Sep
3
2010
Tiger Woods Takes Out $54 Million Loan…to Pimp Out Bachelor Pad or Pay Ex-Wife?
By Stephanie Wei under General

Amidst feuding reports over the Tiger Woods spotting in NYC that was blown into his moving into a downtown Manhattan apartment, he’s actually taking steps to completing his Jupiter mansion that will be bigger than the actual Planet Jupiter.

Or is he?

Mortgage documents filed last month show that Tiger has drawn a $54.5 million mortgage on his Florida waterfront estate. According to the AP report, he will make payments to an entity called JRD Florida Ventures LLC, a Virginia company whose registered agent is one of his ex-wife’s divorce attorneys.

Which seems to imply that through some legal set-up and dummy company, the money will eventually end up in Elin’s hands.

Page2Live.com’s Jose Lambiet spoke to a divorce-law guru and it all sounds pretty logical.

Taking out a mortgage is something unusual for Woods. He paid cash for the $44.5 million worth of land he used to build the house.

West Palm Beach divorce-law guru Odette Bendeck, who had nothing to do with Tiger’s divorce but handles plenty big-money splits, explained what’s behind it all.

“What I believe is happening,” Bendeck said, “is that the settlement calls for deferred payments to the ex-wife. I’m pretty sure there’s a promissory note behind the mortgage, and the mortgage is just to secure the note. They did it like this for privacy.”

Elin probably got some dough up front, Bendeck said, but she’ll have to wait five years to get it all.

“I have a feeling this (the $54 million) is just a piece of the entire package.”

Speculation has placed the value of the divorce, after six years of wedded bliss, between $100 million and $500 million. There is, however, no way to know for sure, Bendeck said.

Privacy still exists in this day and age? Adorable.

*Update: Basically, these documents imply that part of the divorce settlement is at least $54 million must be a note to Elin, payable by Tiger in installments (via JRD) through January 2016 and secured by Tiger’s home, according to a lawyer I asked — “It can’t be a coincidence that Tiger decided he needed a massive mortgage during the middle of his divorce negotiations and chose for his lender a start-up private vehicle formed by his wife’s divorce attorney.” In other words, Tiger had to pledge his house as collateral for the loan in case Tiger doesn’t or can’t pay. Interestingly enough, this would also mean that Elin is now Tiger’s lender and can foreclose on his house if he doesn’t make the divorce loan payments.

[Photo by Kyle Auclair/insidetheropes.com]