The Real Deal Miami

Ex-Heat player Glen Rice sells condo at a loss

Rice was facing foreclosure on his unit at New Vertika in Miami

Glen Rice

Former Miami Heat basketball player Glen Rice sold a downtown Miami condo for less than he paid just weeks before it was scheduled to be sold at a foreclosure auction.

Rice, 50, sold a two-bedroom, 27th-floor unit at the Neo Vertika condominium that he owned with his ex-wife Cristy for $310,000. He purchased the condo in 2006 for $317,000.

He had lowered the asking price almost monthly since listing the condo for sale about two years ago for $460,000.

GossipExtra.com also reported M&T Bank began to foreclose on a $250,000 mortgage secured by Rice’s condo, claiming that he stopped making payments.

In addition, the condo owners association at Neo Vertika claimed Rice stopped paying a monthly association fee of $675.50 more than two years ago.

Rice, who played for the Miami Heat from 1989 to 1995, retired in 2004 after 15 seasons in the National Basketball Association.

Rice has been in poor financial condition because he has lost a fortune on bad investments and went through a costly divorce from his ex-wife Cristy, a former star on the reality TV show “Real Housewives of Miami.”

A Miami court acknowledged his financial problems and recently reduced his monthly child-support payments to another woman from $1,500 to $600. [GossipExtra.com] – Mike Seemuth