Foreclosure hits Jose Canseco

From the WSJ:


Former baseball star Jose Canseco has drawn perhaps the most unusual walk of his colorful and infamous career: Faced with sinking property prices and heavy legal fines, he has abandoned a multimillion-dollar home in suburban Los Angeles and let it lapse into foreclosure.

Mr. Canseco, a one-time American League most valuable player who ignited controversy by later admitting he used steroids and accusing fellow players of doing the same, becomes perhaps one of the highest-profile homeowners to walk away from a mortgage.

"He made a mathematical decision and just let it go," said Gregory Emerson, Mr. Canseco's lawyer.

Mr. Canseco bought the 7,300-square-foot home in Encino, Calif., for nearly $2.8 million in 2005, according to public records. He transferred partial ownership to a trust last year, according to Mr. Emerson. That trust defaulted on mortgage payments in October, and foreclosure was recorded in February, public records show.

The house already had at least one lien placed on it, from the Internal Revenue Service, and a judgment stemming from a 2005 court ruling in which Mr. Canseco and his brother Ozzie were found liable for a 2001 brawl in a Miami Beach nightclub. Together, the liens and judgment totaled some $1.3 million, according to Mr. Emerson and Tina Cameron, Mr. Canseco's real-estate agent.

 

'The math was very difficult,' said Mr Canseco's attorney, 'requiring not only all his fingers and toes but his brother's as well.'

 

I admit it. This makes me smile. Does that make me a bad person or just a believer in karma?

 

Why does this make you smile? It's not like he is being forced to a trailer in the desert?

 

Maybe Jose can recoup the money he lost with his home with his 3rd book.

He has "three time author" written all over him.

 

This might explain the whole problem. They thought they were at 22, but in reality they were only at 20.75. The price of steroid abuse.

 

Nothing says 'a mind is a terrible thing to waste' like two brothers on steroids...