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Hurley farm to be auctioned
Former basketball star Bobby Hurley's Ocala, Fla., farm will go on the auction block Oct. 5 as a result of PNC Bank's foreclosure on the 140-acre property.
Named Devil Eleven Farm in honor of Hurley's jersey number during his famous career with the Duke University basketball team, the farm is a major asset in PNC's attempt to recover about $3.3 million in loans and fees. PNC Bank began foreclosure proceedings in late April.
According to a report Friday in the Ocala Star-Banner, Hurley listed the farm as collateral for a $2,531,165 mortgage and a $1 million credit line, of which more than $550,000 was used. Interest, attorney fees, and bank charges bring the total due to more than $3.3 million. Court documents filed by PNC Bank say Hurley last made payments on the mortgage and credit line in the spring of 2009.
Hurley and his wife, Leslie, agreed not to challenge the foreclosure, clearing the way for the farm's sale.
Hurley jumped into Thoroughbred ownership in 2000 when he paid $1 million for Songandaprayer, the Unbridled's Song colt who later won the Grade 1 Fountain of Youth Stakes and now stands at stud in Kentucky for an advertised fee of $12,500. Hurley has 12 shares in Songandaprayer that PNC Bank also is seeking to seize for an alleged default on a $900,000 loan.
Hurley, who played for five years in the National Basketball Association after coming back from injuries in a car accident, joined the coaching staff of Wagner College in N. Y. in April.