Real estate data firm RealtyTrac found that foreclosures rose to a record 1.05 million last year, eclipsing the previous record of 918,000 a year earlier. That means 26% of all homes sold in 2010 were foreclosures, but foreclosures not only affect average Americans; the rich and famous are affected as well.
According to a recent news article written in the Waco Tribune by staff writer Mike Copeland, Willie Nelson’s Place, the famous truck stop located at the old Carl’s Corner in Hill County on Interstate 35E about five miles from Hillsboro, Texas, was recently foreclosed on and sold at auction for $6.4 million.
Country music legend Willie Nelson and his partners opened Willie’s Place in 2008. The grand opening in 2008 included performances from Willie Nelson, Merle Haggard, Ray Price, and eleven other well known performers. Willie’s Place, unlike traditional service stations, was one of the first places to offer ethanol as an alternative to gasoline. The popular truck stop not only offered ethanol, but there was a gift shop where Willie Nelson paraphernalia could also be purchased, a saloon, and a performance hall where locals often performed. Willie’s Place now belongs to corporate America.
Travel Centers of America purchased the foreclosed property at auction and plans on turning Willie’s Place into a modern Petro Stopping Center for motorists. Plans for the renovated facility include a service station, a convenience store, a Duncan Donuts shop and an Iron Skillet Restaurant.
The foreclosure of Willie’s Place should serve to remind all of us of the fraility of fame and fortune. Bankruptcy can happen to the rich and poor alike. Willie Nelson’s troubles with the Internal Revenue Service and his bankruptcy have been well publicised. As a matter of fact, the U.S. Bankruptcy Court allowed Willie to invest in Willie’s Place during his bankruptcy proceedings.
There is no easy way out of a bad financial situation. Hard work and determination are needed. Maybe you have found yourself in a difficult financial situation, and you are considering bankruptcy as an option. Bankruptcy laws can be complicated, and you might need a bankruptcy lawyer. If you want to file bankruptcy and you live in or around the metropolitan areas of McAllen, Edinberg, or Mission, Texas, contact us today at www.betterbankruptcy.com . We will help you find a bankruptcy attorney in your area who can answer your bankruptcy questions.
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