Vick Wants To Auction Ga. Home After Value Drop - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Vick Wants To Auction Ga. Home After Value Drop

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 RICHMOND, Va. (AP) -- After more than a year on the market and a $400,000 price reduction, Michael Vick's eight-bedroom home in the Atlanta area will go on the auction block if a bankruptcy judge agrees to the move.

The imprisoned former NFL star disclosed the auction plans late Monday in a new financial disclosure statement filed in his bankruptcy case in Newport News. His lawyers are preparing a motion seeking U.S. Bankruptcy Judge Frank Santoro's permission to sell the house in Duluth, Ga., to the highest bidder on or around Feb. 16.

Vick is serving a 23-month sentence at the federal penitentiary in Leavenworth, Kan., after pleading guilty to a federal dogfighting conspiracy. His lawyers are trying to get him transferred to a halfway house in Virginia, perhaps as early as Jan. 20 - six months before his projected release date.

"Upon his release, the Debtor will return to Virginia and will seek to rebuild his life and career," the disclosure statement says.

The suspended Atlanta Falcons quarterback filed for Chapter 11 bankruptcy protection last July, claiming assets of $16 million and liabilities of $20.4 million. Santoro last month rejected Vick's disclosure statement, which major creditors had criticized as insufficiently detailed, and ordered the new one.

According to the revised statement, real estate agents have shown the Georgia house more than 30 times to potential buyers and have aggressively marketed the property in publications, direct mailings and on the Internet. The home originally was listed for $4.5 million but is now priced at $4.1 million.

Vick paid $3.7 million for the home in 2005, according to Gwinnett County property records, and the disclosure statement says he still owes about $2.8 million on the mortgage. Several creditors and the Internal Revenue Service also have filed liens against the property, which Vick proposes to sell "free and clear of all liens, claims and encumbrances."

Funari Realty, the company marketing the property, describes it in an Internet listing as a "stunning custom home with priceless lake views." It features a majestic, two-story foyer with a double curved staircase. Other amenities include an in-home theater, a workout room with sauna, an elevator, a full bar, two outdoor fireplaces and a four-car garage.

Vick will be looking for better results at auction than the owner of his former property in Surry County, Va., has achieved. A developer who bought the house and 15-acre spread that served as headquarters for Vick's "Bad Newz Kennels" dogfighting operation has twice failed to sell the property at auction.

Vick still owns three other homes in Virginia. Court papers show he is trying to sell homes in Williamsburg and Suffolk but wants to keep one in Hampton.

The new disclosure statement reiterates Vick's plan to resume his NFL career, which hinges on Commissioner Roger Goodell lifting his suspension. Goodell has not said what he will do, and it's unclear whether a team would offer a contract to Vick, who once was the league's highest-paid player.

Major creditors had complained that Vick's original disclosure provided no real assurance he would be able to rejoin the NFL and again command a hefty salary that would allow him to begin paying his debts. The revised statement and an amended reorganization plan call for Vick to provide a court official "detailed information" on his progress toward rejoining the league. He also would be required to provide the court copies of any player or endorsement contracts.

© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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