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Jerry Rice

You'll Pay for Blowing Sale

of My $11 Million Mansion

12/5/2011 5:00 AM PST BY TMZ STAFF

Jerry Rice Northern California mansion
The cost to purchase Jerry Rice's Northern California mansion -- $11,000,000.
The cost to back out of the deal at the last minute -- $330,000 ... and a lawsuit.

According to court docs obtained by TMZ ... Rice claims he was all set to unload his massive home in Atherton, CA (which Forbes ranked as the 2nd most expensive ZIP code in the US in 2010) ... when the buyers decided to pull out at the last minute.

It's a pretty kick ass home -- with 6-bedrooms, 11 baths, a gym and a movie theater. And according to the docs, Jerry was willing to throw in some of his stuff to sweeten the $11 million deal ... including a treadmill, a pilates machines, 2 animal print chairs and more.

According to court docs obtained by TMZ, the buyers signed a contract in which they agreed to close the house by July 15, 2011... or else forfeit a $330,000 deposit.

Buuuuuuut ... Rice claims the buyers couldn't seal the deal by the deadline ... and BOOM -- now he's suing so he can keep the money without having to sell them the house. Sounds like a great deal for Rice.

Attempts to reach the buyers were unsuccessful.


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35 COMMENTS

No Avatar
1.

Fat Mike    

Don't know who Jerry is, but well done. I'd do the exact same thing. Deposits are paid for a reason.
Why does he have to sue when there is a contract in place?

1002 days ago
2.

Azzkicker    

The buyers blew it. They're contractually obligated to pay Jerry what's called "liquidated damages", meaning they owe him the deposit if they don't close on time, which they didn't. That money's his...

1002 days ago
3.

Azzkicker    

By the way, is anyone else sick of seeing these spammer jerkoffs trying to sell their stupid sh*t here, or these idiots with their "my roommate is making..." spam messages? Any way we can block these spams? I'm the 9th/10th poster, and 7 of the previous 8 messages are spams/website spams...

1002 days ago
4.

Chris    

My friend is his neighbor. I might have to go over for a visit.

1002 days ago
5.

Chris    

The house was bought in 1997 for $2.6m and listed for $22m in 2007. Ouch.

1002 days ago
6.

.    

"....Rice's suing so he can keep the money without having to sell them the house."
.
-- Are the buyer's able to afford the house now??
-- Is Rice refusing to return the $330,000 deposit due to the deadline expiring, although the buyer can now afford the house??

1002 days ago
7.

DubstepDistribution    

Niners clinched!

1002 days ago
8.

eyeonfastball    

I have built many homes that look like that for under 3 million i don't blame the buyer.

1002 days ago
9.

who dat    

The property has most likely declined by more than 3% since July. The buyers were smart to bail.

1002 days ago
10.

Joe    

It be nice to actually have more info. This article states first they backed out, then later contradicts slightly with "couldn't seal the deal" which can infer a possible financing issue. I've been a Realtor, and the worst thing is when a buyer falls though due to the financing.

Actually, if you worked in real estate, you'd know that you lose the deposit usually only if they back out for cold feet. However, if its for inspections (depending on the contract there may or may not be a minimum repair limit if its not As-Is) or due to financing (getting approval from underwriting) then the buyers get their deposit back.

1002 days ago
11.

Chuck Roast    

Is it me or is this article spun to make the purchaser look like a victim?

1002 days ago
12.

Shopgirl    

If you recall Lily Safra was allowed to keep a $50 million (yes, you read it correctly) deposit after a buyer backed out of the deal to sell her mansion in France. That judgement must been added to all the law books everywhere!

1002 days ago
13.

YouDontSay    

I have partied down in Atherton. It is a awesome area!

1002 days ago
14.

janet    

A very nice looking house.

1002 days ago
15.

Jeff    

Atherton is pretty damn boring for anyone under 50. But the house is cool if you like that overdone lame style from 20 yrs ago. That house would sell in middle USA for the 3-4 mil. But Atherton is extremely exclusive. PS Jerry's hands are HUGE and have an extra knuckle, sorta like ET. Nice guy tho.

1002 days ago
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