David Duval’s Cherry Hills home is in foreclosure and is on the market for $5.19 million.
Professional golfer David Duval’s Cherry Hills home is in foreclosure with a listing price of just under $5.2 million, a fraction of the $12.4 million he and his wife Suzanne paid for the mansion in 2005.
The home is scheduled to be sold at an Arapahoe County Public Trustee auction on Nov. 7, according to records, if the loan paid by Nov. 6. The outstanding balance on the loan is $5.9 million, according to public records.
The Mediterranean-styled villa sits on 7.3 acres at 1000 E. Oxford Lane. It is being listed by Metrowest Real Estate Services. An official from Metrowest, which specializes in selling distressed properties, declined to comment.
“Definitely not your typical foreclosure!” crows a marketing ad for the home. “Best lot in Cherry Hills!”
The gated property, according to the Metrowest website includes his- and her-cabanas, two guest suites, an old-style barn area, and “enchanting” gardens.
The home has six bedrooms, eight bathrooms, nine fireplaces and a detached five-car garage. Property taxes are $86,120 a year.
Last year, Duval unsuccessfully tried to sell the home for $9 million. He and his wife at the time also listed a nearby 7,600-square-foot home at 135 Meade Lane for $5 million. They had paid $7.4 million for it in 2005. Earlier this year, the smaller home sold for $2.1 million to a Denver lawyer and his wife.
Edie Marks, a broker with Kentwood Real Estate, who has sold a lot of high-end homes in the Denver area, wasn’t sure if a buyer would snap up the home at $5.2 million, but it might be the equivalent of a hole-in-one at that price.
“I think it is a hell of a deal at $5.2 million,” Marks said. “You couldn’t come close to building it at that price. And with more than seven acres, it is a gorgeous piece of property. I have been seeing buyers in that price range.”
Duval has won about $19 million during his career on the PGA, which dates back to 1990. So far, he has only earned $32,930 during the 2012 season. In 2011, he won $400,654 on the tour and in 2010 he earned $919,584. His best year was 1999, when he won $3.64 million on tour, which is the equivalent of about $5 million in today’s dollars, when adjusted for inflation.
For more on Duval’s former home, please visit this 8z Real Estate link.
Have a story idea or real estate tip? Contact John Rebchook at JRCHOOK@gmail.com. InsideRealEstateNews.com is sponsored by Universal Lending, Land Title Guarantee and 8z Real Estate.
@Duval has won about $19 million during his career on the PGA.
Unfortunately for David, his caddy got 10% of his winnings and the IRS got 1/2 of the rest of the remaining 90%. Also, golfers pay all expenses related to every event(air, hotels, ect). I’m sure his sponsorship money has dried up, as well. A $12M home was not such a good idea.
Last year, Duval unsuccessfully tried to sell the home for $9 million. He and his wife at the time also listed a nearby 7,600-square-foot home at 135 Meade Lane for $5 million. They had paid $7.4 million for it in 2005. Earlier this year, the smaller home sold for $2.1 million to a Denver lawyer and his wife.
I wonder what got worse since 2004, his short game and putting or his real estate savvy?
Now now Jason, not very nice. Still somebody losing their home and money they worked for – never fun at any level.
Plenty of people have been burned in the real estate recession, sounds like you’re a lucky one (or excuse me, savvy real estate investor).
He had some pretty lucrative endorsement deals for a few years, of course I don’t know the numbers, but I would estimate in the $5-10M range lifetime.
I don’t understand owning two houses in that same neighborhood. He owed 4.1M on Meade before he sold for 2.1M. He technically does not own Oxford anymore, he signed a deed in Lieu to US Bank in August. He Owes 5.9M on Oxford. Not sure why they are proceeding with the foreclosure, there are no junior liens, there may be an easement issue.
[...] CHERRY HILLS GOLFER’S HOME IN FORECLOSURE. The Cherry Hills mansion professional golfer David Duval purchased for $12.4 million in 2005 with his wife Suzanne is scheduled to be sold at a foreclosure auction for $5.2 million, Inside Real Estate News reports. [...]