Armstrong Sells Estate To Wealthy Oil Tycoon (Photos)
Lance Armstrong is facing numerous lawsuits relating to bonuses paid for his Tour de France wins.
In the wake of his highly publicized outing as a drugs cheat, disgraced cyclist Lance Armstrong has sold his Austin estate to an oil-and-gas rights agent for an undisclosed amount. A deed of trust filed with Travis County last week showed Mr Al Koehler obtained a loan of $3.1 million to buy the property - the cyclist's home since 2004. The country tax rolls lists the property's value at around $3.9 million, though local real estate agents say the house was listed at $10 million. In an email to the American-Statesman, oil tycoon Koehler said he paid nothing close to that value, though it's unclear whether his sizeable loan will cover the full amount.
Mr Koehler is a found of Royalty Clearinghouse, which buys oil and gas royalties and mineral rights on behalf of clients, according to the Associated Press. Armstrong's spokesman Mark Higgins confirms the sale and said Lance plans to remain an Austin resident. The cyclist was stripped of his seven Tour de France titles in August and is now banned for life from sports. After an investigation spanning several years, he finally admitted to using performance-enhancing drugs during an interview with American television personality Oprah Winfrey.
It leaves Armstrong in a precarious situation financially, partly because of lost sponsorships and companies seeking money back, and also because of the damages paid to the cyclist in previous court cases. Last week, Armstrong asked a Texas court to dismiss a lawsuit by a Dallas promotions company seeking repayment of more than $12 million in bonuses paid for winning the Tour de France.
Lance Armstrong's Estate In Austin, Texas
Large Security Gates At Lance Armstrong's Estate In Austin, Texas
The Outside of Lance Armstrong's Estate In Austin, Texas