[DML] Delorean Estate !!
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[DML] Delorean Estate !!
- From: "JFJR'S Ben Stein Page" <jfjr@xxxx>
- Date: Fri, 14 Jan 2000 02:22:54 GMT
This just in...
DeLorean Ordered Off Estate by Mar.
TRENTON, N.J. (AP) -- A bankruptcy judge has awarded John DeLorean's estate
to a golf course developer and ordered the erstwhile automaker off the
property by the end of March.
U.S. District Judge Garrett Brown on Wednesday approved the sale of
DeLorean's 434-acre Bedminster, N.J., property to National Fairways Inc. for
$15.25 million.
The sale ended DeLorean's five-year battle to keep his property despite
financial and legal ruin. The proceeds from the sale are earmarked for
DeLorean's creditors, but the price falls about $15 million short of paying
off DeLorean's total outstanding debt.
DeLorean, 75, declined to comment on the decision.
His largest creditor, Merrill Lynch Credit Corp., won title to the Georgian
mansion and the rest of the estate in March 1999.
DeLorean had vowed to pull himself out of his financial troubles when he
filed his bankruptcy petition in September. He announced that he himself
would develop a golf resort and equestrian center on his property, which he
estimated to be worth $27 million.
He had even intended to build a new line of gull-winged sports cars powered
by ceramic engines, like the 8,500 stainless steel DeLorean Motor Co. cars
built in the early 1980s.
That company, based in Northern Ireland, collapsed 18 years ago amid charges
of money laundering.
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