Toni Braxton’s Foreclosed Mansion Already Under Contract

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TMZ reported today that singer Toni Braxton’s 6 bedroom, 6 bath Duluth mansion was in foreclosure. If you thought you could get a good deal on the $1.1 million mansion once owned by Toni Braxton, you’re too late.

According to Zillow.com, the 11,407 sq ft home, located in the affluent Sugarloaf subdivision, is worth about $773,000.

A foreclosure doesn’t exactly mean Toni is broke. The wealthy routinely walk away from million-dollar properties that are worth less than what the owners paid. It’s called “strategic default” when millionaires abandon bloated mortgages even though they can afford to pay.

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