Lance Armstrong is moving.
The disgraced cyclist, who admitted doping while winning seven Tours de France and is under a lifetime ban from competition, sold his estate in Austin, Texas, but plans to continue living in the city.
Al Koehler, founder of a company that purchases oil and gas royalties and mineral rights, took out a $3.1 million loan to buy Armstrong’s 1.7-acre property, according to the Austin American-Statesman. Real estate experts, the Statesman reports, say the house was listed at $10 million; in 2012, the property was listed on the Travis County tax roll for $3.9 million. An Armstrong spokesman confirmed to the Statesman that Armstrong had sold the property.
“I’m glad this house stayed with a loyal Austinite,” Koehler said in an email to the American-Statesman. “We can do a lot of good for the city of Austin with this home. … I didn’t pay anything close to that [listing], but the Austin rumor mill is what it is.”
Armstrong purchased the property in 2004 and did extensive renovations of the 7,850-square foot house, where he hosted events for his Livestrong charity. He famously tweeted a photo of his media room and his seven Tour yellow jerseys last fall, during the uproar that led to him being banned from competition for life.
Back in Austin and just layin’ around… mob.li/_r4zAz
— Lance Armstrong (@lancearmstrong) November 10, 2012
In a 2008 interview with Architectural Digest, Armstrong said he’d promised his three oldest children that they’d be staying in the house (show here in a slideshow) for a long time. “When their mom and I split, the kids and I moved around a bunch. But that’s over,” he said then. “This time I said, ‘You will graduate from high school in this house. I promise. Dad’s not moving again.’ ”
Armstrong faces a number of civil lawsuits stemming from his admitted use of performance-enhancing drugs and told Oprah Winfrey that he estimated he’d lost $75 million in future income when sponsors dropped him last fall after he received his lifetime ban. He reportedly still owns at least two other homes, in Aspen, Colo. and Hawaii.
“I’ve certainly lost all future income….I’m going to give you a number,” he said. “You could look at the two days or the day and a half when people left and I’m going to give you a number. … I don’t like thinking about it, but that was a $75 million day. … Gone. Gone. And probably never coming back.”