Devil Eleven's Florida Farm in Foreclosure
Date Posted: 5/14/2010 4:50:08 PM
Last Updated: 5/15/2010 9:02:57 AM
By Carlos E. Medina
Former Duke University basketball star Bobby Hurley’s Devil Eleven Farm in Ocala, Fla., is facing foreclosure for non-payment of nearly $3 million in loans to PNC Bank, according to documents filed with the Marion County Clerk of Courts.
The action was filed April 20. No answer from Hurley had been filed with the court as of May 14.
The suit names Hurley; his wife, Leslie; the farm in Ocala; and Devil Eleven Stables LLC, which is based in New Jersey. The 140-acre Thoroughbred farm along North U.S. 27 near County Road 316 was listed as collateral for a $2,278,125 mortgage as well as a $1-million line of credit, of which $500,000 was used.
The documents state the Hurleys have not made a payment on the multi-million dollar loan since May 5, 2009, and have not made a payment on the line of credit since April 30, 2009. PNC modified the mortgage in January 2010 but has still not received payment.
PNC argues it is now owed $2,531,165 on the farm mortgage and $591,659 on the line of credit, including interest due and late fees. The suit also asks for unspecified attorneys' fees.
In December PNC filed suit against the Hurleys and Devil Eleven in Kentucky’s Fayette County Circuit Court seeking to take possession of Hurley’s 12 shares in the stallion Songandaprayer for non-payment on a note worth more than $900,000.
Neither Hurley nor a representative could be immediately contacted.
Hurley, who named his stable and farm after the jersey number he wore during his stint at Duke, entered the Thoroughbred industry with a bang. One of his first horses, Songandaprayer, won the 2001 Fountain of Youth Stakes (gr. I) at Gulfstream Park and ran in the 2001 Kentucky Derby (gr. I). Drawing the rail post for the Derby, Songandaprayer was sent to the front early but tired and finished 13th.
Songandaprayer entered stud in 2002 and has been a popular sire. He currently stands for a $12,500 stud fee at Walmac Farm near Lexington.
Hurley, who also played in the NBA, was the seventh overall pick in the 1993 NBA Draft. He was later involved in a serious car accident in his rookie season but made a comeback despite his injuries and played another five years in the league before retiring.
In April Hurley was hired by Staten Island’s Wagner College to serve on the men’s basketball team coaching staff. The news came shortly after Hurley’s brother, Dan Hurley, was named Wagner’s head coach.
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