1/15/2009

Mike Vick Will Auction His Atlanta Home Due To Value Drops

After more than a year on the market and a $400,000 price reduction (DAMN!!!), Michael Vick's eight-bedroom home in the Atlanta area will go on the auction block if a bankruptcy judge agrees to the move. The imprisoned former NFL star disclosed the auction plans in a new financial disclosure statement filed in his bankruptcy case in Newport News. His lawyers are preparing a motion seeking U.S. Bankruptcy Judge Frank Santoro's permission to sell the house in Duluth, GA, to the highest bidder on or around Feb. 16.

Vick is serving a 23-month sentence at the federal penitentiary in Leavenworth, Kan., after pleading guilty to a federal dogfighting conspiracy. His lawyers are trying to get him transferred to a halfway house in Virginia, perhaps as early as Jan. 20 - six months before his projected release date.

"Upon his release, the Debtor will return to Virginia and will seek to rebuild his life and career," the disclosure statement says. The suspended Atlanta Falcons quarterback filed for Chapter 11 bankruptcy protection last July, claiming assets of $16 million and liabilities of $20.4 million. Santoro last month rejected Vick's disclosure statement, which major creditors had criticized as insufficiently detailed, and ordered the new one.

According to the revised statement, real estate agents have shown the Georgia house more than 30 times to potential buyers and have aggressively marketed the property in publications, direct mailings and on the Internet. The home originally was listed for $4.5 million but is now priced at $4.1 million. The new disclosure statement reiterates Vick's plan to resume his NFL career, which hinges on Commissioner Roger Goodell lifting his suspension. Goodell has not said what he will do, and it's unclear whether a team would offer a contract to Vick, who once was the league's highest-paid player.

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