager-spokesman Tohme Tohme said Jackson wanted to be closer to the action of Hollywood, and noted that Jackson could take the time to build his very own dream house.

Regarding his recent rumored financial woes, Jackson is set to auction off more than 2,000 personal items, including his glittery silver glove in Beverly Hills this April.

(photo: cmpalmer)

The following is a list of celebrities who have faced foreclosure in the last year and change. Sadly, this list is likely to grow as time goes on, and I’ll do my best to update it frequently, as needed.

Keep in mind that the celebrities on this list may not have actually lost their home, despite being in foreclosure proceedings.

Celebrity Foreclosure List:

Adam “Pacman” Jones – $1.5 million Nashville home in foreclosure
Amber Frey – former girlfriend of murderer Scott Peterson faces foreclosure
Aretha Franklin – unpaid back taxes threatened loss of home
Damon Dash – faces foreclosure on two Manhattan apartments
DMX – facing foreclosure on his Phoenix, AZ-area mansion
Doug E. Fresh – facing foreclosure on three NYC properties
Dustin Diamond – sold t-shirts to allegedly save his Wisconsin home from foreclosure
Ed McMahon – avoided foreclosure after finding buyer for Beverly Hills mansion
Eddy Curry – former Chicago Bulls star’s Chicago mansion in foreclosure
Ernestine Anderson – home saved from foreclosure thanks to donations from fans
Evander Holyfield – $10 million Atlanta estate was in foreclosure until settlement reached
Fantasia Barrino – former American Idol’s Charlotte home in foreclosure
Jose Canseco – walked away from $2.5 million home in Encino, CA
La Toya Jackson – Las Vegas condo in default
Latrell Sprewell – Milwaukee home foreclosed upon
Lenny Dykstra – facing foreclosure on $25 million Thousands Oaks, CA home
Michael Jackson – avoided foreclosure after Neverland Ranch purchased by investment company
Michael Madsen – lost $10 million Malibu home to foreclosure
Marion Jones – bank foreclosed on her $2.5 million Chapel Hill, NC home
T-Boz – former member of R&B group TLC, losing Georgia home to foreclosure
Toni Braxton – facing foreclosure on Century City, CA property
Scott Storch – unable to pay half million in property taxes on $10 million Miami mansion
Veronica Hearst – $23.5 million Florida mansion sold in foreclosure auction
Victoria Gotti – losing $3.2 million Long Island mansion to foreclosure
Vin Baker – $2.95 million foreclosed Connecticut home up for auction
Whitney Houston – sold Georgia home during foreclosure proceedings
Wyclef Jean – Miami mansion in foreclosure
Xzibit – facing foreclosure on California home, owes hundreds of thousands in tax liens

If you’re facing foreclosure, check out a list of ways to avoid foreclosure.

Less than a year after it was built, a home newly constructed by the “Extreme Makeover: Home Edition” team was listed for sale.

The Pennsauken, New Jersey property was built in less than a week by thousands of volunteers last summer as a favor for a man and his five sons who were apparently living in poverty.

The 3,000 square foot, 0.12-acre lot, four-bedroom home was listed last week by ZipRealty for $499,900 and has since been taken off the market.

The owner of the home failed to comment on the record, but was reportedly angry with the a local publication for running the feature story.

Unfortunately, the next most expensive listing in the area is being offered at a mere $324,900, which leaves the prospect of a sale rather grim.

Local real estate agents have warned that it will be difficult to sell the property for this reason, likely because few (if any) banks and lenders would be willing to settle on a value that exceeds all neighboring homes, especially during a nationwide housing crisis.

It’s unclear why the family put the home up for sale, but it’s hard not to speculate that the housing crisis has something to do with it.

The story, reported by local paper, “CourierPostOnline.com” details the listing and the drama that has now ensued.

(photo: kf)

Former MLB slugger Jose Canseco has walked away from his mortgage amid slumping real estate prices and hefty legal fees, according to the Wall Street Journal.

According to the WSJ, Canseco purchased the 7,300 square-foot Encino, CA home for $2.8 million in 2005 with a Washington Mutual loan, but it later fell into default in October and was recorded as a foreclosure in February.

Apparently the drop in house values recently stripped about $1 million in equity from the home, making its mathematically appropriate to just walk away.

There was also reportedly an IRS tax lien and a judgment related to a bar brawl involving himself and his brother in Miami in 2001 tied to the property that totaled $1.3 million altogether.

The news broke after Canseco conducted an interview with Inside Edition, while shopping his new book titled, “Vindicated”.

Asked how a baseball star who released two tell-all books could possibly have financial concerns, Canseco noted that his situation was complicated.

He basically explained that a few divorces coupled with taking care of his family for the last two decades got expensive, especially when he was the relied upon source for cash.

Canseco added that he has a much more modest home now, and no longer the neighborhood’s mega-hotel.

(photo: baltimike)

The loan tied to the 2,700 acre Santa Ynez Valley ranch-cum-amusement park owned by Michael Jackson is apparently in default.

If the $23 million dollar loan and subsequent interest (believed to be $212,963) aren’t made up-to-date, there is a chance that the property could be foreclosed upon.

It’s unclear what type of financial shape Michael Jackson is in, but it’s doubtful that the current real estate bubble burst has anything to do with it.

Though it’s unlikely that Jackson’s property was financed with a high-risk mortgage, even if it was, the current housing shake-up shouldn’t be enough to stop a multi-millionaire from making his mortgage payments.

Regardless, the property could add to the growing number of foreclosures currently being chalked up throughout the country.

Earlier this year, Jackson closed the house on his Neverland Ranch and laid off some of the employees there after he moved to the middle eastern country of Bahrain.

Yes it’s cool, but no, the house isn’t really in Beverly Hills, California.

The picture above is a screen shot of the famous Walsh home that served as a landmark for televisions viewers worldwide during the 90210 years.

The house is depicted by a little white asterisk but you should recognize the home regardless.

The real location of the Beverly Hills 90210 house is actually 1675 E Altadena Dr, Altadena, CA 91001, a far cry from the real Beverly Hills.

If you’re a true fan, you may consider visiting the home at some point if you’re in or around Los Angeles.

Altadena is just northeast of Los Angeles about 20 miles, slightly north of Pasadena.

In case you were wondering what the Walsh house would go for today, check out the valuation map below from Zillow.com.

The price of $1,216,309 seems reasonable enough, too bad it’s not for sale.