Bad Real Estate Market a Big Issue in Celebrity Divorces
A declining real estate market is making it harder for divorcing celebrities to reach agreement on the division of their assets.
In Florida, the former professional wrestler known as Hulk Hogan is in a bitter court battle with his soon-to-be ex-wife over whether he must go through with the couple’s planned purchase of a $4.2 million condominium in Las Vegas, reports the Tampa Tribune. Las Vegas reportedly has been particularly hard-hit by declining real estate values, and appraisers for husband and wife are $1 million apart on what they say the condo is worth.
Hogan, 54, whose real name is Terry Bollea, contends it would be a waste of money to go ahead with the purchase, although a court earlier ordered him to do so, reports an ABC affiliate. A court hearing on whether he must close the deal on behalf of his wife of 24 years, Linda Bollea, is now ongoing.
In California, actor David Hasselhoff is already divorced from his wife of 16 years, but their 10,000-square-foot family home in Encino is still an issue, reports the Associated Press. It was awarded to the Hoff, who plans to sell it, but he has allowed his ex, Pamela Bach, to continue living there in the meantime.
Los Angeles Superior Court Judge Robert Schnider had to resolve a dispute between the two about what the home should be listed for; Hasselhoff wanted to put it on the market for $5 million, while Bach said it was worth $8 million. The judge set a $5.95 million asking price in a ruling last week.
