The executor of O.J. Simpson’s estate, Malcolm LaVergne, is facing a mountain of debts that need to be settled posthumously. LaVergne, who previously served as Simpson’s lawyer, is now in charge of the probate estate following Simpson’s passing in April of last year. He has expressed a sense of urgency in gathering funds, stating that he is no longer being gentle in his approach to securing money.
One of the main sources of funds that LaVergne is pursuing is a home owned by O.J. Simpson in Las Vegas. It is reported that Simpson’s son, Justin, played a role in the purchase of this residence a few years ago. LaVergne estimates that Simpson had invested approximately $159,000 into the property, which has significantly increased in value since its acquisition. He believes that both the equity in the home and the money Simpson put into it rightfully belong to Simpson’s estate.
Mounting Financial Obligations
The $269,000 that LaVergne is aiming to recover from the Vegas home is just the tip of the iceberg when it comes to Simpson’s outstanding debts. The infamous football star was the subject of a $33.5 million judgment in a wrongful death lawsuit following the deaths of Nicole Brown Simpson and Ron Goldman in 1997. The interest on this debt has ballooned to an astonishing $100 million, adding to the financial woes of the estate.
Tax Troubles and Asset Liquidation
To compound matters further, O.J. Simpson’s estate is also facing a $500,000 tax lien from the State of California. LaVergne admits that the estate’s value has dwindled to almost nothing, prompting him to explore every avenue to generate revenue for the estate. This includes the sale of assets such as Simpson’s Pro Football Hall of Fame ring, which is currently missing, along with a valuable Rolex watch. LaVergne is determined to locate these items and incorporate them back into the estate for liquidation.
Despite LaVergne’s efforts to collect and sell off Simpson’s assets, he is encountering strong opposition from various parties, including Simpson’s family members. He is resolute in his stance that all available resources must be mobilized to settle the debts owed to creditors such as the IRS, the California Tax Board, and the Goldman family. He is prepared to take a tough stance on all fronts to fulfill this objective.
In addition to the house and personal belongings, LaVergne is also seeking approval to organize an auction of O.J. Simpson’s possessions. The proceeds from this auction will be crucial in generating income for the estate and meeting its financial obligations. This approach highlights the extent to which LaVergne is willing to go to secure funds and manage the complexities of Simpson’s financial legacy.
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