by Christopher Freeburn | April 11, 2013 9:23 am
The Austin, Texas, home of fallen cycling star Lance Armstrong has been sold.
Though the 1.72-acre estate was put up for sale last year with a $10 million asking price, property records show that it was assessed at a tax value of just $3.9 million. The new owner took a $3.1 million mortgage on the property, according to the Austin American-Statesman.
Despite the sale, Armstrong will continue to reside in Austin, though a spokesperson declined to say where. The cyclist and former Tour de France champion purchased the 7,850-square foot home in 2004. He showed it off in the pages of Architectural Digest four years later.
The estate’s new owner is the founder of an oil and gas development rights holding company. He told the Austin American-Statesman that he didn’t pay “anything close” to the home’s former listing price.
Armstrong fell from grace last year after accusations that he used performance-enhancing drugs during his cycling career led the sport’s governing body to strip him of his Tour de France titles.
In January, Armstrong admitted his drug use in an interview with Oprah Winfrey.
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