Lance Armstrong Sells Estate In Texas As Legal Costs Continue To Soar

Lance Armstrong has sold his estate in Austin, Texas for an estimated $3.1 million.

Oil-and-gas rights agent Al Koehler has bought the 1.7-acre property from Armstrong. The Austin American-Statesman reports that a deed of trust filed with Travis County last week showed Koehler had secured a $3.1 million loan to purchase the estate.

County tax rolls pin the property’s value at $3.9 million, while local real estate agents claim the house was listed at $10 million. In an email to the American-Statesman, Koehler says he paid “nothing close” to that sum.

Armstrong spokesman Mark Higgins confirmed the sale, and said the former cyclist intends to remain an Austin resident.

Lance Armstrong has lived on the Austin estate since 2004. Last year’s high-profile interview with Oprah Winfrey was conducted at the property.

The sale may be a sign that Armstrong is in need of funds. The disgraced cyclist faces numerous multi-million dollar lawsuits from sponsors after he admitted to using performance-enhancing drugs last year.

These include a $100 million lawsuit from the Justice Department, which is seeking three times the amount the US Postal Service paid to sponsor Armstrong throughout his career, and a $12 million suit from SCA Promotions.

In the wake of last year’s doping scandal, Armstrong was stripped of his seven Tour de France titles and banned for life from sports. The cyclist abandoned a recent attempt to make a comeback in the swimming pool at the Masters South Central Zone Swimming Championships.

To see more of Lance Armstrong’s Austin property (courtesy of Eric Estate), scroll down: