Ex-Heat player Glen Rice sells condo at a loss

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

Jun.June 17, 2017 11:00 AM

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

Related Articles


Construction of downtown Hollywood high-rise may start soon

Jeffrey Epstein commits suicide by hanging himself in his Manhattan jail cell

Miami developer Dan Kodsi plans large St. Petersburg project that could cost $2B

South Florida firm buys Sunrise apartment complex for $20.2M

Home owned by late Miami Marlins pitcher Jose Fernandez is in foreclosure

Developer borrows $105M, breaks ground for mixed-use Flagler Village project

PB Gardens condo community seeks yet another contractor to repair its buildings

Pompano upzones Ocean Boulevard site for 19-story condo next to city park