The Real Deal New York

Olympic gymnast’s family lost home to foreclosure

August 08, 2012 12:30PM

Strength and dedication aren’t the only attributes that factor into an Olympic medal, there’s also a heavy financial cost. American gymnastics bronze medalist Danell Leyva’s parents faced foreclosure of their home, which they ended up losing, in the years leading up to the 2012 games, BuzzFeed reported.

According to court records, Wachovia Bank sold the family’s Miami home to an LLC named Qualifier Properties for $141,800 in 2010 following two years of court proceedings between the bank and Leyva’s family, including his stepfather and coach, Yin Alvarez. Citing The Court filings, BuzzFeed said the family owed a total of $326,005 on the home.

Gymnastics doesn’t come cheap. Annual training costs for an Olympic gymnast can total upwards of $15,000. And Leyva isn’t the only example of Olympic training’s financial toll: Gold medal gymnast Gabby Douglas’ mother has reportedly filed for bankruptcy, and swimming superstar Ryan Lochte’s mother is reportedly facing foreclosure.

As previously reported on The Real Deal’s South Florida site, Miami metro foreclosure filings rose 24 percent in the first half of 2012, compared to the same time span last year. [BuzzFeed] — Zachary Kussin