Tiger takes out $54 million mortgage to help pay divorce settlement?
Sep 2, 2010, 11:00 AM EDT
The Palm Beach Post uncovered documents that show Tiger Woods took out a $54 million mortgage on his new Jupiter Island (Fla.) home last Wednesday, and learned speculation is that the sum is going to help pay off his divorce settlement. From Jose Lambiet’s Page 2 Live column:
And the mortgage holder, according to the records, is a shadowy company with no apparent capital, JRD Florida Ventures LLC. The corporation’s registered agent is none other than one of his former wife’s six divorce lawyers, Dennis Belcher.
This leads experts to believe that the total divorce package is in excess of $54 mil … probably in the $100 million to $500 million range. Mama Mia.
Official records that just popped up in Martin County hint that Woods will have to pay ex-wife Elin Nordegren $54 million by January 2016 — or risk losing the house he spent five years building.
Woods, the mortgage shows, used the Jupiter Island property, Sand Turtle, to secure the loan — which means that Nordegren could end up with that Motel 6-style crib if he doesn’t pay up. The document was actually notarized by Tom Sasser, Woods’ West Palm Beach-based divorce attorney.
West Palm Beach divorce-law guru Odette Bendeck, who had nothing to do with Tiger’s divorce but handles plenty big-money splits, explained what’s behind it all.
“What I believe is happening,” Bendeck said, “is that the settlement calls for deferred payments to the ex-wife. I’m pretty sure there’s a promissory note behind the mortgage, and the mortgage is just to secure the note. They did it like this for privacy.”
Elin probably got some dough up front, Bendeck said, but she’ll have to wait five years to get it all.
“I have a feeling this (the $54 million) is just a piece of the entire package.”
Speculation has placed the value of the divorce, after six years of wedded bliss, between $100 million and $500 million. There is, however, no way to know for sure, Bendeck said.
“The prenup they signed could have set a percentage of Tiger’s earnings during the marriage as settlement,” she said. “What looked reasonable then can seem insane at the time of the divorce.”
Just goes to show how tenuous this being rich business is. Woods may be worth $900 million total, or whatever. But most of that’s represented by real estate and other holdings. Sobering to reflect on the fact that if his game really hits the skids, he might end up losing his main house to his ex.
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Tigers Woods signs $54 million mortgage to pay of the ex [Palm Beach Post]
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- winner - Sep 2, 2010 at 5:23 PM
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legit comment
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- Teresa - Sep 2, 2010 at 5:35 PM
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How is it that a women deserves all that money, did she make that money? No she enjoyed a life of the rich and famous, well Tiger did all the work. I am really against gold diggers, as far as I am concerned she deserves very little.
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- smokey - Sep 2, 2010 at 5:44 PM
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interest payments are capped by law
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- Tiger - Sep 2, 2010 at 5:49 PM
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Does anyone have directions to Payday Loans? Also I’ve taken a second job to pick up the slack. Would you like some popcorn with that?
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- Mick the Canadian - Sep 2, 2010 at 6:08 PM
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So in real money its 1- 2 TV commercials so whats the big deal
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- Jim - Sep 2, 2010 at 6:12 PM
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His net worth is not in cash.
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- brewster - Sep 2, 2010 at 6:16 PM
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only another self absorbed, vacuous scumbag would identify with and admire another scumbag.
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- taco - Sep 2, 2010 at 6:29 PM
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Tiger can do porn to pay off the bills if need be
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- Curtis - Sep 2, 2010 at 6:42 PM
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All you Tiger haters are just jealous that you can’t hit a golf ball like him, or score like him.
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- HRB - Sep 2, 2010 at 6:43 PM
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Not all of it,details can be found in IRS Pub 17 and Schedule A instructions. HRB Senior Tax Advisor
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- Auzziegirl - Sep 2, 2010 at 6:50 PM
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Not if Obama’s proposed reduction in the amount one can claim on mortgage interest passes. Or, has it passed already? I believe the new tax law proposes a 70% reduction on every thousand dollars of interest. e.g. If you pay $1,000/month interest you may only claim $300 on your tax return.
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- Mr. C. - Sep 2, 2010 at 6:53 PM
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The main problem here is, the people who are talking or are taking shots at Mr. Woods. Is the fact that he has more MONEY than them. And NO other GOLFER has done for the game of GOLF what he has done.
Ask the TV NETWORKS how much MONEY they had made off Tiger over the years he’s been on tour. And what they LOSS when he was not on TV.
!!!!! MONEY talks and BS walks. !!!!! Think About It. It does not matter what or who you are if you have the BIG CASH FLOW.
ENOUGH BS IS ENOUGH BS. DON’T HATE PLAYER, HATE THE GAME.
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- hew jew - Sep 2, 2010 at 6:58 PM
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He deserves to die a slow painful death.
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- Golf Fan - Sep 2, 2010 at 9:15 PM
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Get over it and move on.
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- Golf Fan - Sep 2, 2010 at 9:31 PM
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I would imagine that you should for saying this. Get a life and move on.
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- Edgar - Sep 2, 2010 at 10:13 PM
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Tiger Woods is a piece of sh#t human being.
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- Blue Star - Sep 2, 2010 at 10:18 PM
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Yep, your right. HE GOT MARRIED AND HE GOT CAUGHT! Every married man out there with that kind of money have had that many affairs, maybe a little less. Not to mention there are many who do not have that kind of money have the same story!
THE DIFFERENCE?
HE GOT CAUGHT AND HE IS FAMOUS! Other than that, he is the typical dumb SOB who bought the “Marriage is such a wonderful thing” bag of BS!
THE DIFFERENCE??
A FEW HUNDRED THOUSAND VS. A FEW HUNDRED MILLION TO THE BLOODSUCKER!
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- NCSailor - Sep 3, 2010 at 4:38 AM
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I’m thinking that if I was one of the skanks that Tiger was banging, I would be going undercover and fast. Now that Elin has that kind of money, her lawyers can start the lawsuits against these whores that ruined her marriage. The legal fees alone will destroy them and their futures. Hell, Elin might even go after their families for raising such pathetic trailer trash skanks.
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- Doocon - Sep 3, 2010 at 8:33 AM
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Clearly he was thinking with the wrong head. For future reference guys who may cheat on their spousal units; a hard d–k has no concious. The debris field which you must clean up from your cheating ways just is not worth it.
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- BLAZEONE - Sep 3, 2010 at 9:45 AM
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You ppl are just jealous or stupid. What did that woman do beside lay up and make damn babies, she was a damn nanny before she married Tiger, and now she is entitled to half. WTF, I bet she did not even take care of the kids, porably had nannies for both of them. I dont mind taking care of my kids, but she needs to get a job and do some f@%king work. She just a free loader like all the others. I wondering is she was cheating, because no man can have 12 women on the side and your wife not know.
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- Mick the canadian - Sep 3, 2010 at 9:54 AM
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Totally dissagree. Tigers wife was humiliated in front of the whole world. Her family surrouondings was taken away from her as well as her marraige, there was no choice here, I think she would rather have the relationship then the money hands down
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- surdelrio - Sep 3, 2010 at 11:06 AM
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Many stones thrown by those obviously not living in glass houses, or oblivious that they might. Much trival pursuit by petty media and response by many with too much time on hand. Somewhat indicative of a spoiled society – similar to “free bread and circus” syndrome.
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- Black Talsma - Sep 3, 2010 at 11:26 AM
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This is just another blood sucking biatch.
All she deserves at best is a couple of million. She did nothing but sit on her azz, while he went out and worked and earned the money.
This is sickening.
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- Soiled Tiger - Sep 3, 2010 at 12:49 PM
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Like waking up from a nightmare! His dreams were great however reality sets in. What did I do? The peds made me do it.
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- Lion Woods - Sep 3, 2010 at 1:05 PM
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The $54 million is just a slice of what my kids mom will get from me for saying I do. the golddiggin’ tramp will get the $54 million and another $107 million but that’s the way love goes… now, without further ado… “can a brother get a table danc?!”
