Marking another chapter in the saga of Terrell Owens' real estate woes, the former NFL star reportedly faces foreclosure on a condo that he owns in the Trump International Resort of Sunny Isles Beach, Fla.
Deutsche Bank is attempting to foreclose on the unit, GossipExtra reports. The wide receiver, who raked in over $80 million during his controversial National Football League career, took out a $1.4 million loan in 2006 to buy the unit, then priced at $1.75 million. But he stopped making his mortgage payments in the fall of 2011, GossipExtra says. See our gallery of another Trump International Resort unit to get a sense of just how swanky Owens' unit is:
Owens, who was released from the Dallas Cowboys following his repeated clashes with teammates, is no stranger to mortgage trouble. In the past two years the mercurial athlete has had to swallow four disappointing real estate hand-offs. Two of the football star's Dallas properties succumbed to foreclosure early this year. While one of the units sold at a sheriff's sale, Owens managed to offload another just before its auction date, The Dallas Morning News reports.
Prior to those transactions, Owens sold another Dallas condo in a short sale for close to a $1 million loss, and in 2010, he reportedly cut loose a Moorestown, N.J., property for less than half of the $3.9 million he paid for it.
As of February, his Atlanta home is still sitting on the market, GQ reported.
Owens' Florida unit has seen its value nosedive since the housing boom, plummeting from a purchase price of $1.75 million to $960,000 in assessed value, according to a recent appraisal of the property, GossipExtra reports. The home's severe decline in value is typical of real estate in Florida, a state which perhaps has suffered more in lost property value than any other in recent years.
Florida now appears to be leading a market resurgence, as can be seen in the gallery below.
Care to sample other football star homes?
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