« BACK TO TMZ TMZ

Our TV Shows

Got a Tip?

Call TMZ at (888) 847-9869 or Click Here

Terrell Owens

Narrowly Escapes Foreclosure

12/11/2011 12:40 AM PST BY TMZ STAFF

Terrell Owens Dallas CondoAnother real estate debacle for Terrell Owens -- who just struck a deal to sell his pimped out Dallas condo for $350,000 LESS than he bought it for ... TMZ has learned.

Here's the deal -- Owens paid $1.95 for his 3,559-square foot Dallas condo back in 2008, when he was still with the 'Boys ... and pumped an additional $100k into the place for various upgrades.

But that was back when Owens had money ...

Now, in the wake of his financial issues, Owens was forced to sell the place ... but thanks to that pesky real estate bubble, it's worth SIGNIFICANTLY less now.

So, Owens got his bank to accept a short sale on the pad ... in which the bank agreed to take less money than what's owed on the loan ... and thereby avoided the pain in the ass foreclosure process.

TMZ has learned ... some wealthy opportunist bought the place last month for $1.6 mil.

As we previously reported, T.O. took a $56,000 loss on another property last month ... and he still has no job in the NFL.

For more sports stories, check out tmzsports.com!
26 COMMENTS

No Avatar
1.

KRAZY KOOKY KLOWN.    

He paid $1.95 for a condo????? Holy freakin bags of donkey turds Batman...ohhhhhh righhhhht, that's TMZ with another typo...

956 days ago
2.

Lan    

What up, T Owe????

956 days ago
3.

ManiacalZebra    

He was foreclosed on for a condo he only paid $1.95 on? His financial situation is worse than we thought!

Or TMZ doesn't proofread before posting.

956 days ago
4.

ChunkyLightning    

Don't these guys have financial advisors or any amount of common sense?

956 days ago
5.

char    

Don't understand either how T.O can be in such financial ruin. He made big bucks in the NFL and has the reality show he makes money doing. Must be bad financial advisors or someone stealing or he just went thru all that money on waste.

956 days ago
6.

the artist formerly known as hand turkey    

Anybody who bought real estate in 2008, was damn idiot and deserved what that got. When you see track houses built in the freakin 50s and 60's priced above half a million, something is wrong. Why the hell would anybody pay 2 million dollars for an apartment in Dallas, when less than an hour away, you could buy a huge house with acres of land around it for the same price?

956 days ago
7.

Gloria    

You forgot to mention in your artical the $350,000 from this condo and the $56,000 T.O will owe taxs on that money.

956 days ago
8.

who dat    

Actors / entertainers/ athletes make big money. Then they go to Vegas, make it rain, bottle service. Clothes, cars, real estate deals. Broke as a joke in no time.

956 days ago
9.

If sense were common everyone would have it.    

The inside of that place looks so cold I had to put on a sweater after I looked at it.

956 days ago
10.

Shanky Dog    

I don't understand how a NFL superstar can play for 14 season have Multi reality shows and have ZERO money when sitting out 1 season!!! he needs to fire his two assistance they obviously do not know how to manage a career.

956 days ago
11.

CountryGal    

Another dumb fool

956 days ago
12.

Hime    

2 bucks for a condo he resold for 350k? Sounds like a deal to me. Unless that was a typo.

956 days ago
13.

lee    

this doesnt generally happen to rocket scientists does it?

956 days ago
14.

Val    

At least is doing what he has to do so that he doesn't totally go broke. It is hard to become humble after making so many mistakes with your money. T.O. wish you the best.

956 days ago
15.

KicksandGiggles    

Hopefully he still has enough to buy a pack of condoms.

956 days ago
| 1 | 2 | Most Recent | Next 15 Comments

Around The Web