A palatial house in Encino, California may be the most famous foreclosure in America today.  It has just been taken over by a bank from one of the most recognizable names in sports.

Former baseball star Jose Canseco may be the highest profile homeowner to fall victim to the foreclosure crisis.  A foreclosure document shows he owes the Washington Mutual Bank more than $2.5 million on the house.

Jose Canseco took all of his property from the Encino mansion, and the drapes and blinds are tightly closed.  The grass is overgrown, and an air of sadness lingers because this home used to belong to one of baseball's greats.  Neighbors called it "the Hotel," because it is much bigger than all of the other homes in the neighborhood.

"I live in a much smaller home. I've got way less than I had before," Canseco told INSIDE EDITION's Jim Moret.  Moret caught up with Canseco, who blew the lid off the baseball steroid scandal in 2005, as he signed copies of his newest best-selling book Vindicated.

Jim Moret asked Canseco, "Are people thinking, 'Hey if this can happen to Jose Canseco, it can happen to me' ?"

"It's happening to anyone and everyone," was Canseco's answer.

So how does a guy who made an estimated $30 million in baseball and has two best-selling books end up losing his home?

"Go through a couple divorces, $7 or $8 million cash...I've taken care of my family for 20 something odd years, that gets expensive when you've got a whole group of people relying on you for income."