Keeping it legal
Lance Armstrong's discount sale: Unloads his massive Austin mansion for a steep reduction
It appears that Lance Armstrong’s tour of lawsuits and legal troubles is just beginning — and he is already starting to downsize.
The disgraced cyclist, who was stripped of his seven Tour de France titles after a drug confession, has sold his lavish Austin mansion. Local oil and gas businessman Al Koehler has taken out a $3.1 million dollar loan to purchase Armstrong's home, according to a report by the Daily Mail. Koehler hasn’t revealed the full amount he paid for the 1.7-acre property, but it’s well short of the $10 million it was listed for by real estate agents.
Bought by Armstrong in 2004, the 7,850-square-foot mansion has been renovated for several years at a considerable sum by Armstrong and was featured in a 2008 article for Architectural Digest. The house reached wider notoriety after Armstrong invited Oprah Winfrey to tape an interview at it in January, where he confessed to years of using performance-enhancing drugs.
The sale of the property is expected to assist covering the massive legal fees Armstrong is facing in the coming months.
The sale of the property is expected to assist covering the massive legal fees Armstrong is facing due to lawsuits from his former sponsor, insurer and teammate.
Armstrong’s entire fortune — conservatively estimated at $60 million — is at risk as he faces a lawsuit from the U.S. Postal Service, his longtime main sponsor. The government could seek damages that are triple the $30 million it paid to Armstrong.
Insurer SCA Promotions, which insured his Tour de France bonuses, is also seeking $12 million in damages, although Armstrong’s lawyer asked a state district court in Dallas to dismiss that lawsuit.
Former teammate Floyd Landis, who was stripped of his own trophies after testing positive for synthetic testosterone use, filed a “whistleblower” lawsuit and seeks to receive damages as an informer if it is ruled that Armstrong did indeed defraud the government.
While the infamous estate has been sold, a spokesman for Armstrong says that the cyclist will continue to live in Austin. Although there are no further details as of exactly where Armstrong will live, it looks like Austin will still serve as the center of the ongoing legal drama.
What do you think? Are you sad to see Lance Armstrong have to sell his house? Or is it fitting justice for an admitted sports cheat? Leave a comment and let us know.
