By: Kara Gilmour, NewsOXY Reporter
07/31/2012 10:52 AM ET
Former golfing champion David Duval is said to be at risk of losing his $12m mansion, even though his net worth is $19.5 million, after reportedly missing payments on a $6 million loan.
According to reports, the home could be put up for auction in November if the outstanding payments aren't made.
Duval, who was once Tiger Woods’s only credible rival, has failed to win any major tournament for the past ten years.
The former golfing champion is believed to have asked for cash to help buy a property in a plush Denver suburb.
The paperwork allegedly states that Duval and his wife Susie took the loan in 2005 so that they could buy a $12m home in plush Cherry Hills.
However, now the bank is struggling to get the money back from the golfing star, and therefore, has issued a foreclosure on the property, The Daily Mail reports.
Many celebrities and athletes have either lost their homes to foreclosure or have filed bankruptcy this year.