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Paul Teutul Sr. Slashes Million-Dollar Mansion Price As Bankruptcy Deal In Jeopardy

Paul Teutul Sr. Bankruptcy Case House Price Cut
Source: INSTAR Images

Oct. 23 2018, Updated 12:53 p.m. ET

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American Chopper star Paul Teutul Sr. is begging a judge for more time to pay up in his bankruptcy case but RadarOnline.com exclusively learned that he’s slashed the price of his house in order to get some cash flowing in the financial disaster.

The reality star, 69, filed for Chapter 13 in New York but the deal was contingent upon him selling his 3400 sq. ft. mansion on the 40-acre property.

According to court documents exclusively obtained by Radar, Teutul Sr. told the judge about his dire financial straits.

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“At this time the Debtor has not secured a buyer to purchase the property, which is the basis for funding a Chapter 13 Plan,” the letter to the court from his attorney stated.

Teutul Sr.’s wooded mansion was originally listed for $2.895 million in October 2017. He dropped it to $2.499 million in January 2018, then to $1.99 million in May 2018.

In August Teutul Sr. again lowered the price to $1.699 million and on October 8, 2018 lowered it by another $50,000 to just $1.650 million.

The American Chopper patriarch filed for bankruptcy in March 2018, claiming he owed over $1 million in debt but was only bringing in $15,000 a month and had only $1million in assets.

His case is still winding through the courts.

Stay with Radar for updates to the story.

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