Denver, CO- Pro-golfer David Duval was at the top of his game at one point. He was Tiger wood’s leading contender and made millions on the PGA circuit, but now he is facing foreclosure on a lavish mansion he owns in an upscale Colorado neighborhood, Cherry Hill, according to court documents obtained by TMZ.
Duval and his wife took out a $5.4 million loan to buy the $12 million mansion back in 2005. And since he has failed to make his monthly mortgage payments, his lender is trying to collect so they initiated the foreclosure process, slating an auction in November, unless Duvall can pay off the mortgage.
Duval, who has plagued with illness over the past decade, hasn’t been working much. Last year he and his wife attempted to sell their two homes both affluent in Colorado neighborhoods, but were unable to do so. She told the Daily Telegraph, they wanted to simplify their lives and get a home with less land.
Sports stars earn big, but when they can no longer compete they get into financial trouble. Boxer Evander Holyfield also recently faced foreclosure on his Georgia mansion.
The foreclosure crisis has hit people from all walks of life pretty hard. Even million dollar mansions are hitting the market for well-below their worth. Sometimes wealthy homeowners decide to strategically default on their home loans to get out from under a high mortgage. But with the assistance of a foreclosure lawyer, troubled homeowners can avoid having their homes seized either by trying to get a mortgage modification or doing a short sale.