Ace Frehley, also formerly known as "Space Ace" from KISS is facing home foreclosure, reported New York Daily News.
U.S. Bank National Association accused Frehley of defaulting on the mortgage of his Yorktown, N.Y. home for two years. Frehley's real name is Paul Frehley and the bank has disclosed the former rock legend stopped paying since March 1, 2011 on the $735,000 mortgage.
The Yorktown home located at 1347 Spring Valley Road is situated on a 3.01-acre estate. The one-family residence spans 2,441 square feet and has two floors, three bedrooms and three bathrooms, according to Journal News.
Mortgage lender, JPMorgan Chase, filed a foreclosure on Feb. 15 and revealed the 61-year-old rocker had borrowed money for his estate back in 2006, but when he stopped paying, the bank issued a court order to put his house on sale to pay for the outstanding balance of $703,581.48 in addition to the interest, late fees and other expenses.
Along with the outstanding principal, the musician also owes $20,000 in back property taxes, according to Journal News.
Zap2It reported the plot was originally bought by Jendell Productions, a motion picture and video production company based in Thornwood, N.Y., also named after "Jendell" the made up planet his "Spaceman" persona was from. The home was then transferred to Frehley's name.
Frehley was best known as the band's lead guitarist since it formed in January 1973. He left the group in 1982 to start his solo career. That stopped when a star- studded reunion tour-the Alive/Worldwide Tour--began in 1996, he rejoined soon after.
His autobiography, "No Regrets" came with a lot of harsh words against current KISS-mates, which made him leave the group again. It looks like that did him no good, since the remaining band members have no financial woes to complain about.
Paul Stanley also known as "The Starchild" has a net worth estimated at $125 million, whereas Gene Simmons, "The Demon," perhaps the richest of the KISS team, has a net worth of $300 million.
