Teutul owns a massive mansion in Montgomery, New York — though perhaps not for long. Teutul has filed for Chapter 13 bankruptcy, but his creditors are still hoping to get something back for their investment. MT&T Bank reportedly filed new court documents on Tuesday, asking a judge for permission to foreclose on the house.
The bank was attempting to repossess some of Teutul's assets when the motorcycle expert filed for bankruptcy earlier this year. The filing halted all other legal actions against him, seemingly protecting him from MT&T's efforts. However, the new filings show that Teutul had a $1.5 million loan from MT&T back in 2005, and he had defaulted on it long before filing for bankruptcy.
The bank, in turn, had been in the process of suing Teutul for foreclosure before the bankruptcy even began. Apparently, MT&T hopes that the judge will allow them to foreclose on the massive home in light of this sequence of events.
According to the filings, if MT&T has to wait any longer to make something back on its loan, it will suffer "irreparable harm." It pointed out that the bank will likely have to pay real estate taxes on the home, so it asks the judge to lift the stay on its lawsuit as soon as possible.
Teutul owns an estimated $1,801,729 in assets, though he has $1,070,893.44 in liabilities. The former reality star's home is likely a major part of this entanglement. The mansion is 3,448 square feet, with three bedrooms and three bathrooms. It is a rustic-looking rural getaway, with a massive stone fireplace and a log-cabin aesthetic.0comments
Teutul starred on American Chopper from 2003 to 2012. The show began on Discovery Channel and migrated to TLC a few years later. After that, CMT picked up a new show with the Teutul family titled Orange County Choppers, and just this year Discovery bought the show back, bringing it back home in the spring.
The Teutuls also reached a new height of relevance this year, as a screen shot from their show became one of 2018's most viral memes. It shows a long series of stills from a scene where Teutul argued with Paul Teutul Jr. People online captioned the screenshots with any and all arguments that they wanted to play out in a single meme.