NFL Star’s Finances Took A Hit After Dog-Fighting Scandal
NFL star Michael Vick is one step closer to closing his nearly eight-year bankruptcy saga.
Vick has sold off his custom built Virginia home for $572,000, which is a nearly half a million dollar profit from the $102,000 he paid for the land to build it back in 2005.
Vick filed for Chapter 11 bankruptcy in 2008, saying he owed more than $20 million to creditors, and his assets were dwindling due to his infamous dog-fighting scandal and having lost numerous million dollar endorsements. The NFL star made a miraculous financial comeback, signing a six year, $100 million deal in 2011 with the Eagles, which has helped pay off a huge chunk of the people he owed money to in the bankruptcy.
He signed a five million contact with the New York Jets for one-year back in 2014. He is currently a free agent and has expressed interest in continuing to play in the NFL. Vick’s bankruptcy case has been active since 2008, and the case is scheduled to be closed in the next several months with the trustee finishing off the final deal to pay off his creditors.
Earlier this year, Vick headed to court pleading with the judge for help in selling his Hampton, Va. home. He explained one of his creditors, Royal Bank of Canada, obtained a judgment against him in the amount of $2,421,170.90 back in 2008.
The bank then slapped a lien against Vick’s home in Virginia, so it the home was sold off they would get paid before the NFL star saw a dime from the profits. He said he made a deal with the bank and the lien shouldn’t be placed on the home. But they refused to remove it, which prevented a deal to sell his home from going through.
The judge came back shortly after Vick filed his motion, and gave the green light for the sale and ordered the lien to be removed.
Then recently, Vick reached a deal to sell the 3,865 sq. ft. Hampton, Va. home for $572,500. The custom built lake front home includes a custom salt pool with hot tub and many other amenities.
Vick purchased the land for $102,000 in 2005, three years before he filed for bankruptcy. It’s unclear how much money the NFL star invested in building the home but it appears he came out of the deal with a nice profit of $470,500 for his pockets.