Former NBA player Vin Baker is part of a growing list of athletes who have had their houses foreclosed on or are facing foreclosure.
On Saturday, in an auction for Baker’s 9,613-square foot home, the bank that filed action against Baker for failing to pay his mortgage was the sole bidder on the Durham, Conn. property.
Baker had the home--that sits on 12 acres and has seven bedrooms, six and half baths and a basketball court--listed for a long time, but the pre-foreclosure price on Realtor.com was $2.95 million.
Attorney Daniel B. Ryan, who was responsible for conducting the sale of Baker’s house, confirmed to me that the bank, U.S. Bank, was the only bidder, saying that the final price was confidential and the sale was pending based on the final approval from the court.
Ryan said only one other party put in a $250,000 deposit to have the rights to bid on the house despite media attention and advertisements in the Hartford Courant and the New York Times. That other potential bidder didn’t put in a bid on the house.
If athletes get in trouble with their mortgage these days, they’re going to have a hard time selling their houses in this market quickly, even at what is considered a bargain basement price.
First of all, athletes put in crazy stuff that many people don’t want. Secondly, and more importantly, you still have to be rich to buy these houses. The tax on Baker’s home would run you about $70,000 a year.
It’s Baker’s second foreclosure this year after his restaurant Vinnie’s Saybrook Fish House went under in February. Baker earned $89.9 million throughout his 14-year NBA career, including $13.5 million for the Boston Celtics for the 2003-04 season.
Evander Holyfield stopped the foreclosure proceedings on his 54,000-square foot home, which was supposed to be auctioned today, but other athletes are in trouble.
Latrell Sprewell, who made $96.6 million his NBA career, had his yacht and a house foreclosed on this year.
Dallas Cowboys defensive back “Pacman” Jones--who now just wants to be called Adam--was supposed to have his home sold in an auction on Friday, but it was delayed to July 28. The mortgage default was also with U.S. Bank.
Jose Canseco,who made $45 million throughout his career stopped making payments on his 7,300-square foot mansion in June.
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