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Francis' Bad Gamble

Could Cost Him His Home

9/30/2009 9:45 PM PDT BY TMZ STAFF

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."

32 COMMENTS

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16.

jean    

It is amazing how this man thought his gambeling debts were taken care of by his attorney. It would probally take 5 minutes of his, or anyone with celeb, or, non celeb status to ask an attorney that is incharge of your wealth to provide a statement as to what is and what is, and not paid on their debts to anyone! Everyone knows where each penny is when they are not rich, once they have money they have no clue where it is? There are countless stories over the years of attorneys or accountants eith not paying bills or embezeling funds. It would not take much to ask by phone or email for a weekly statement,as this is what these people are getting paid for. He was man enough to ask for the advance to gambel away,he should have been man enough to make sure Wynn got it back personally! Lame stories and excues for these people costing tax payers too much in cities that are broke to begin with!

1747 days ago
17.

rob in south fla    

UHHH I thought my attorney paid the 3 million? Joe-you have to cut a check for 3 million so your attorney can pay it. The reason he didnt pay the debt is that he thought he would play and win some to cut down the market at some point. Nice guy.

1747 days ago
18.

goldieok    

I am not a joe francis fan by any means BUT
18% interest???? sounds a little greedy

1747 days ago
Previous 15 Comments | 1 | 2

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