Lenny Dykstra Facing Foreclosure
Former baseball player Lenny Dykstra has been trying to sell his Thousand Oaks, California home for a while now but apparently things are more serious than we realized. He could be facing foreclosure. Private equity firm Index Investors gave Dykstra a $850,000 bridge loan in November which was secured by the home. They have filed foreclosure papers on the home as has Washington Mutual which says Dykstra defaulted on his $12 million mortgage.Dykstra bought the home from hockey Wayne Gretsky for $18.5 million in 2007 and put it on the market last year for $24.95 million. The six-bedroom home didn't sell and in February it showed a price reduction down to $16.5 million. All of a sudden, the list price has been pushed back up to $25 million. It is still however listed at the same rental price it was in February, $55,000 a month.
Dealbreaker also says that Dykstra's Gulfstream II was impounded on February 12. It's a dramatic turn from a year ago when the New Yorker did a profile of Dykstra and his magazine, The Players Club which was going to show professional athletes how to keep their wealth and not join the ranks of players who earn millions and wind up in financial trouble just a few years later. Since then, Dykstra has been the subject of multiple lawsuits and creditors in relation to the magazine. As investments, magazines are like restaurants, glamorous, but highly profitable only for the lucky few.
Reader Comments (Page 1 of 1)
LongShortTrader Apr 9th 2009 12:08PM
Interesting stuff. I just wrote about Lenny's investment track record:
http://www.longshorttrader.com/2009/04/inside-lenny-dykstras-99-1-record.html
Turban Apr 10th 2009 11:11AM
Now some folks are talking about a stock market bottom in the face of rising foreclosures. Which of the two is the better indicator of things to come. In other words, what leads? What lags with regard to these two if either. It would seem that the implications for folks like Dykstra are huge. Property values could stabilize or continue to drop depending on the trend.
http://www.learnrealestateinvestmentproperty.com
todd wilson Apr 18th 2009 12:53PM
Serves you right "dude" for being such a greedy no it all A..hole to your family and former business partner who built the empire for you only to get screwed in the end. Now that your name and reputation is shot to hell, enjoy that big slice of "humble pie"
leo Apr 23rd 2009 8:08PM
Played high school baseball with lenny.
He was a Schmuck and a liar then.
Obviously, nothing has changed.
shari Jun 8th 2009 7:58PM
Funny...Almost got caught up in his smooth talking BS! Glad I googled him...thanks for posting here so others don't feel like an idiot!!!