Plaxico Burress Suffers Huge Loss in Sale of FL Mansion
Plaxico Burress is the latest casualty of the housing market crash according to TMZ. The former NFL star originally bought his almost 7K square-foot mansion in Lighthouse Point, FL, in September 2005 for just under $4 million. Real estate values have hit all time lows since then causing even the houses in the well-to-do area where Plax lived to lose much of their value.
Documents obtained by TMZ show that Plax sold the house for $2 million as part of a short sale, where the bank accepted less money for house than what was owed on the mortgage. Burress hasn’t given any statement as to the reason for the sale of the extravagant mansion.