Lance Armstrong has sold his Austin estate to an oil-and gas-rights agent for nearly $7 million less than its listed value — the latest in a long string of woes for the disgraced cyclist.
The Austin American-Statesman reported a deed of trust filed last week in Travis County indicated that the buyer, Al Koehler, got a loan for $3.1 million to purchase the estate, which has served as Mr. Armstrong’s home since 2004.
County tax books put the 1.7-acre property as worth $3.7 million. Local real estate agents estimate the value even higher, in the $10 million range.
Mr. Koehler, founder of Royalty Clearinghouse, which purchases oil and gas royalties and mineral rights, told the American-Statesman that he paid far less than listed values.
A spokesman for Mr. Armstrong said he would continue living in Austin.
Mr. Armstrong was stripped of seven Tour de France titles after he admitted using performance–enhancing drugs, following years of vehement denial. He was subsequently banned from competitive sports for life.