Paul Teutul Sr. is a step closer to solving his bankruptcy issue. A judge approved the sale of the American Chopper star’s $1.5 million New York mansion in the midst of his debt.
The Blast reports that a federal judge signed off on the proposed sale presented by Teutul, who needs approval because he previously filed for bankruptcy and most of the profits would go toward paying off his bankruptcy debt. In May, the 70-year-old requested permission to execute a deal that would sell the three-bedroom, three-bath home in Montgomery, New York. He was close to losing the 3,448 square-foot home to foreclosure prior to him filing for bankruptcy last year.
Videos by PopCulture.com
The house has been his primary residence for some time, originally buying the lot in 2005 and then building from the ground up. He listed it for sale in October 2017 for $2.895 million, but slashed the price multiple times since then.
Last month, he told the court he received an offer for $1.5 million and wanted to accept it. The deal reportedly includes two small plastic boats, an electric welder, tools, furniture, farm animals, farm tools, a snowblower, a bulldozer and supplies for the koi pond.
Earlier this month, Teutul was found in contempt of the court after he failed to pay a $17,000 debt to JTM Motorsports, a creditor that did some specialty work for him last year. Documents obtained by The Blast show that a federal bankruptcy judge found him in civil contempt after failing to pay the company and that he’s reportedly breaching the settlement deal that he and the company reached.
Teutul filed for Chapter 13 bankruptcy in New York last year, claiming to have $1,801,729 in assets and $1,070,893.44 in liabilities at the time. Still, things may be looking up for the American Chopper star, as the show’s reboot is expected to continue on Discovery sometime later this year.
