Truth & Rumors: David Duval's home in Cherry Hills in foreclosure
Editor's Note: This story cites a report which states that Duval's Cherry Hills home had entered foreclosure. Duval told the Associated Press in a story published on Tuesday that this was not the case, but he declined to further explain his negotiations with the bank.
No one is safe from an angry economy. Not even former World No. 1s.
David Duval, once golf’s top player, has been hit by the housing crunch as hard as anyone. According to the Daily Mail, Double-D's house in the Denver suburb of Cherry Hills is in foreclosure:
According to legal documents seen by TMZ, some of the repayments on the £3.7 million ($5.9m) loan have not been made.
The paperwork allegedly states that Duval and his wife Susie were loaned the money in 2005 so they could buy a £7.8 million ($12.4m) home in plush Cherry Hills.
However, the bank is struggling to get the money back from the golfing star so has issued a foreclosure on the property.
According to the article, Duval is still estimated to be worth roughly $19 million, so he's many, many pages away from Chapter 13. But his cash flow, at least from golf, appears to be in a decade-long slide. This year, he's only made $26,696 on tour. And, in 2011, Duval and his wife put the Cherry Hills house, along with an additional property, on the market for $14 million -- almost $6 million less than they paid for it. So far, no buyers have emerged.
Duval's mansion -- which you can check out in the uncredited Daily Mail photo below -- will go up for public auction Nov. 7 if the loan isn't repaid. So, note to any Duval fans out there with more money than the man himself: Mark your calendars.