This Just In: Tom Brady Drops Major Cash on Empty Lot

CasaSugar — Wed, 27 Aug 2008 11:00:58 -0700

It seems as if Tom Brady isn't shy about taking real-estate risks. Since he sold his Boston condo way back in February (at a loss), he's ready to move on to other high-priced real estate dealings. This time, Brady is heading west to California.

The quarterback, who's equally well known as Gisele Bundchen's boyfriend, has bought a three-acre lot in Brentwood, just down the street from California governator Arnold Schwarzenegger. How much money did Brady spend on his lot? According to TMZ, over $11 million.

To find out more about the property, read more.

Given the tough real-estate market in California, where foreclosure rates have jumped a staggering 261 percent, this is a gutsy move. Since the mansion Brady will build on the property will run into the tens of millions at least, this is a substantial investment. Apparently, Brady took out a mortgage of $8.225 million, which he will pay back over five years. According to an anonymous source, the California move was predicated on Brady's desire to move closer to his child, though this claim is refuted by a source connected with the child's mother, Bridget Moynahan. Ah, the gossip-heavy world of celebrity real estate! I'm not a big fan of the he-said-she-said scuttlebutt, but I am certainly envious of anyone who can pay off an $8 million mortgage in five years!
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