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Mike Matheny loses court battle, could cost him millions

Jan 18, 2013, 6:18 PM EDT

Mike Matheny AP

Not long after he was hired as the Cardinals’ replacement for Tony La Russa in the dugout, it was reported that Mike Matheny was in serious debt due to bad real estate deals that cost him his 17-room home in Missouri.

14 months later, Matheny was still fighting over just how much he owes the Business Bank of St. Louis, but he lost his case today in front of Judge Tom DePriest, the St. Louis Post-Dispatch reports.

It was reported last year that Matheny might owe more than $4 million after he stopped making payments on land he and a business partner bought. No financial details came out of today’s judgment, though. That matter will be settled during a March 13 hearing.

Matheny made nearly $20 million in a major league career that came to a close in 2006. He sold his home for $1.9 million in 2010 prior to its foreclosure. $1 million of that went to the Business Bank, which claimed that Matheny owed $10.2 million. While his annual salary from managing the Cardinals was never disclosed, Matheny likely makes somewhere between $1 million-$1.5 million per year.

  1. zipsports - Jan 18, 2013 at 7:03 PM

    Hate to hear this. I got to know Mike whenever I was in college in the mid 90’s. About a year ago I saw him at a car dealership and couldn’t believe it but he actually remembered me. He approached me and actually began the conversation. That’s the kind of guy Mike is. He is just a genuine good guy. I hope him nothing but the best

  2. flosox - Jan 18, 2013 at 7:45 PM

    Hate to see stuff like this…

    Dude was just listening to his advisor on how to diversify and got swept up in it. I see it everyday. Just happy to see him working hard and getting through it.

    • zipsports - Jan 18, 2013 at 9:28 PM

      Agree flosox. He just got caught up in a bad deal.

  3. zipsports - Jan 18, 2013 at 10:02 PM

    Reblogged this on zipsports and commented:
    Hate to see good things happen to good people. Mike Matheny is a first class human being. I wish him the best of luck.

    • sfbookreviews - Jan 18, 2013 at 11:26 PM

      You might want to change that to “hate to see BAD things happen to good people” on the blog. Unfortunately, this site still does not allow editing, though mods could change it. If so, please delete this post as well.

      • zipsports - Jan 18, 2013 at 11:27 PM

        thanks man. appreciate the suggestion. I don’t want to do anything here to upset anyone

  4. sfbookreviews - Jan 18, 2013 at 11:31 PM

    Not suggesting you did anything to upset people, just that I assumed you meant that you hate when bad things happen to good people. Doesn’t make much sense to hate it when good things happen to good people.

  5. finswins - Jan 19, 2013 at 2:26 AM

    Fuk tha Cardinals!! That’s right!!! I said it!

    • zzalapski - Jan 19, 2013 at 10:33 AM

      Congrats on achieving your goal of looking like a dipshit.

  6. louhudson23 - Jan 19, 2013 at 5:22 AM

    This points out the difficulty of being wise with the large amounts of money these guys make.Navigating the minefield of bad advice,outright deceptive and larcenous “professionals” and the genuine outside market forces is difficult for anyone….much less someone who has “escaped” the less than ideal conditions from which they come,only to be confronted with these same obstacles. Some are just stupid with their money,but the list is long of those who genuinely tried to be smart with their money and find themselves broke in the end.

  7. 4cornersfan - Jan 19, 2013 at 4:10 PM

    The lender, Business Bank of St. Louis, was no doubt a contributor to the 2008, banking and real estate disaster. According to the article Mike got caught by the real estate crash caused by real estate lenders like Business Bank and ended up owing the bank almost $12 million. As with other banks affected by the crash we bailed out Business Bank to the tune of $15 million. Now Mike can owe the bank up to 11.8 million, depending on the judge. Does anybody see anything wrong with this?

  8. mtr75 - Jan 20, 2013 at 5:19 PM

    4cornersfan, the guy took out a loan and couldn’t pay it back. What does this have to do with a bailout?

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