July 9, 2010

Olsen twins Dad Declares Bankruptcy

Posted in Bankruptcy, Forclosure tagged , at 4:56 pm by demetriagraves

The 24 year-old Olsen Twins may be richer than some small countries with their merchandising deals and fashion line but it seems that they’re not spreading the wealth to their dad. There are recent reports that the twins father, David Olsen, has filed for bankruptcy. David divorced Mary Kate and Ashley’s Mom in 1996 to marry his then-secretary, McKenzie with whom he has two children, Taylor, 14, and Jake, 12. Things don’t seem to be working out for David financially. David Olsen’s California home is in foreclosure to the tune of 2.2 million, and there are numerous reports David has had to file for bankruptcy to settle his debt with the bank.

Hearing about bankruptcy and foreclosure is a common occurrence for regular folks but it seems unusual when there are billionaires in the family. This has lead to all sorts of speculation on why the twins aren’t helping out their father financially.

The billionaire twins have their own company, started in 1993 (when they were 7), through which they put out their merchandise. They currently have a girls’ clothing and makeup line with Walmart along with a juniors’ line at JC Penny plus two higher end women’s fashion lines called Elizabeth and James and The Row.

Meanwhile Dad Olsen has fallen behind on payments for his property and he and his second wife McKenzie will be forced out of their home on soon if they don’t cough up the full amount and their home will be sold off at a public auction. This is not the first time their father has faced financial difficulty. Last year, he reportedly struggled to cover his tax debts. This is apparently because he had several tax liens but he was able to borrow enough money to cover them. It seems like he’s in a much worse financial position now and could lose his home at auction unless he’s able to come up with the over two million dollars owed.

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