Cassidy Sells His Home after Filing for Bankruptcy

by San Antonio Attorney

Former teen idol and TV star David Cassidy sold his home in Florida following a Chapter 11 bankruptcy filing.  The 65-year old entertainer is also dealing with a divorce and a few arrests for drunken driving.

Cassidy became famous for his “I Think I Love You” and “Cherish” songs that had teenage girls gushing in the 1970s.  In 2001, he purchased the 7,000 square-foot waterfront home with five bedrooms for $1.1 million.

The highest price offered for his Fort Lauderdale was $1.8 million.  A bankruptcy judge is expected to approve the sale next week.

The “The Partridge Family” actor invested five years in renovating everything from the floors to the patio and pool and installing solid wood doors from a ruined Mexican church.  The price of the property includes most of the furniture.

Cassidy declared Chapter 11 bankruptcy stating assets and liabilities of approximately $10 million.  The bankrupt pop icon had three arrests for DUI since 2010 and a court-ordered addiction treatment.  In 2014, his third wife for 23 years filed for divorce.

Bidders for his home were asked to show proof of funding or assets over $3 million to be included in the auction.

When Cassidy was 21 years old, he became the highest-paid performer in the world.  He sold more than 30 million records in his prime.

Over the years, Chapter 11 of the Bankruptcy Code has been used to make it easier for debtors to restructure their finances and continue their business under a debt repayment plan.  As for individual filing, the debtor usually sells some of his or her valuable assets in order to pay down claims that are owed.

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