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MICHAEL VICK FORCED TO SELL HIS HOME: He's also being sued by Wachovia Bank for defaulting on loan.
Now comes word that he's put his lakefront suburban Atlanta estate on the market for $4.5 million, according to the AP and other reports.
Vick finds himself in this position because he was suspended indefinitely without pay by the NFL because of his involvement in dogfighting. He also lost millions in lucrative endorsement deals, most notably with Nike.
A listing posted at Realtor.com says his property at Sugarloaf Country Club in Duluth has seven bedrooms, eight and a half baths and has an estimated monthly mortgage payment of $23,206.
Gwinnett County property records show Vick purchased the home in April of 2005 for $3.7 million. His yearly tax bill on the 1.5-acre estate is $26,720.
Vick pleaded guilty in August to federal charges of bankrolling a dogfighting ring in Virginia. He is scheduled to be sentenced Dec. 10 in the federal dogfighting case.
He is expected to get at least a year in prison. He's also facing two state-level felony dogfighting charges in Virginia, which carry possible sentences of up to five years each.
Unfortunately, there's more bad news for Vick ...
Wachovia Bank has filed a federal lawsuit alleging that Falcons quarterback Michael Vick has defaulted on a $1.3 million loan for a wine store, reports the Atlanta Journal-Constitution.
According to the suit, filed in U.S. District Court in Atlanta on Oct. 2, the bank loaned Vick, partner Gerald Frank Jenkins and Atlantic Wine & Package LLC the money on May 23, 2006, and that a default exists "when a material adverse change has occurred in the business or prospects of Defendant Vick, financial or otherwise, as determined by the bank in its sole discretion."
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