Michael Brown: Bankruptcy, Shmankruptcy -- Let's Buy a Baseball Player's Mansion!
Wow -- erstwhile hand surgeon and wife-beater Michael Brown oughta sell DVDs on how to do "Bankruptcy the Brown Way" -- a month before he filed for Chapter 11 protection in a Florida federal court, he bought an $8.3 million Miami Beach waterfront mansion from former Florida Marlins shortstop Edgar Renteria.
Well, to be clear, Michael Brown didn't buy the estate, because that would look weird, wouldn't it? No, an entity called MG Brown Co., LLC bought it, according to Miami-Dade County Clerk records. The Miami Herald reported that it set a real estate record for the tony Allison Beach area of Biscayne Bay.
Per the Herald, "the home boasts an expansive 200 feet of waterfront on Biscayne Bay....Amenities include an infinity pool, a wine cellar, a movie theater, and an elevator. The house is on a 25,682-square-foot lot with a private dock."
The Sotheby's representative told the paper, "We're finding the trophy properties are really performing the best."
According to court records, MG Brown LLC, which lists Michael Brown as sole member and manager, took out a $4.1 million mortgage for the property from something called -- for real -- Bank of Internet USA.
MG Brown LLC has also been gobbling up other Miami real estate; in August 2012, he took out a $4.2 million mortgage for a penthouse. The signature on the papers belongs to Ray von Proctor, listed as MG Brown's president. (Apparently, von Proctor stepped down sometime between August and December.)
The company hired a chichi Miami interior designer to deck out the place, but since money's tight, the company apparently neglected to pay her. She had to put a lien on the property, and he eventually paid the $60,000 balance on the $546,672.83 total.
Brown is expected in court in Miami on Friday.
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