One reason Tiger Woods' golf game has taken a hit is his pocket book is substantially smaller in the wake of his divorce from his wife Elin Nordegren, and after Woods was fooling around with many other women during their marriage.
The Palm Beach Post section Page2Live reports that Woods put his new $54 million home, still under construction, as loan collateral to pay her off in the divorce, or Woods risked losing the dwelling he's spent five years building. The home is located at 8934 Conroy Windemire Road in Orlando, Florida.
According to the document, executed August 25th 2010, and executing the mortgage loan (and which you can download with a click here) Tiger Woods has to pay off the debt in "periodic payments" to to January 15th 2016.
Page2Live's Joe Lambier has described the firm holding the mortgage, JRD Florida Ventures LLC, as "shadowy," but does not explain why.
In a search it's revealed that JRD Florida Ventures LLC is a "limited liability Virginia company." It's strange that a firm with a name implying that it does business in Florida would have a Virginia base for its own corporate documents.
One reason for this is the firm handling the divorce for Elin Nordegren, McQuire Woods, is based in Richmond, Virginia and, as part of their legal business with the Woods divorce, set up this organization. Dennis Belcher, with McQuireWoods, is listed as its registered agent, who is one of Elin's six divorce lawyers.
So basically, McQuireWoods is getting money in two ways: handling Elin Nordegren's divorce and serving as the agent holding her mortgage money. This must be some kind of way to protect against a large capital gain tax payments Elin would have to pay in gaining so much wealth in this way.
What's equally interesting is, while Elin's apparently sheltered from capital gains taxes, Tiger Woods still has to pay any taxes associated with his home. Wow.
Stay tuned.
Tiger has made so much money, that as much as he paid his ex-wife in the divorce, he still probably has another $500 miilion in assets and isnt hurting for cash.
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