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'70s Show' Star -- I Got Nailed in Real Estate Scam!

7/15/2010 7:07 AM PDT BY TMZ STAFF

Danny Masterson -- who played Hyde on "That '70s Show" -- tried to dabble in a little real estate back in 2007 ... but claims he was duped into holding the bag on a $3.2 million condo that was never even finished.

0714_Danny_Masterson_EX
Masterson -- whose rep says this is "one of 30 developments Danny has been involved in over the last 10 years" -- claims he went into business with a company called TomatoBank ... and agreed to co-sign a $3.2 million loan for a fancy 4-story condo in Toluca Lake, CA in 2007.

But according to docs filed in L.A. County Superior Court, Masterson claims the builders ran into some permit issues -- so TomatoBank secretly approved a 3-story structure instead ... all without telling Danny.

Of course, Masterson eventually found out -- and now claims he's screwed because he's on the hook for a $3.2 million loan ... but only has an unfinished 3-story building to show for it ... which obviously doesn't cover his debt. 

So, Danny is asking the court to force TomoatoBank to cover his losses -- and wants his loan agreement tossed in the garbage.

34 COMMENTS

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1.

o rly    

Right before the recession; bad timing.

1371 days ago
2.

Carvey    

Who goes in to business with a company called TomatoBank? That should have been a huge tip right there.

1371 days ago
3.

CB    

Maybe his Scientology comrades will help him out!

1371 days ago
4.

thehoch    

I am detecting a change in Masterson's state of mind.

Maybe he's in need of an E-meter auditing.

Let's be honest folks, from Scientology to the TomatoBank, this guy loves begin taken over the barrel and getting hammered a few times.

What a fool!

1371 days ago
5.

Kevin V Russell    

You want to complain? The highest priced real estate in the world is right here in Australia. We also have the biggest houses in the world and the biggest mortgages to go with the highest interest rates. Our fascist politicians have been asleep at the switch for over a decade. This will all end in tears.

1371 days ago
6.

Carvey    

He's a scientologist? I didn't know that. However, it certainly explains a lot. Oh well, maybe Xenu will help him get his money back.

Personally, I worship a 1st century Jewish cabinet maker - like normal people do.

1371 days ago
7.

Ginger    

I think if $3.2 million of my money was involved, I'd make darn sure I knew everything about the issue. This will be an expensive lesson for Danny. Unfortunately, those are the best kind but they sure hurt.

1371 days ago
8.

Chuck    

Not the sharpest knife in the drawer as seen by him believing in Scientology, a religion made up by a science fiction writer, heavy on fiction not so much on science.

1371 days ago
9.

electriczipper    

you run with the bulls,you get run over by the bulls

1371 days ago
10.

JC30    

Just another $tupid $cientologist. Um, who DIDN'T get screwed by bad real estate deals in the past few years? Real Estate is like any investment - a GAMBLE. He had the money, he lost the money. Time to go back to church, or even better, WORK!

1371 days ago
11.

Katie    

A scientologist being duped OUT OF MONEY??? NO way!

1371 days ago
12.

tom in chicago    

GOOD!!!! He is washed up SCIENTOLOGIST TRASH!
Maybe he can get re-imbursed from XENU or SURI!
HA HA HA HA.
LOSER!

1371 days ago
13.

david    

YOU JUST GOT PUNKED' DUDE. WHERE'S THE CAMERA.

GET YOURSELF A COUPLE OF GOLD TOOFIES, START YOUR RAP CAREER AND WELCOME TO THE "LIVIN OVER YOUR HEAD" WORLD. MAKE IT, LOSE IT THEN CRY ABOUT IT.

WELCOME TO THE REAL WORLD WHERE YOU DON'T STAND A CHANCE TO MAKE A LIVING THE HARD WAY. GO BACK AND MAKE SOME MAKE BELIEVE PIECE OF CRAP TV SHOW AND START OVER. OH WAIT, THAT CAREER IS OVER. MAYBE JOHN CAN MAKE A FOLLOWUP MOVIE TO "BATTLESTAR EARTH" AND RESTART YOUR CAREER. HAHAHAHAHAHAHAHHA!!!!!!!!

1371 days ago
14.

LongJohn69    

The man just wound his curls a little too tight and it zapped his brain function....not to mention all the dope.

1371 days ago
15.

Sid    

This dude is a TOOL!

Me and my friend were coming out of Radiohead's concert years back in L.A, and we were trying to ask peeps coming out of the after party if we could use their 'pass' and this Masterson dork comes walking out and we asked him for his and he (walking away from the exit) says "No, I'm still using it." Karma is a bitch, bro!!! AHAHHAHAHAHAHAHA

1371 days ago
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