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2012-02-28 10:53:27
Terrell Owens Faces Foreclosure on 2 Dallas Homes

Terrell Owens has been fumbling with his real estate portfolio for some time, but now it looks like he’s really dropped the ball. Owens reportedly faces foreclosure on not one, but two Dallas condominiums.

The football star’s ritziest Dallas condo, which Owens once listed for $2.25 million, along with a more modest unit located less than three miles away, are both scheduled to sell at auction on Tuesday, March 6, online foreclosure marketplace RealtyTrac reports.

Owens owes a total on the properties of well over a half a million dollars, RealtyTrac says.

The foreclosssigure, brought to our attention by The Huffington Post, appears to be the latest chapter in Owens’ ongoing struggle to manage his real estate holdings.

Owens, who signed a $34 million, four-year deal with the Cowboys in 2007, listed the two properties in 2011. He later slashed the price of his more expensive condo, located in Dallas’ Azure high-rise, to $1.6 million in an attempt to sell the home in a short sale, according to Dallas blogger Candy Evans.

In 2010, Owens sold his Moorestown, N.J., property for less than half of the $3.9 million he paid for it, Zillow reported. As of February, his Atlanta home is still sitting on the market, GQ reported.

Despite raking in over $80 million during his tumultuous career, Owens has lost most of his money to ill-advised investments, which included the $2 million stake he bought in an entertainment complex in Alabama. Its electronic gambling operation was judged illegal.

The Dallas Cowboys released Owens from his contract in 2009, following repeated clashes between Owens and other team members. Currently, he is playing for the Indoor Football League’s Allen Wranglers, but says he intends on returning to the NFL. He turned some heads with his debut performance last Saturday, when he scored three touchdowns on three catches.

With his departure from the Azure high-rise, Owens leaves behind fellow football star Deion Sanders, who owns a penthouse in the building that was once listed for $7.5 million. Sanders mediated a feud between Atlanta Falcons cornerback DeAngelo Hall and Owens in 2006, which began after Owens spit in Hall’s face.

By Teke Wiggin

 
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