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Cycling: Armstrong sells Austin estate - report

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(Globalpost/GlobalPost)

Disgraced US cyclist Lance Armstrong, who is the subject of multiple lawsuits after confessing to doping, has sold his property in Austin, it was reported Thursday.

The Austin American Statesman reported that Armstrong had sold the luxurious 1.7-acre Spanish-style estate he bought in 2004 but planned to continue living in the Texas city.

Armstrong, who has been stripped of his seven Tour de France titles and abandoned by former sponsors after finally admitting he took performance-enhancing drugs, sold the property to a Texas oilman, Al Koehler.

The property was listed by local real estate agents at $10 million but the newspaper did not say what Koehler paid for it.

Armstrong's fortune is estimated at between $60 million and $110 million but he is facing a series of lawsuits that could cost him dearly.

The largest lawsuit is a whistle-blower case filed by former American teammate Floyd Landis in conjunction with the US Justice Department.

He is also being pursued by US insurer SCA Promotions which is seeking reimbursement of $12 million in Tour bonuses it insured.

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http://www.globalpost.com/dispatch/news/afp/130411/cycling-armstrong-sells-austin-estate-report