Lance Armstrong's losses continue; the athlete has sold his Austin estate. Travis County records show Al Koehler, an oil and gas rights agent, obtained a $3.1 million loan to buy the property.
While the Travis County tax roll valued Armstrong's 1.7 acre property at $3.9 million, real estate agents said it was on the market at $10 million, the Austin American-Statesman reports. Koehler – whose company Royalty Clearinghouse buys oil and gas royalties and mineral rights for clients – said he paid nothing close to the listed value.
Mark Higgins, a spokesperson for Armstrong, confirmed the sale but added that Armstrong planned to remain an Austin resident.
The sale of his beloved Austin home is the latest news in Armstrong's downfall after he was stripped of all seven of his Tour de France titles in August and banned from the sport altogether for using performance-enhancing drugs. In a confessional interview with Oprah last January, Armstrong finally admitted to doping, adding that he did not think it would have been possible to win his seven straight Tour de Frances without it.