TBO.com - TBO is Tampa Bay Online

Judge Allows Hogan To Fold On Las Vegas Condo Deal

ADVERTISEMENT

By KEITH MORELLI

The Tampa Tribune

Published: August 15, 2008

CLEARWATER - Citing differences between the real estate laws of Florida and Nevada, a circuit judge decided Hulk Hogan won't have to buy a 3,900-square-foot condominium in Las Vegas that would have cost him $4.2 million.

The decision came during a hearing Thursday that also settled the question of how Hogan's wife, Linda Bollea, will make ends meet until a final divorce settlement is reached. Hogan will pay her $40,000 a month for the next year.

Bollea and Hogan agreed to purchase the condo three years ago, before she filed for divorce. If the property had been purchased, and paid for from a money market account worth more than $5 million, the condo would have become part of the marital assets the couple eventually will split.

At issue was the way the two would have shared the title; technically, Nevada does not have a provision to handle the Bollea situation.

So Circuit Judge George W. Greer rescinded an order made in April that Hogan buy the luxury condominium.

Greer said the couple still may buy the condo. They stand to lose the lion's share of an $840,000 down payment if they back out of the deal.

For the past two days, testimony in the divorce case focused on the condo. Property appraisers, accountants and even an expert on Nevada real estate law have taken the stand.

Bollea wants Hogan, whose real name is Terry Bollea, to close on the condominium. He wants to back out of the deal.

By all accounts, the penthouse condominium is worth several million dollars, but Hogan said because of plummeting property values in Las Vegas, the condo isn't worth what the couple originally agreed to pay.

He hired a property appraiser in Nevada, who testified Las Vegas has a glut of condos for sale and few are selling. She estimated the penthouse's value has dropped to $3.5 million since 2005, when it was built.
Linda Bollea hired an appraiser from Las Vegas who testified that the Palms Place penthouses are exclusive, built for people who want a luxurious place to stay when they come to town. They're not interested in renting or turning a quick profit. The appraiser set the value at $4.5 million.

The Palms Place Web site describes its 20 Las Vegas penthouses as exquisite.

Among the amenities: "the most panoramic views of The Strip and mountains with your own private cantilevered spa/pool that is suspended from your balcony with glass walls looking over the glittering lights of Las Vegas," the Web site says.

Amenities include floor-to-ceiling windows along the length of the suite, hardwood Brazilian ebony and marble flooring throughout, a full gourmet kitchen with a fireplace.

The units range from about $2 million to $10 million, according to the appraisers.
Linda Bollea filed for divorce in November, three months after the couple's 16-year-old son, Nick, was involved in a car crash that severely injured his passenger and friend, John Graziano.

Graziano has brain damage and likely will require long-term care.

His family has indicated they will file a civil lawsuit against the Bolleas.

After the wreck, Hogan set up nine limited liability corporations to protect his assets, he testified this week, including one for the sole purpose of purchasing the Las Vegas condo.

"We're grateful for today," Hogan said after the ruling on the condo. "It was the right thing to do. We don't understand why this Vegas thing is so important to their side."
Linda Bollea declined to comment.

The divorce case is expected to last into 2009. One attorney speculated it could go into 2010.

Meantime, Linda Bollea has secured an income until the divorce is finalized. Attorneys on both sides agreed to a temporary relief settlement, part of which calls for a $40,000 monthly payment.

The first check is due in two weeks.

The couple also agreed to file joint federal tax returns for 2007 and 2008, and if they owe any money, he will pay.

The couple also agreed Hogan may withdraw $900,000 from two frozen accounts to pay a variety of bills, including legal fees, insurance premiums on both their houses and all the vehicles and property taxes on both homes, one in Belleair and one in Clearwater.

As for the homes, Bollea will live in the $7.2 million Belleair house and Hogan in the $2 million waterfront Clearwater house.

They also must leave each other alone.

Hogan agreed to pay all household expenses, including utilities and phone and to cover all reasonable repairs to Bollea's home.

He will continue to pay the salaries of two workers in the Belleair home.

She gets a Cadillac and a Mercedes and may drive a Corvette, which is in storage. He may drive the Dodge and another Mercedes and a car of his choosing from those in storage

However, he cannot motor around in the Rolls Royce, the agreement says.

Reporter Keith Morelli can be reached at (813) 259-7760 or kmorelli@tampatrib.com.

Share this:

Loading Comments...

Email Print

ADVERTISEMENT