Steven and Lena Lochte Florida home was foreclosed on back in October of last year and to add insult to injury their son, Ryan Lochte earned millions in endorsements while all of this was taking place. Ryan Lochte, 29, has 11 Olympic medals – five gold, three silver and three bronze – and earned millions of dollars in endorsements with brands such as Gatorade and Ralph Lauren out of the pool. His parents were first sued by CitiMortgage in 2012. The bank has claimed that the Lochtes took a loan for $258,000 in 2007 which was due to be repaid at a rate of $1,609.58 a month.
However, according to court documents first obtained by RadarOnline, the couple stopped making mortgage payments in 2011 and owed more than $242,000. The judge signed an order in favor of the bank for around $300,000. The bank is yet to put the home up for auction. The Florida property is nestled among trees and as might be expected, comes with a swimming pool.
The Lochtes, who have five children, divorced in 2011, according to court filings. Ryan Lochte’s earning potential rocketed following his success at the London Games in 2012.
He had his own reality TV show What Would Ryan Lochte Do? on E! but it was canceled after one season.
Prior to the 2012 Olympics, Fortune Magazine estimated that Lochte earned $2.3 million from endorsement deals with brands including Speedo Gatorade and Ralph Lauren.
He now has an estimated net worth of $3million, according to reports. Olympian was unable to help save his parents’ home. But why???
They probably let it go into foreclosure. Especially since they divorced back in 2011.. Probably was going through the motions…. Not wanting the other to get the house… LOL He said years ago when this story came up that his mother didn’t want his help. She even did an interview stating the same thing.
Considering how much of a mama’s boy Ryan is I’m sure he’d help his mom out if she’d let him.