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.Page 1 of 2 | Next Page