Armstrong sells home but says he’ll remain in Austin
  July 23, 2014 Login  

Current Articles    |   Archives    |   RSS Feeds    |   Search

Thursday, April 11, 2013

Armstrong sells home but says he’ll remain in Austin

by VeloNation Press at 6:13 AM EST   comments
Categories: Pro Cycling, Doping
 
Texan facing multiple lawsuits

Lance ARmstrong

It’s not known if the sale is a reflection of the financial pressure he is facing with legal fees and multiple lawsuits, but Lance Armstrong has sold off the house and 1.7 acre estate it is situated on which he bought in 2004.

According to the American Statesman newspaper, the house had been listed at $10 million, considerably more than the 2012 Travis County tax roll listing of $3.9 million.

Purchaser Al Koehler took out a $3.1 million loan in order to finalise the deal, although it is not known what he ultimate sale price was. “I’m glad this house stayed with a loyal Austinite,” he told the newspaper in an email. “We can do a lot of good for the city of Austin with this home. … I didn’t pay anything close to that (listing), but the Austin rumor mill is what it is.”

Armstrong’s spokesman Mark Higgins confirmed that the sale had taken place, but said that the former pro rider would continue to live in Austin.

After purchasing the Spanish-style villa nine years ago, Armstrong spent two years renovating the house. It was featured in the Architectural Digest magazine in 2008.

Armstrong ‘s troubles began in spring 2010 when former US Postal Service team-mate Floyd Landis lodged claims with USADA and others that Armstrong and others on the team had used banned substances, and that team management had been involved in facilitating and covering up their utilisation.

These claims led to a federal investigation and when that was shelved for unknown reasons, the US Anti Doping Agency took over and gathered extensive evidence. Armstrong ultimately decided not to fight the case and was handed a lifetime ban by USADA, later endorsed by the UCI.

Armstrong ultimately admitted long-term drug usage during an Oprah Winfrey interview in January.

He now faces multiple lawsuits, including claims by the insurance company SCA Promotions and the Sunday Times, plus a Qui Tam whistleblower case lodged by Landis and joined by the US Justice Department.

Last week Armstrong’s legal team requested a state district court in Dallas to dismiss the $12 million SCA Promotions suit. He had won a previous case against the company, which had initially refused to pay out bonuses for his Tour wins as it believed they were achieved through doping.

While Armstrong has now admitted to using banned substances, his legal team argues that the specifics of the original contract plus the wording of the agreement signed after the previous court case mean that SCA Promotions doesn’t have scope to claim back what was paid out.

Even if the court agrees that this was the case, the other lawsuits facing Armstrong mean his financial situation is very uncertain.

      comments




Subscribe via RSS or daily email

WHAT'S HAPPENING RIGHT NOW
  Terms and Conditions | Privacy Policy  Copyright 2008-2013 by VeloNation LLC