Real Estate News | Celebrity Property
Lance Armstrong Sells Austin Home
By WPC Celebrity Team | April 12, 2013 11:52 AM ET
Disgraced cyclist Lance Armstrong has reportedly sold his Austin, Texas, home to local oil and gas executive Al Koehler for an undisclosed amount of money.
Local real estate agents say the home was listed at $10 million, but it is valued at $3.9 million by Travis County, according to RealEstalker. The Austin American-Statesman reported Mr. Koehler took out a $3.1 million mortgage to purchase the property.
Mr. Armstrong purchased the 1.7-acre mini-estate in 2004. The property includes a 7,806-square-foot Spanish-style home with "airy living spaces sprinkled with works by top-flight artists such as Andres Serrano, Antonio Más and Danny Lyon," according to RealEstalker.
Mr. Armstrong is said to be worth between $60 million and $110 million, but is facing very costly lawsuits, the largest a whistle-blower case filed by former teammate Floyd Landis and the U.S. Justice Department.
After admitting he used performance-enhancing drugs earlier this year, Mr. Armstrong was stripped of his seven Tour de France titles, lost sponsors and received a lifetime-ban from competitive sports by the U.S. Anti Doping Agency. He also removed himself from his highly-publicized cancer foundation. Among other properties, the "tarred and feathered former superstar," still owns a 5,683-square-foot home in Aspen he bought for $9.175 million in 2008, according to RealEstalker.