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The Las Vegas Review-Journal is reporting that Michael Jackson’s former doctor, Conrad Murray, could possibly lose his home to foreclosure.
The paper reports that Dr. Murray is late on $15,165 in payments on his Las Vegas residence, which is located in a gated community on the Red Rock Country Club west of the Strip. Dr. Murray reportedly left his practice for a $150,000 a month gig to serve as Jackson’s personal physician. He hasn’t been paid for his time with Jackson.
Dr. Murray bought the 5,200 square foot, four bedroom home for $1.1 million in 2004 but refinanced it for $1.6 million in January 2008. The lender is Indiana-based Irwin Union Bank, according to the paper. Stewart Title filed a default notice on July 23.
Dr. Murray’s office in Houston and his home and office in Las Vegas were raided by law enforcement authorities in the past week. He is under investigation for his role in the singer’s death.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.