Why do some celebrities have mortgages?

In the past couple of weeks, I've read stories about celebrities who have mortgages-- Britney Spears for one, and Micheal Jackson. Apparently, there are quite a few others who also have home loans.


Does anyone know why this is? Why would people who make millions a year chose to get a mortgage instead of paying cash for their homes?Why do some celebrities have mortgages?
Tax purposes-- they can usually claim the payments on their taxes if they use the house for entertaining, security, etc.Why do some celebrities have mortgages?
The word is taxes. The more money you make the more money you have to pony up. And besides britney probably needed the cash for paying off her attorney fees. And as for ';Wacko Jacko'; ,well, let's not go there.
Owning a home is a great way to get tax savings .. also you can invest in other things that could make you a lot more with that liquid cash... Also large estates are not sold very fast and the value can decrease by hundreds of thousands of dollars. I currently have a client that purchased a home valued at 3,980,000.00 for 3,000,000. Seller can now move with the cash to reinvest either in real estate or investments...
we often do it to save on taxes babe
Many of them don't own their homes, they just rent houses and move around a lot. I think that might be what they mean by that. Also if they have financial trouble they would do what anyone does and get a loan on their home. They are also not all as rich as you think, many of them have money but it is tied up and they can't actually spend it.