[DML] Delorean Estate !!

["JFJR'S Ben Stein Page" <jfjr@xxxx>]

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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