With 2nd child on way, Matt Geiger to sell $20 million home...

[se7en]

I thought this was interesting since the Suns were once rumored to trade for Geiger back in the day. It’s pretty absurd to see how much money a bench warming center was able to amass during an unmemorable career (with the exception of breaking Shaq’s thumb of course).

Florida: 'Perfect Party House' for $20 Million
Basketball star Matt Geiger is selling his party house near St. Petersburg, Fla., because he and his girlfriend are expecting their second child.

The 28,000-square-foot house isn’t baby friendly, says Toni Everett, founder of the Toni Everett Co., which has listed the home. For one thing, the master bedroom and the other bedrooms aren’t on the same floor.

What it does have are 40 televisions, 18 of them wired with Xbox; a putting green; a man-made lake stocked with 2,500 bass; and a herd of livestock including 12 buffalo, 11 Watussi, two donkeys, a miniature horse and one cow.

The swimming pool holds 330,000 gallons of water and has a central lava pit. One of the hot tubs has a built-in checkerboard. There are several lavish bars, a DJ station and dance floor, a pizza oven and a cigar room. Plenty of partiers can be accommodated in the 5,200-square-foot guest house.

The house is listed at $19.9 million and Everett says she has already shown it twice. “I don’t think it’s going to be too hard to sell,” she says. “In many ways it is a perfect house for a couple who entertains.”

Geiger has played basketball for the Miami Heat, the Charlotte Hornets, and the Philadelphia 76ers,

Source: St. Petersburg Times, Elena Lesley (06/27/2007)

 

[Gaddabout]

I doubt Geiger paid $20 million for it, although it's still impressive. It's hard for athletes to get loans compatible with their income because they don't have 40 year careers of like earnings in front of them. They're more likely to get 20 cents on the dollar of annual gross earnings after debt/ratio is added in.

 

[SunsTzu]

Didn't Geiger get some greatly over paid on his last contract with Philly only to retire early due to injury?

 

[boisesuns]

and a herd of livestock including 12 buffalo, 11 Watussi, two donkeys, a miniature horse and one cow.

I've always wanted 11 Watussi. NBA players get everything.

 

[KloD]

The listing

 

[dreamcastrocks]

I doubt Geiger paid $20 million for it, although it's still impressive. It's hard for athletes to get loans compatible with their income because they don't have 40 year careers of like earnings in front of them. They're more likely to get 20 cents on the dollar of annual gross earnings after debt/ratio is added in.

debt to income ratio? How can you not have a positive debt/income ratio when you make millions of dollars?

Man oh man does that frustrate me.

 

[CardEd]

The listing

I love the party house with the 3800 sq ft mother in-law house.

 

[Gaddabout]

debt to income ratio? How can you not have a positive debt/income ratio when you make millions of dollars?

First, they'll impose a much lower debt/income ratio on an athlete than you and me. It's easier to max that number if you have more than one multi-million dollar property, like Geiger. I'm guessing 25 to 28 percent, unless they have pristine credit (more uncommon than you think ... athletes that travel tend to miss payments).

I've got a few athletes and coaches as clients. I always advise them to pay cash when possible, and never take out a mortgage they couldn't pay for at least six months out of savings. That $5,000 loan payment starts to hurt during a lockout, holdout, or whatever else deprives them of their enormous paychecks.

I suspect the real reason Geiger is selling is because he has too much of his money tied up in that one property. He must need the cash. If he didn't need the money he'd work on a 1031 exchange to defer the tax liability. He could easily find a lot of empty land to speculate on for that kind of price.

 

[Brianellsworth]

he must have a private plane that he flies back and forth to columbia with shipments Seriously though that how is pimp and ridiculous. i bet his electric bill is cheap

 

[Chris_Sanders]

The listing

LOL I was just in Tarpon Springs in February, drove by this house and said "Wow...."

 

[mribnik]

I'll admit, I had to look up Watusi.

You must be registered for see images attach

 

[ndjmc]

Absurd....Can you Imagine what a PGA tour players house looks like!!!