Tuesday, July 28, 2015

Ex-Phillie Dykstra's $18.5M mansion sold to creditor

Creditor takes over the Wayne Gretzky mansion that was briefly home to Philly's "Nails"

Ex-Phillie Dykstra's $18.5M mansion sold to creditor

Ex-Phillie and ex-online investment guru Lenny Dykstra's Thousand Oaks, Calif., mansion, which Dykstra borrowed $18.5 million to buy from hockey great Wayne Gretzky in 2007, has been acquired in a bankuptcy foreclosure sale by creditor Jeff Smith of Index Investors, the LA Times reports here.

Smith, a developer, lent Dykstra more than $700,000 to fix Dykstra's private jet and for other needs before Dykstra declared bankruptcy. Smith bid approximately the value of his debt to buy the mansion in the ensuing foreclosure sale. Smith is fixing up the property and plans to sell it at a profit after using proceeds to pay off Dykstra's mortgage to JPMorgan Chase and other loans, LAT says.

About this blog

PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, distefano251@gmail.com, 215.854.5194 or 302.652.2004.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano