Lance Armstrong keeps losing things.
This year has been a rough one for the former seven-time Tour de France winner. First came the accusations that finally toppled Armstrong’s many denials of performance-enhancing drug use. The U.S. Anti-Doping Agency stripped Armstrong of his cycling titles and banned him from the sport, and Armstrong soon lost his endorsement and charity connections as well.
While the professional troubles continue to mount for Armstrong, who hasn’t made any headway in getting the bans lifted and returning to action in cycling or other sports, the personal problems are adding up, too. Armstrong’s net worth is expected to take a sizable hit due to lost endorsements and pending lawsuits that seek to recoup millions that Armstrong earned on the back of him saying and proving he was drug-free.
In the first sign that Armstrong may be looking to scale back as pressures rise, the cyclist has sold his estate in Austin, Texas, The Associated Press reports. Al Koehler, a founder of the local oil and gas royalties rights company Royalty Clearinghouse, has taken out a $3.1 million loan to buy the 1.7-acre property, according to a deed of trust viewed by the Austin American-Statesman. Armstrong’s agent confirmed the sale.
Armstrong has lived in the home since 2004. It was listed at $10 million, according to local real estate agents, and is valued at $3.9 million, but Koehler said in an email to the American-Statesman that “he paid nothing close to the listed value,” according to the AP.
Armstrong’s agent said Armstrong plans to stay in the area, but as the dominoes continue to fall around his public persona — and the money riding on facts and figures since disproved — this could be just the beginning of some major downgrading.
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Well, thank you, Adam Jones.
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Mercy rule, anyone?