Found March 19, 2013 on
Of course Joey Porter made huge money during his 13-year NFL career. How much exactly? Lots. He signed a deal in 2007 with the Miami Dolphins that guaranteed him $20 million. Now, the tragic news is that Joe faces foreclosure on his 12,000 sq. ft. Broward County mansion that features six bedrooms and eight bathrooms.
Porter paid $3,995,000 for this pad just after signing with the Dolphins. The house now has an estimated value of $1.3 million.
Why not pay cash for the house and then pay the taxes via investments? Something tells us Joe isn’t exactly an accountant with his money. You might remember back in December when it was announced that Porter was arrested in Las Vegas for writing a bad check.
That was a bad check to cover a $70k gambling debt.
As for the house, the bank wants its money back.
Boca Raton-based 1st United Bank (NASDAQ: FUBC) filed a foreclosure lawsuit on March 6 against Porter and his wife over their home at 16900 Stratford Court in Landmark Ranch Estates. Built in 2006, the home is 10,600 square feet on 2.3 acres.
The lawsuit concerns a mortgage granted for $2.8 million in 2007 by the International Bank of Miami, which later failed. The Federal Deposit Insurance Corp. has a loss-sharing agreement with 1st United on Porter’s loan.
There’s no word if Joe is still living in this pad while the foreclosure process rolls along. The last time we saw the former linebacker he was at a golf course.
[Realtor - 16900 Stratford CT]
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This article originally appeared on the blog Steelers Depot
Time and time again we hear about NFL players who have mismanaged their money only to wind up in financial trouble. Unfortunately, that has now happened to former Pittsburgh Steelers linebacker Joey Porter, who is reportedly having his Florida home foreclose on.
Brian Bandell of the South Florida Business Journal reports...
Porter was arrested in December, for writing bad checks in Vegas, so this doesn’t come as much of a surprise. When athletes don’t have the money anymore to pay for their mansions, they just let them go into foreclosure.
It is a pretty common practice these days.
Boca Raton-based 1st United Bank filed a foreclosure lawsuit on March 6 against Porter and his wife over their home...
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