Alexis Bellino: SPIN's Bartender & Dinner Event

Real Housewives of Orange County star Alexis Bellino enjoyed SPIN's Celebrity Bartender and Dinner Event with her husband Jim Bellino and their friend Dylan Lujano at "A" Restaurant in Newport Beach.

Credit: OC Register (Armando Brown)

Alexis Bellino's $5 Million Home Sells For $3 Mill

One of the Real Housewives of Orange County's real-estate woes are over. For now, at least.

The six-bedroom home Alexis Bellino shared with husband Jim and three young children sold for $3 million, a steep drop from November’s $5 million asking price, the Orange County Register reports.

Developments has chronicled the Bellinos’ near-foreclosure after they reportedly defaulted on the loan for their Newport Beach, Calif., mansion. That sent them spiraling toward foreclosure, but they were able to arrange a short sale, or selling the home for less than what’s owed, to avoid losing it to the lender. The Bellinos, who could not be reached for comment, have made it clear the drama is a business decision, not an indication of any financial woes.

The 4,200-square-foot home was purchased at the height of the real-estate frenzy, when it seemed values could only increase: It sold for $4.56 million in August 2007, a month after the county’s median home price struck an all-time high and then plunged 42%. The debt on the home has been reported at $4.7 million. Many Americans in similar positions are walking away from their homes.

Housing could easily be a main theme on the Orange County-based reality show — though the blonde, Botoxed stars seem more interested in shopping and cat fights. We’ve reported that newcomer Peggy Tanous’ home could be auctioned today, though such events are often delayed at the last minute. (The Register provided an interesting peek into the residence with everything from Versace china to a sword collection.)

Tamra Barney unloaded her 4,300-square-foot Tuscan-style mansion in a short sale last year. Jeana Keough used a loan mod to avoid foreclosure on her seven-bedroom, nine-bathroom home.

Credit: Wall Street Journal (Dawn Wotapka)

Jim & Alexis Bellino Home Foreclosure Canceled

The Real Housewives of Orange County‘s Jim and Alexis Bellino have claimed all along that reports of their filing for bankruptcy and losing a $5 million home to foreclosure have been greatly exaggerated, and judging from the fact that the home is no longer scheduled for auction, it appears they were right!

According to The Orange County Register the auction has been canceled and the Newport Beach home is being offered as a short sale for $3.395 million. Here is the official statement from the Bellino’s lawyer, Michael York:

“Some media reports have speculated that Mr. and Mrs. Bellino are having financial problems, which have resulted in issues between them and Chase. The speculation is inaccurate. Mr. and Mrs. Bellino do not have and have never had financial problems, and the issues between them and Chase are due to good business decisions that Mr. and Mrs. Bellino have made, not financial problems.

“The property was never going to be foreclosed against. Mr. and Mrs. Bellino have been negotiating with Chase for months, an agreement with Chase has been reached, and the issues between them and Chase have been resolved."

 Credit: Asa Hawks for Starcasm