Francis' Bad Gamble Could Cost Him His Home

9/30/2009 9:45 PM PDT

Francis' Bad Gamble Could Cost Him His Home

Joe Francis went from the big house to a really big Bel Air house that he could now lose because of a gambling debt.

TMZ has obtained legal documents, asking the California courts to honor a judgment Las Vegas mogul Steve Wynn obtained against Francis a few months back in a Nevada court.

Francis stiffed Wynn to the tune of $2 million by refusing to pay back a gambling marker. That judgment has swelled to $2,942,272.50 -- that accounts for 18% interest on the debt -- which Joe incurred 2 1/2 years ago.

Wynn's lawyers want California to honor the judgment, so they can go after Francis' California assets, which include a Bel Air mansion.

As for Joe's reaction ... He tells us "I was told this matter had been settled by my attorney and I'm currently looking into it."