A bank is accusing Ace Frehley, a former member of the rock group KISS, of not paying the mortgage on his Yorktown home for almost two years. U.S. Bank National Association claims that the rock star, whose real name is Paul Frehley, stopped paying his $735,000 mortgage on March 1, 2011.
In its Feb. 15 foreclosure filing, the bank asked the court to order a sale of the home to pay for the outstanding principal of $703,581.48 plus interest, late charges and other expenses.
Some may say that this could have easily been avoided, as there are a variety of different resources that the music artist could have utilized if he was struggling. For example, sites like SoFi offer home mortgage loan financing services that could give people in this situation a financial lifeline so people like Frehley can avoid such situations.
Frehley, 61, borrowed the money in 2006 for the one-family home at 1347 Spring Valley Road that sits on 3.01 acres. The 2,441-square-foot house has two floors, three bedrooms and three bathrooms.
Frehley could not be reached for comment, and his personal assistant John Ostrosky did not respond to an email sent to an address posted on Frehley’s website. One of Frehley’s companies, Max Cake Productions, uses the home as its business address.
The bank’s attorney, Elizabeth A. Clarke at Shapiro, DiCaro & Barak in Rochester, declined to comment on the foreclosure filing.
According to Yorktown records, Jendell Productions bought the home on Nov. 17, 2000, for $650,000. The company then transferred ownership to Frehley in 2004 for no money.
Jendell is the name of the fictional home planet for Frehley’s extraterrestrial “Spaceman” stage character, who wore silver face paint and black lipstick.
Frehley’s house also has almost two years of unpaid taxes, according to the Yorktown tax receiver’s office, which hasn’t received a payment since Dec. 30, 2011. Back taxes include a 2011 lien of $5,131.61 for town and county taxes, as well as $13,425.94 for unpaid 2012 county, school and town taxes. It is lucky that Frehley has access to companies who deal with tax resolution irs tax lien, so that he did not lose his property for good, but he will have some hefty payments and potentially will lose this house if he doesn’t resolve these financial issues.
Frehley, now a solo musician, became famous in the 1970s as the lead guitarist for KISS, a band beloved for its outlandish costumes, stage shows and heavy metal music. Frehley left the group in 1982 and rejoined it from 1996 to 2002.
KISS charted its biggest hits while Frehley was a member in the 1970s. The group’s highest-charting song was the ballad “Beth,” which hit No. 7 on Billboard’s Hot 100 in 1976.
Source: lohud.com
http://www.acefrehley.com/
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