David Duval foreclosure
David Duval foreclosure,Golfing champion David Duval is embroiled in a financial battle after he allegedly failed to make the repayments on a multi-million pound loan.
The former world number one is believed to have asked for the cash to help buy a property in a plush Denver suburb.
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 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.
It is believed the luxury mansion will now be put up for public auction on November 7 - unless the outstanding payments are made.
Duval, who was once Tiger Woods's only credible rival, has since failed to win any major tournaments for the past ten years.
And while he is estimated to be worth around £12 million ($19m) he has only managed to earn around £17K ($26,696) this year.
In an interview with the Daily Telegraph earlier this year he was quoted as saying he was still a 'wealthy man' but had been plagued by illness, which had affected his game.
Last year it was reported how Duval had put both his homes, including the one involved in the foreclosure, up for sale at prices much less than what he paid for them.
At the time, Mrs Duval was quoted as saying she and her husband were keen to 'simplify' and wanted a property with less land.
'You get to a point in your life where you try to simplify,' she said.
At the time of the listings, they asked for £8.9 million ($14m) for both the properties - 29 per cent less than the £12.6 million ($19.8m) they paid for them.
The couple originally paid £7.8 million ($12.4m) in 2005 for the larger property put it on the market for £5.7 million ($9m), down from the previous asking price of £10 million ($15.8m).
They paid another £4.7 million ($7.4m) in 2005 for a smaller property 1.6 miles away. It is not know if the smaller property was ever sold.
The Mail Online has contacted Mr Duval for comment but have not yet received a response. His former agents, IMG, said they no longer acted on his behalf and added that he now represented himself.
source: dailymail
