Many of America’s rich and famous default on their mortgages via strategic decisioning, but it looks like there are still a few who default for the same reason as everyone else: They’re broke.
Terrell Owens, the former NFL player who rose to fame for his mad skills and bad attitude, owns two Dallas condos now headed to the foreclosure block.
Owens made over $80 million during the course of his career, but it seems bad investments and a monthly $44,600 child support bill for his four children left him broke, and unable to make payments on the properties.
According to RealtyTrac, Owens is delinquent on a $360,000 loan for his Azure luxury high rise in Dallas, and on a $295,920 loan on another condo less than three blocks away. The properties are both scheduled for auction on March 6.
Owens recently sold his $3.9 million New Jersey home in late 2010 for $1.7 million. He also owns a $499,000 home in Los Angeles and a multimillion-dollar home in Atlanta. Owens said he thought he’d be able to rent both of the properties before the housing market tanked.
The wide receiver sat out all of 2011 with a knee injury, and now plays for the indoor football team the Allen Wranglers. While that seems like a big step down, in his debut with the team this past weekend, the 38-year-old caught three touch down passes for 53 yards – perhaps his luck is coming back to him.
During his career in the NFL, Owens played for the Dallas Cowboys, the San Francisco 49ers, the Philadelphia Eagles and the Buffalo Bills.
jhuseman@housingwire.com
@Jessica Huseman
