Foreclosures, Timothy Kingcade Posts

Former Miami Heat Star Glen Rice Facing Foreclosure

Glen Rice, former Miami Heat player and his ex-wife Cristy, who starred on The Real Housewives of Miami, are facing the loss of a downtown condo they still own together.  Miami-Dade County records show the couple quit making payments on the condo they purchased in 2006 as an investment, following Glen’s retirement from the Los Angeles Clippers after 15 years in the NBA.

Property records show Glen and Cristy paid $317,000 for the condo, which is on the 27th floor of the Neo Vertika building on SW 1st Ct. in downtown Miami.  Reportedly, the couple took out several mortgages on the condo totaling $500,000.

M&T Bank’s loan is supposed to be paid back at the rate of $1,401 a month.  According to the lawsuit, the Rices stopped making payments in February.  Cristy’s lawyer struck back at the bank with a defense claiming M&T has not followed the proper procedures in the foreclosure attempt.

The Rices’ originally filed for divorce in 2006.  The couple also owns a $468,000 suburban home together.  Glen Rice played for the Miami Heat from 1989 to 1995.

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