Can Glen & Cristy Rice Sell Their Brickell Condo Before They Lose It To Foreclosure?
January 5, 2017 by Lucas Lechuga
Neo Vertika Condo with Cristy Rice via BravoTV & Glen Rice[/caption]Can someone please buy Glen & Cristy Rice's Neo Vertika condo before the foreclosure gavel takes it away? It seems that despite the fact that he once made an estimated $35 million during his 15 years in the NBA, and she once held a position on BravoTV's "Real Housewives of Miami" show, they aren't able to pay for it.
The 1,113 square foot 2 bedroom with 2.5 baths and both east and west views is currently on the market for $330,000. That amounts to less than $300/square foot, which is a great deal in Brickell! The average price per square foot in the neighborhood is currently $459/square foot. Sure, the kitchen is original from 2006, but the building is trendy and cool, and a rental investor could expect to make around $2,200/month as-is, or up to $2,350/month if they gave it new appliances and a fresh coat of paint.
According to association's lawsuit, the ex-pair is so broke that they are unable to afford their $675/month condo association dues. They haven't paid in so many months, they now owe $20,000! They also missed their $4,700 property tax bill for 2015 and their lender has already won a $275,000 judgment on the unit for the mortgage they took out when they initially purchased it. In order to make sure all previous debts are paid from the closing, an investor would need to bring an offer relatively close to the asking price.
But is this a sad story, or a Miami story? What are they up to when they aren't ghosting the Neo Vertika Condo Association and the Dade County Tax Collector? Everything was going great for them up until 2011, when money troubles started to wear the relationship thin and Glen caught Cristy shacked up with another man. He beat the man senseless and ended up arrested. Since that night, they've gone through a bitter divorce and then headed along their separate ways.
After her stint on Real Housewives of Miami, Cristy founded a line of bikinis that celebrate her Cuban heritage. She hasn't really been linked to anyone since her divorce, and seems to be doing well.
Glen went on to have a total of 6 kids. He had a paternity dispute with a woman in 2011, but had a change of heart and married her in April 2016. They had a lavish wedding at the historic Vizcaya Museum and Gardens, with the rehearsal dinner being at the Four Seasons Hotel in Brickell. The bride wore a Monique Lhullier gown and then they jaunted off on a European honeymoon. Given the fact that the wedding happened after Glen and Cristy stopped paying their bills, I really don't think they care about the foreclosure.
Someone’s gonna score a great deal. It’ll be interesting to see where it trades.