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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

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16.

Cherry    

T.O is in financial trouble as an result of a "friend" ripping him off big time. Ran all of his credit cards up to the max, among other things. Plus the guy takes care of his mom, family and pays child support for 3-4 children. That doesn't include living, managers, reps, etc expenses. Add the small things like travel/transportation, morgage, taxes, etc and one can clearly see why he is having problems, considering he doesn't have adequate income coming in. It's rather sad really.

956 days ago
17.

Dmorgan    

Lam Lam & Khloe should have bought it.

956 days ago
18.

Michelle86    

Since when did it become okay for guys to 'babysit" their kids? TO has four kids, yet dropped nearly 2 million dollars on a condo? Number 1, nobody raises their kids in a high rise condo, and Number 2, kids are probably not allowed in a place like that even if he wanted to be the full time parent. Americans' values are going straight to ****! He blew all of this money trying to live a bachelor's life knowing he had a big family to take care of. This is sickening and its totally unfair to the children.

956 days ago
19.

HG    

the reason TO is in such bad shape is he has a lot of baby's mommas who force him to pay about 15 thousand A MONTH per baby. He has like five kids, do the math. what kid costs 15 thousand A MONTH to raise. Feminism needs to answer that stuff. Everyone likes to hate on deadbeat dads. What about deadbeat baby mommas who live a great life off of their child support. He should be paying a grand or two a month per kid max.

956 days ago
20.

L.G. Landis    

Why have a sing off on X Factor? The last 3 eliminated clearly performed in that event better than the one eliminated. Nicole looked at L.A. the entire time before making the worst choice on the show. He has some great recording artist and he didn't make his choice on Rachells performance but on his man and Nicole voted with him.

956 days ago
21.

Jen    

Wow! $1.95 and free shipping?

956 days ago
22.

Mike    

He needs to go hang out with Tebow. They need a WR.

955 days ago
23.

Mike    

stupid dumbass. Yeah flash that bling bling now!!!!

954 days ago
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