Former Major League Baseball (MLB) All-Star outfielder, Lenny Dykstra, is about to lose his 12,360 sq. ft. mansion in the ritzy Sherwood Country Club Estates in Thousand Oaks, Calif., to foreclosure, according to Reuters.com.
“Nails” purchased the six-bedroom, seven-bathroom sprawling compound (it sits on 6.5 acres) from National Hockey League (NHL) legend, Wayne Gretzky, for $18.5 million in 2007.
However, reports indicate that Dykstra — who has been plagued with major financial problems, bad business decisions and a litany of lawsuits since his retirement from the sport more than a decade ago — purchased the home primarily as an investment. But when the real estate market tanked, he was unable to unload the property.
As a result, he failed to make mortgage payments and let it fall into disrepair. In fact, the Ventura County Star reports that Dykstra recently removed more than $50,000 worth of lighting fixtures, wood flooring and kitchen appliances late last year to help pay his other debts.
Dykstra is now in the midst of bankruptcy, during which he dropped a $100 million lawsuit that claimed he was the victim of mortgage fraud on the purchase of Gretzky’s former home.
Accordingly, JP Morgan Chase, which is owed at least $13 million on the loan, has been given the green light to foreclose on the home and “pay the bank $92,000 from insurance proceeds to clean up the trash-strewn property.”
The home is currently on the market for $14.9 million.
Recent Comments