1970s teen heartthrob David Cassidy's Fort Lauerdale home is up for auction. According to a report from breakingpropertynews.com, Cassidy is under Chapter 11 bankruptcy protection and this is one way to liquidate properties held under his name.
The property is located on 1600 S. Ocean Drive, and permission has been sought from the bankruptcy court to sell such property pending completion of the hearings. Cassidy claimed the said property is no longer needed as he and his wife Susan are divorcing shortly.
The bankruptcy court, presided by the Hon Bankruptcy Judge Raymond Ray in Fort Lauerdale, had approved the petition to sell the property pending litigation. The court also appointed Fisher Auction Co. of Pompano Beach to oversee the sale. A number of personal memorabilia is also set to be auctioned off with the house.
According to the dailybusinessreview.com, the home has five bedrooms, six bathrooms, custom-made wooden flooring, a kitchen for a chef as well as a gym area. The master's suite has its own formal entry, a swimming pool and gazebo, high ceilings and fireplace. There is also a spa area, a docking area as well as 130 feet of beachfront property.
The decision to start selling the property was reportedly prompted by Cassidy's three DUI arrests in three states. According to a report from gossipextra.com, the asking price for the Florida mansion is now set at $3.2 million from a high of $4.5 million. In 2001, Cassidy was said to have purchased the property for $1.1 million and had made a number of upgrades on the property.
With his assets under bankruptcy protection, he is said to be worth $5 million, according to a report from celebritynetworth.com. He had reported a $150,000 income for 2014 but pays $27,000 in monthly expenses and is saddled with debts, such as legal fees amounting to $134,000 and $39,100 in credit card payables.
