Lance Armstrong Sells Austin Estate

Lance Armstrong_2011_headshot
AUSTIN, Texas, April 11, 2013 – Disgraced US cyclist Lance Armstrong,
who is the subject of multiple lawsuits after confessing to doping, has sold
his property in Austin, it was reported Thursday.

The Austin American Statesman reported that Armstrong had sold the
luxurious 1.7-acre Spanish-style estate he bought in 2004 but planned to
continue living in the Texas city.

Armstrong, who has been stripped of his seven Tour de France titles and
abandoned by former sponsors after finally admitting he took
performance-enhancing drugs, sold the property to a Texas oilman, Al Koehler.

The property was listed by local real estate agents at $10 million but the
newspaper did not say what Koehler paid for it.

Armstrong’s fortune is estimated at between $60 million and $110 million
but he is facing a series of lawsuits that could cost him dearly.

The largest lawsuit is a whistle-blower case filed by former American
teammate Floyd Landis in conjunction with the US Justice Department.

He is also being pursued by US insurer SCA Promotions which is seeking
reimbursement of $12 million in Tour bonuses it insured.