Hollywood stars lose money in housing slump

Celebrities lose millions of dollars as housing slump hits US

A-listers in Hollywood are losing their millions as the housing collapse in America has forced them to cut the price tags of their mansions.

Business magazine, Forbes, has compiled a list of some of the celebrities who have been affected most by the property slump.

Avril Lavigne has been forced to slash her five-bedroom, six-bathroom house in the Hollywood Hills from $6.9 million (£3.6 million) to $5.8 million.

Whilst former Guns N’ Roses guitarist, Slash, is so cross about the amount of money he has lost on his Hollywood mansion that he is suing his former estate agent. Slash bought the home for $6.2 million in January 2006 and sold it in December for $5.7 million.

British hairdresser, Vidal Sassoon, has also been affected after cutting $5 million from the asking price of his home, which still remains unsold.

Finally Dido, who includes Leonardo di Caprio and Tobey Maguire among her neighbours, is yet to find out if she will be hit by the collapse after only just putting her three-bedroom home on the market for $4.6 million.

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