Ruling Expected Soon On Hogan Divorce Real Estate Issue

CLEARWATER - Pinellas-Pasco Circuit Judge George Greer is expected to decide by Friday whether to force Hulk Hogan to go through with a purchase with his estranged wife of a penthouse condominium in Las Vegas.

Hogan, whose real name is Terry Bollea, does not want to buy the condominium for a price of $4.2 million. That sum was agreed upon in 2005, but Las Vegas now has one of the worst real estate markets in the country, and the value of the property has decreased considerably, his attorney, Ann Loughridge Kerr, told Greer at a court hearing this morning

But A.J. Barranco, the attorney for Hogan's estranged wife, Linda Bollea, wants him to go through with the deal because she thinks it could resell at a profit, Barranco said after the hearing. Hogan would have to buy the condominium with money that has been frozen and is considered a marital asset.

The couple had put down an $840,000 deposit on the property at Palms Luxury Condominiums at 4381 West Flamingo Road. Its Web site says sports figures, recording artists and other celebrities have been purchasing units briskly, with units ranging in price from $500,000 to $7 million.

On April 22, Greer signed an order stipulating that Hogan had to go through with the deal, with a closing date set for May. After Hogan failed to show up for the closing, Linda Bollea's attorneys filed a motion asking Greer to find him in contempt. Hogan, on the other hand, wants to extricate himself from the deal.

Barranco said that if the couple do not complete the purchase, they stand to lose the $840,000 deposit, suffer penalties and open themselves up to the possibility of a lawsuit.

Kerr, on the other hand, said buying the condominium would be a bad deal as it is now worth roughly $1 million less than the purchase price and only 226 of the 599 condominiums in the complex have been sold. In addition, there would be more than $3,000 a month in maintenance fees, plus taxes and insurance.

Investing in losing properties, she said, is the equivalent of "wasting marital assets."

Linda Bollea filed for divorce in November, three months after her 17-year-old son, Nick Bollea, got into a car wreck that left his sole passenger, Iraq war veteran John Graziano, with severe brain damage. The guardian for Graziano has filed suit against the Bolleas, seeking millions, and at one point in today's hearing, Kerr referred to the possibility of a judgment against the couple.

"These people do not have the kind of wealth that you would think," Kerr said in court. "It's just a terrible investment."

Kerr declined to speak to reporters after the hearing. But David Houston, another of Hogan's attorneys, spoke by telephone from Reno, Nevada. Houston said Linda Bollea wants to go through with the deal so she could have "a party palace in Vegas she would use two to three times a year" and "someplace to go with a 19-year-old," referring to her boyfriend.

Linda Bollea has two other places to live - the Hogan mansion in Belleair and a beachfront condominium in Clearwater, court documents state.

Houston said Terry Bollea is facing the notion that it is crucial to marshal his finances and assets for more pressing problems - including the possibility of a civil judgment against him in the Graziano case. "To suggest we ignore that to buy a luxury condominium. It's extravagant to the extreme and it shouldn't happen."

"I think it's time for everyone including Linda and her counsel to realize this is not a game," Houston said.