There’s something in the water in Florida, or should I say there’s always something underwater in the foreclosure-riddled state.
Even the wealthy seem to face foreclosure difficulties in the popular vacation and second-home state.
The South Florida Business Journal is reporting that ex-Dolphins football player Joey Porter is facing foreclosure on a home he purchased in the Southwest Ranches development, according to the Sun-Sentinel.
He paid $4 million for the property in 2007 after joining the Miami Dolphins. At the time, he had a five-year, $32 million contract, which included a $12 million bonus, the paper reported.
As for why he faces foreclosure, the paper doesn’t say …
But Porter is not alone. Burt Reynolds more than a year ago ended up in foreclosure on an estate located in Hobe Sound, Fla., according to the Wall Street Journal.
At the time, Burt had a $1.2 million mortgage and to be fair he spent years trying to unload the property, but to no avail.