Friday, June 25, 2010

Billionaire Olsen Twins Dad Files for Bankruptcy

Mary-Kate and Ashley, can't you loan your dad a few million bucks?

MARY-KATE and ASHLEY OLSEN's father has filed for bankruptcy and is facing foreclosure on his California home, according to a U.S. report.

David Olsen, who fathered the billionaire twins with his first wife Jamie, has fallen behind on payments for his property in Tarzana and owes the bank almost $2.2 million (£1.47 million).

According to documents obtained by the National Enquirer , the stars' dad and his second wife MCKenzie will be forced out of the house on 9 July (10) if they fail to settle their debt and the property will be sold off at a public auction.
But it's not the first time Olsen Sr. has faced financial difficulty - he reportedly struggled to cover his tax debts last year (09) too.

An insider tells the Enquirer, "David almost lost his home in 2009 because he had several tax liens but managed to borrow enough money to cover them. But he's in a worse position now because he's behind on mortgage payments and won't be able to stop the auction unless he gets his hands on $2 million."

Jacked from Contact Music


Anonymous said...

That's messed up

Anonymous said...

Why arent his daughters helping him?

Anonymous said...

For them not to help he might be an a$$hole who's not humble and thinks he's Diddy or Trump despite not being the one working hard

Family always think you will bail them out so they try you constantly.

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