Jose Canseco Loses Home To Foreclosure
Divorces Cost Ex-Baseball Star Millions; "It Didn't Make Financial Sense For Me To Keep Paying A Mortgage"
-
Jose Canseco, Former Major League MVP, lost his $2.5 million mansion to foreclosure. (AP)
-
Play CBS Video Video Juiced CBS News will rebroadcast Mike Wallace's controversial 60 Minutes interview with Jose Canseco that led to the congressional hearings on steroid use in baseball with new footage.
-
Photo Essay Baseball's Richest Players Take a look at who is pulling in the most money in Major League Baseball.
-
Timeline Steroids & Baseball Steroid use allegations plague Major League Baseball
Canseco told the syndicated TV show "Inside Edition" that he walked away from his $2.5 million, 7,300-square foot home in suburban Encino because it didn't make sense to continue making payments.
"I do have a judgment on my home and it to me is very strange because it didn't make financial sense for me to keep paying a mortgage on a home that was basically owned by someone else," he said in an interview that aired Thursday.
"You know my life, this financial thing, is a very complicated issue. Obviously, when you make all that money, people think, `OK, let's assume it is $35 million.' People have to understand that $35 million, you're paying the government 41 percent. That leaves you with about $17 or $18 million, not even. Then you're taking care of your whole family."
He added that a couple of divorces cost him $7 million or $8 million.
Canseco said his top earnings year was $6 million and that his financial situation obviously is different than most people who are losing their homes.
"What about other families that we're hearing on TV, that they're saying, `We have nowhere else to go,"' he said. "I mean, that is amazing. I've got books (he's put out two expose-type books on drug use in baseball), we're now trying to produce the movie to both.
"Like I said, my situation was a little more different than most. I decided to just let it (the house) go, but in most cases and most families, they have nowhere else to go."
Calls by The Associated Press to Canseco and to his attorney, Greg Emerson, were not immediately returned.
© MMVIII The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.


Best-selling author Mitch Albom on his first nonfiction work since "Tuesdays with Morrie."





- 1
- 2
- 3
- next
See all 41 CommentsThis would be the feel good story of 2008 and an episode I''d watch. Ty would make Jose''s bedroom that weeks ''secret project''.
Sorry but wipe, dipstick. Unless the rules are different for you, you ARE still on the hook for the house.
In other words,,YOU still OWE moeny for that HOUSE. Moron!
Posted by Glock4me
Yeah and you know what? guess who will be footing the eventual bills for those loses from bankruptcy/foreclosures....
YOU and every other working stiff struggling to get by on $25K or $30K a year $900 mortgage for a shack, and no health insurance. Our hearts bleed for this PO'' boy who only has $17 million.
No, morons like HIM need to understand that $15,000, you''re paying the Govt about 30%, that leaves you with MAYBE $11,000, not even. Then youre taking care of your whole family on $5.75 an hour with no medical insurance, yeah LIFE''s TOUGH when you only have $17 million salary after tax, yeah REAL hard to make it!!
The moron obviously has brain rot and is incredibly lucky to have survived in life as long as he has.
He probably has to pay someone 50K a year to dress him and tie his shoes in the morning.
My heart is breaking.
"Like I said, my situation was a little more different than most. . "
house / steroids
house / steroids
ok bye, house, he chose the steroids.
If you have a negative attitude toward wealth (envy is a negative as is jealousy) then you repel wealth consciously and subconsciously with that attitude.
So the man is a flake. So he wasted his money and did not pay off his home--even those who can pay off their home are advised not to, as they can always use the mortgage as the largest tax deduction that they can have and so in a weird way, it is worth it, to not pay it off. Even so, if we are not made to bail out this man or his house--great. If we are, then I''m joining the screaming, angry condemnation crowd--not for what he is doing--but for what grief his actions are now causing the rest of us.
He has a 10 figure salary, so 41% would still leave 9 figures in return.
Maybe he can stop divorcing?
Maybe he can get another job? I mean, hitting a ball and then running around in big circles surely can''t be worth millions each year to do?!
So many people, even those who''ve done everything right, are hurting, and he meanders about his situation. I cry "foul".
- 1
- 2
- 3
- next
See all 41 Comments