Lenny Dykstra's Former Home Foreclosed
It was back in April 2009, that we first learned that the home belonging to former baseball player Lenny Dykstra was facing foreclosure. Now, over a year later, the home in Thousand Oaks, California which Dykstra bought from Wayne Gretzky, has been foreclosed on. Dykstra bought the mansion from Gretzky in 2007 for for $18.5 million (a price that included some of the furnishings) and first put it on the market in 2008 for $24.95 million.
CNBC reports that the winning bid came from Index Investors the lender which once loaned Dykstra around $600,000 before his financial collapse. The home was originally scheduled for a real estate auction last year but that was canceled after Dykstra filed for bankruptcy protection. At that point he listed less than $50,000 in assets with debts totaling between $10 million and $50 million.The lavish, Richard Landry-designed home has over 6.5 acres of space that includes three guest houses, formal gardens, tennis courts, pool, spa and gym. The neo-Georgian main house has six bedrooms. Before his financial downfall, Dykstra showed off the home in a New Yorker article in which he discussed the plans for his magazine, The Players Club, which would help sports players manage their investments.
Index Investors, which is run by Jeff Smith, bought the home for far less than Dykstra spent. Smith paid close to around the amount of money Dykstra owed Index, plus interest, between $600,000 and $700,000. CNBC reports that Chase still has a lien on the property for its $12 million first mortgage and Smith is working with Chase to come to an agreement that would have Smith fixing up the mansion and selling it with both parties sharing the profits. The home has suffered some damage in involved with Dkystra's exit. He removed fixtures and flooring to show water damage to the property seeking payment from Fireman's Fund. The insurer has agreed to repair damage in this mansion and another that Dykstra owns in the area. That home was on the market last year for $4.7 million.
The Gretzky mansion had a most recent asking price of around $10 million, after renovations it should be back on the market for around $10.5 million which is still quite the deal considering previous prices.
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