Over the last year, the news has been pretty consistent in regards to the real estate market—it’s all been about foreclosure and delinquency rates. Another consistency is that foreclosures have affected a wide variety of people, from the middle and lower classes to the rich and famous- especially sport stars.
It is not news that your favourite athletic stars are paid an incredible amount of money for their skills and talents. Many use their financial gains to purchase homes for themselves and their family members. However, how do these stars hold up in a rough economy with foreclosures occurring daily?
Just like everyone else—your favourite athletes battle foreclosure as well. Here’s a quick glance of some of the top foreclosure activities with big-league stars over the last year.
MLB Player Lenny “Nails” Dykstra
Photo: Bleacher Report
Lenny Dykstra is best known for his successes with the New York Mets and Philadelphia Phillies as a centre fielder from the 1980s-1990s. According to Luxist.com, Dykstra originally purchased his California home in Thousand Oaks in 2007 for $18.5 million. After a failed attempt to sell the property in 2008, Dykstra did what many others do in an effort to save his home, including attempting a short sale and filing for bankruptcy. In the end, Dykstra was unable to pay his mortgage payment and lost his home to foreclosure this past January for a mere $10.5 million – an incredible deal for the buyer.
NBA Legend Julius Erving
Better known as Dr. J, Julius Erving is also losing his home Utah due to foreclosure, according to BVonSports.com. Erving is on the short list of the best basketball players of all time, especially during the merger of the American Basketball Association and the National Basketball Association, winning three championships. Despite his great successes and basketball legacy, he saw his home enter into the foreclosure process in November of last year. The home was originally purchased in 2006 and was listed for sell in 2009 for $2.25 million. When the efforts to sell the home failed him, Erving received foreclosure notification and the process began.NBA Hotshot Antoine Walker
According to Luxist.com, another hot NBA player with a home undergoing foreclosure is Antoine Walker, who was an NBA star from 1996-2008. Walker purchased his Florida home for $3.1 million in 2005 and attempted to sell it in 2009 for $3.4 million. The property is still on the market today for approximately $3 million. However, his lender started foreclosure last September. His lender, Sun Trust Bank, has a suit against Walker that is pending in regards to his defaulted payments, a delinquency Walker was unable to get cancelled out when filing for Chapter 7 bankruptcy.
NHL Star Sergei Fedorov
Sergei Fedorov is best known for his unique playing style and the three Stanley Cups he won with the Detroit Red Wings. According to mlive.com, Fedorov purchased his Bloomfield Hills, Michigan property in 1999 for $1.25 million. In an effort to avoid foreclosure, he quickly put his home on the market in 2010 for a little less than $1 million. When the short sale failed, his lender gained property of his home in January of this year. This 4,200-square-foot home has yet to be put back on the market since the bank gained possession.
In conclusion, even star athletes with handsome, million-dollar salaries are not immune to foreclosure, and their homes are among the incredible investment opportunities for those seeking to dip into the foreclosure market.
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