Own the Ultimate Piece of Rafael Palmeiro Memorabilia: His House
Rafael Palmeiro is not having a good year. 2011 started with a meager voting percentage (11%) in his first year of Hall of Fame eligibility. Based on his association with steroids, there is no indication that he will do any better in the future. Now, a failed business venture has him personally in the hole for around $10 million.
The Fort Worth Star-Telegram reveals that a real estate partnership that included Palmeiro purchased 200 acres of undeveloped land in Grapevine, Texas for a mixed-use development. The partnership declared Chapter 11 bankruptcy in June and owes creditors about $40 million. The group is asking for a five-year time frame to sell off the land to pay back the owed money.
Palmeiro is doing his own part to immediately start paying off interest on the debt. To do that, he plans to sell his home in Pebble Beach, California. According to Pegasus News, the 6,700 square foot home has a wine cellar, three-car garage, pool and guest house. He bought the home for $8.5 million in 2008 and expects to get around $10.5 millions for it now. Based on that, Palmeiro hopes to net $2.5 million from the sale that can be put toward the interest payments until the land can be unloaded.
For the fan and collector who would be interested in the Palmeiro pad, but would feel bad about kicking him out of his house, don't worry. His primary residence is in Colleyville, Texas. There are no plans to sell any other homes and several deals are already in the works for selling the land.
As for Palmeiro, he's probably hoping 2012 is a little kinder.
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