Mr. Canseco, a one-time American League most valuable player who ignited controversy by later admitting he used steroid , writing a book about it and then being the individual that name names, and thus a major performance enhancement drug era is exposed in full light.
Canseco told the syndicated TV show that he walked away from his $2.5 million, 7,300-square foot home in suburban Encino (18011 Karen Drive in 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. The WS Journal called Canseco “perhaps one of the highest-profile homeowners to walk away from a mortgage.” The paper also noted that falling home values in Los Angeles meant that Canseco had lost “about $1 million” in equity in the house. Plus, the house had had liens against it as well.
Canseco once owned a mansion at 3823 Pine Lake Drive in Weston, Fla. He sold that mansion in 2002 for $1,550,000 to major-league ballplayer Dimitri Young, according to public records. That mansion measures either 8,331 square feet (according to public records) or 20,000 square feet (according to news accounts from the late 1990s).
"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. The WS Journal called Canseco “perhaps one of the highest-profile homeowners to walk away from a mortgage.” The paper also noted that falling home values in Los Angeles meant that Canseco had lost “about $1 million” in equity in the house. Plus, the house had had liens against it as well.
Canseco once owned a mansion at 3823 Pine Lake Drive in Weston, Fla. He sold that mansion in 2002 for $1,550,000 to major-league ballplayer Dimitri Young, according to public records. That mansion measures either 8,331 square feet (according to public records) or 20,000 square feet (according to news accounts from the late 1990s).
