Oh dear.Your Mama is guessing The Widow Hearst's desperate dance of debt refinancing didn't bear much fruit because her monstrous Manalapan mansion is indeed headed into the tawdry and messy world of foreclosure. The sprawling Mauricio Fatio designed Villa Venezia is currently scheduled to be auctioned off on the Palm Beach County courthouse steps on February 25th. GASP! Somebody pass Your Mama the smelling salts.
The 28,000 square foot, 52-room behemoth has been on and off the market for years and was recently listed at$27,000,000, far less than the $29,900,000 Veronica Hearst and newspaper heir Randolph Hearst paid for the oceanfront property just a few months before ol' Randy kicked the bucket back in 2000. But children, even a full price purchase by some filthy rich lock jaw won't begin to cover the three mortgages on the property which are reported to total a vomit inducing $45,000,000.
Yes children, Mister Hearst did leave a gigantic amount of money behind, but it must be tied up in all kinds of complicated trust that aren't very accessible to Miz Hearst because she wasn't able to convince the trustees to crack them open even though the aging Bible scholar can beg and plead in seven languages.
What Your Mama wants to know is did the apparently cash poor Miz Hearst mortgage the hell out of this Palm Beach property to pay for her lavish Fifth Avenue society bee-hawtcha lifestyle?
Although Miz Hearst claims to have plenty of money, the poor thing–and we mean it in the financial sense–is so strapped for cash to pay the $600,000+ per year maintenance bills for the Villa Venezia that she's reported to have mortgaged part of her art collection.
Oh children, unfortunately for The Widow Hearst, this can only end in tears and humiliation.
Foreclosing on Hearst Widow (NY Post)
Veronica Heart's $27M Must-go Manse (Radar Online)
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