Sunday, January 2, 2011

Living Beyond Your Means

When living beyond your means goes bad:
Nicole Mitchell Murphy, ex-wife of legendary comedian Eddie Murphy, is nearly flat broke and on the verge of losing the mansion awarded to her in her divorce settlement.

As part of the couple's 2006 divorce settlement, Nicole received a one-time payment of $15 million, which she has reportedly blown through in a span of four years. Nicole has also been slapped with five IRS tax liens totaling nearly $850,000. In an effort to drum up some much-needed cash, the opulent 9,200-square-foot Spanish estate in Calabasas, Calif., that she lives in has been put up for sale for about $7 million.

Nicole and Eddie were married for 13 years and had five children. Instead of receiving monthly alimony payments at the time of their divorce proceedings, Nicole opted for a one-time pay out.

Over the years, Nicole has also made some pretty bad money moves, like investing quite a bit in an Internet jewelry business, a venture that quickly spiraled downward.

Uncle Sam isn't the only entity gunning for the 42-year-old stunner; she also has to settle an outstanding debt of $600,000 with a legal firm. A landscaping company also has its hands out claiming that Nicole owes $60,000. Nicole owns a Los Angeles-area home as well, and she reportedly owes $5 million on it.


Kimberly said...

Sounds like she needs a new sugar daddy!! I feel bad for the kids.

Polished Girl said...

I know, its sad how people can just blow through money as if there's no tomorrow. Give me 2million and see how long it lasts me :-)