Warren Sapp Looking to Sack $6.7M Debt Via Chapter 7 Fire Sale
To the victor go the spoils? Well, in the case of Warren Sapp, the former football star who landed in the elite confines of Windermere, FL, there was a time when he was collecting all kinds of insanely bodacious bounty, but that was during his NFL playing days.
Now comes the tale of Sapp’s financial meltdown, courtesy of the Tampa Bay Times. In a mightily detailed account of Sapp’s personal finances, the story gives a primer on how a 39-year-old man who earned $77 million could wind up with $826.04 in his checking account, debts totaling $6.7 million and a home being auctioned by U.S. Bankruptcy Court.
It’s quite a story about the outspoken Sapp, whose humble beginnings are plainly seen by the homes that dot the street where he grew up, which is now called Warren Sapp Drive in Plymouth, FL.
Despite his continued role in the TV broadcast booth and a new book that attempts to cash in on his loquacious ways, Sapp has filed for Chapter 7 bankruptcy, an avenue that attempts to portray his losses as business related.
But the devil is in the details, and, according the Times’ examination of the 59-page filing, only time and the courts will tell whether Sapp fits the bill for this kind of bankruptcy procedure. In the meantime, Sapp’s home at 11049 Bridge House Rd, Windermere, FL, 34786 is on the market for $3.774 million.
The 10,000-square-foot, 4-bedroom, 6.5-bath home was ordered on the market by the U.S. Bankruptcy Court, which under Sapp’s Chapter 7 filing requires the liquidation of all his assets. The home is scheduled for auction on Nov. 1, with the caveat that the list price is conditional. The real sale price will be determined prior to the auction.
In the meantime, anyone with an Air Jordan jones can take advantage of Sapp’s fiscal plight; the bank has also ordered the sale of Sapp’s collection of 240 pair of sneakers. The only catch? They’re all size 15.