Is Tiger Woods going broke?

[Steve]

http://finance.yahoo.com/banking-budgeting/article/113144/tiger-woods-running-out-of-money-fortune

 

As Tiger's revenues have declined, his expenses have only climbed. To begin with, there's the reported $100 million divorce settlement. And last August, Woods took out a $54.5 million mortgage on his home in Jupiter Island, Florida. According to the public document, Woods is required to pay off the mortgage in full by January of 2016, giving him a mere five and a half years to shed the debt. He's therefore paying more than $10 million each year, including his $431,042 in annual property taxes.

 

That 2010 property tax information comes from the district offices of Martin County, FL, where the home Woods now occupies alone is located. The property, which Woods purchased in 2006 for $44.5 million, is valued at around $47 million (the county values the house at $26.48 million, the land at $20.5 million). His 2010 improvements to the dwelling and the property cost him $6 million, including three separate residential pools, a tennis court, a golf green with a few holes, an elevator, and a 14,736-square foot improvement to the interior of the house -- evidence that Woods is not used to living cheaply. But the pace of his home improvements has slowed, according to online records of the county appraiser's office. So far there have been none in 2011.

 

Mark Steinberg says simply that there is no debt on Woods' Jupiter Island home, and declined to elaborate. But the Martin County clerk's office confirmed that their records show that the mortgage has not been paid off.

 

The Jupiter Island mega-mansion isn't the only Woods property. Among others, in 2007 he bought his mother property near his own, in Jupiter Island, for $2.4 million. In 2010, construction on that cost him another $2.6 million. Presumably, it's Woods himself that pays and will continue to pay all taxes on the home.

 

Between the divorce settlement and his recent mortgage, Tiger has faced recent debts to the tune of at least $160 million, though it's unknown how much of this he has now paid down. His endorsement earnings will not come close to this in 2011, and he's no longer adding much to his pot with golf winnings. Nike's decisive slash to his contract has not helped matters...

 

I thought he was on pace to become the 1st billionaire athlete (in earnings and endorsements). I thought he was worth over 500 mil. Worth and ready cash is a big difference I know but is he struggling?

 

I wish I had his problem.

 

The size of these homes and the worth astonish me. I'd like to think I'd live more humbly. Warren Buffet does.

[Flashermac]

Maybe he can come and live with his mother's family in Chonburi.