Last week, a deed of trust was filed in Travis County, Texas by businessman Al Koehler. The deed shows Koehler had obtained a $3,1 million (R26 million) loan to purchase former good guy, Lance Armstrong’s sprawling estate. Newspapers reported that Koehler did not pay anything close to the property’s reported $10 million (R89 million) value.
That is a staggering R63 million less than its value.
Armstrong is said to be liquidating some of his assets in the face of some serious legal fees as he handles the fall out of his admission to doping over the course of his career.
The Department of Justice is just one of the entities suing Armstrong, seeking the recovery of millions of dollars in tax that was used to sponsor his fraudulent US Postal Service cycling team.
Last year Armstrong was stripped of his seven Tour de France titles and has been banned for life from competitive sports. In January of this year, Armstrong confessed to popular talk show host, Oprah Winfrey that his cycling career was “one big lie.”
The sale of Armstrong’s Austin, Texas home was confirmed by his spokesman, Mark Higgins.
[Source: NY Daily News]
