LOS ANGELES (AP) - Seven years after winning a women's record five Olympic athletics medals and snagging multimillion-dollar endorsement deals, Marion Jones is broke. The sprinter is heavily in debt, fighting off court judgments and down to a bank balance of about $2,000, according to recent court records reviewed by the Los Angeles Times. Last year a bank foreclosed on her $2.5 million mansion in an area of Chapel Hill, North Carolina, where Michael Jordan was a neighbor. She was also forced to sell two other properties, including her mother's house, to raise money. Jones' financial woes were revealed in a 168-page deposition in a breach-of-contract suit she filed in Dallas against veteran track coach Dan Pfaff. Pfaff countersued and won a judgment against Jones for about $240,000 in unpaid training fees and legal expenses. Legal bills have plagued Jones since 2003, when suspicions of drug use emerged and she was linked to the Bay Area Laboratory Co-Operative (BALCO) after a federal raid. Jones retained attorneys for her BALCO grand jury testimony, for negotiations with the U.S. Anti-Doping Agency in her fight to avoid being banned from competition, for a defamation lawsuit she filed against BALCO founder Victor Conte, who accused her of taking performance-enhancing drugs, and for taking on Pfaff in her breach-of-contract suit.
EPelle wrote:In Jones deposition, she stated that her home was worth 2,5M-USD. However, Jones final home in North Carolina - in Cary - has a total value assessment of 146.141-USD.
Don't know how it works in NC. In CA the assessed value is only equal to the real value when a property changes ownership. At that time it is assessed at the sale transaction price. After that, by law, the assessed value (used for property tax purposes) can only rise by a max 2%/year. Until the next change of ownership the closest thing to an actual value is generally what an appraiser will say the value is. The last appraisal we had on our home indicated an appraised value close to double the assessed value.
That said, even if the system worked that way in NC, the discrepancy is too large to be easily accounted for if in fact we are talking the same property. In CA you can see such discrepancies, but the homeowner would have to own the home for 20 or more years to see that big a gap.
Someone on this site said something to the effect of "you are known by the company you keep." Let's see, CJ Harris, Tim Montgomery, and Trevor Graham, and that other coach they worked with a little who worked with Ben Johnson. Notice any similarities?!?!?! Come on people, why do we care what she's going through. You reap what you sew. She deserves to go down in FLAMES for disgracing the sport and herself. Maybe she can put that college degree to use and earn a living in a way where she cant cheat.
Jack Slocombe wrote:From queen to scrubwoman, and with a college degree. Life is good in America where opportunities abound.
Makes ya proud to be an American. (not)
I do not understand this irrelevant jibe at the American cultural/economic system as somehow being responsible for Ms Jones reduced circumstances..
Weep not for Maid Marian... an old cliche comes to mind.... she has made her (several) bed(s) and now must sleep in them
ponytayne wrote:Someone on this site said something to the effect of "you are known by the company you keep." Let's see, CJ Harris, Tim Montgomery, and Trevor Graham, and that other coach they worked with a little who worked with Ben Johnson. Notice any similarities?!?!?! Come on people, why do we care what she's going through. You reap what you sew. She deserves to go down in FLAMES for disgracing the sport and herself. Maybe she can put that college degree to use and earn a living in a way where she cant cheat.
Oh, and i AM proud to be an american.
the present "company she keeps" is obadele
a man who was an outstanding athlete & a proud flag-bearer of sprinting
so what does that make marion considering this is the company she is currently keeping ?
guru wrote:Really, how many threads about this do we need?
It is pretty incredible how much venom is on these Marion threads. All of you, self-proclaimed Marion haters are so righteous and self-assured of your own high morals that you think you have this right to cast stones.
What exactly did she do that is so contemptible?
Two failed relationships with drug cheaters. Horrors!
Accused, but never convicted of drug use.
Not always nice. Another horror.
EPelle wrote:[img]... Jones was in some financial trouble, but there still seems to be a discrepancy as to how she arrived at a 2.5M-USD figure. This is a Satisfaction of Security Instrument which states that a company listed on the actual record now owns the indebtedness which Marion Jones had to the grantors in the amount of 136.000-USD. Can someone explain (as bad hammy has) where there could be such a difference between what is factually on paper, and what was stated in a legal deposition?
The fine print...
How does one spend 50K on a vehicle, but lose their home five months later?
you've provided nothing more than a debt-collector's writ for $136k
it says nowhere there that she owes more than $136k
where on a writ does she say she "bought" property for $2.5 million ?
& where the f^ck is her land registry deed showing how much she paid for it ???
all it says is she owes $136k
it doesn't show her purchase price - just that $136k remains outstanding
she can claim anything she likes on the value of her property as long as her lender believes she was "good" for the overall amount according to her declaration, or has the modern business practice of banks offering 5,6...10+ times the amount of mortgage compared to declared income to buy a house for even deadbeats escaped you by in business 101 ?
I have neither animosity toward nor sympathy for Ms Jones. Apparently she has dissipated a large sum of money with little to show for it but none of us know the truth about her financial situation. Public records of selected transactions are not comprehensive and do not necessarily reflect the true value of goods or property. Even a bankruptcy filing may not reveal assets she might have squirreled away.
It is always puzzling when broke folks continue to live large ( I have some debtors like that) but everyone has their priorities...
She was a glorious athlete, never proven dirty, who made multiple bad choices. I hope she gets it all together again... unless she really was cheating
lonewolf wrote:Even a bankruptcy filing may not reveal assets she might have squirreled away
( certainly not in britain )
you may be a billionaire over here, but soon as you realise you may be subject of litigation, you make the money disappear into difficult-to-trace overseas accounts or plain withdraw it & stick it under your mattress & claim you squandered it away on wine/women/song + betting shops/poker/etc but obviously can't remember where & kept no receipts...
From scrub woman to millionaire! What a country. ............................................................................................. oh she made horrible and most likely illegal decisions and lost it?..........................This country sucks!