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Residential Rejections of the Rich and Famous

Residential Rejections of the Rich and Famous

Residential Rejections

We think few doors are closed to the rich and famous. But for celebrities aspiring to buy co-op apartments in New York City, that isn't necessarily true.

Buying a co-op — or cooperative apartment — differs from buying a regular apartment or condo. In a co-op, the buyer's bid is subject to approval from the building's board of directors. Each candidate is bidding to become a shareholder, buying a membership in a cooperative. Consequently, new members are rigorously screened.

Carol Levy, a broker specializing in high-end co-ops and condos for Carol E. Levy Real Estate in New York City, compiled a list of reasons for co-op board rejections. It includes common criteria co-op boards consider such as financial status, job history and bad credit. But there are more opaque factors such as lifestyle, which Levy said, includes a "paparazzi prone rock star" and disruptive lifestyle. Even a poor interview (or "pet interview," a meeting with a potential neighbors' animal, required by some boards) can ruin a potential buyer's chances.

And even CEOs and a former U.S. President haven't been immune to a co-op board's scrutiny. Why are they rejected? While gossip-column speculation inevitably follows such rejection news, co-op boards don't specify their reasons, lest they be sued.

Click ahead to see who has been turned down from upscale residences.

By Colleen Kane
Posted 6 November, 2012

Photo: Stephen Lovekin | Getty Images