Duval Opens Up About "Gigantic Financial Hit"

A forthright David Duval was also cryptic about his TMZ-reported foreclosure, saying it was not a foreclosure but instead a long and painful negotiation with his lender that has been resolved.

First, from Doug Ferguson's lengthy story, the former Open Champion and World No. 1 admits it's distracted him.

More of it likely is due to the stress of financial problems at home.

“It’s been a very big distraction,” Duval said. “I have the weight of this on me.”

His wife, Susie, likes to be on the road with him and their children — Brayden and Sienna, along with three children from her previous marriage. She has been dealing with the bank and the home, and hasn’t gone to a tournament with Duval since New Orleans the last week in April. That was the last time Duval made the cut.

“This kind of thing can break us or hold us together, and we’re tighter than ever,” Duval said. “We’re more in love than ever. It’s a hugely stressful time, especially when information is out there that’s inaccurate. She’s been an angel. I think she’s the greatest thing ever. She’s my hero. I tell her that every day.”

And talking to Garry Smits:

"Like a lot of people in the past few years, I made a real estate investment that didn't go well," Duval said. "There is no foreclosure. That is 100 percent wrong but the web site that started that is a gossip site, no more. They never made any attempt to contact me."

Duval said he has been in constant communication with his bank to work out a resolution that will not involve foreclosure. He did not reveal specific details but he said "everyone's happy."

Comments

[carnaptious and camsteerie]

Let's hope his game will start to pick up now. He seems like a really nice fellow.

[Chris from DE]

I would also like to see him play well again. He is a decent dude with a nice family.

[Tighthead]

I got no quarrel with DD, and I hope things work out for him. I just wish he would stop talking like he is the first guy to discover marriage and family.

[big john]

There he goes again with talking about his wife as the greatest human on earth. When a dude keeps telling everybody that will listen that his wife is an "angel", and that he's so deeply in love, it's almost like he is trying to convince himself just by saying it over and over. Something is creepy here. I sure hope this chick isn't a gold-digger or this guy is liable to end up in a mental institution.

[digsouth]

Good luck to the Duvals.

[DTF]

The bank may have agreed to some modifications but I highly doubt they are "happy" with them.

big john, I think you hit the nail on the head.

[John Morris]

I always liked David Duval he answered questions he was asked more honestly than almost any other golfer. He had nice dry sense of humour and in his prime he was a great golfer. At the time he was playing well I believe he had some family difficulties and had a reputation for being taciturn, family problems will do that to you . I wish him well be great to see him come back
John

[RickABQ]

If I liked being on the road with my spouse I am not sure a $15 million or so house (with another multi-million dollar backup if I recall correctly) would be high on my list of purchases.

[digsouth]

Rick, I'm just waiting till you get promoted to ''RickBBQ'', and we'll all come over and have a plate and a beer.

[RickABQ]

Dig - now YOU are in the home of good bbq, for sure, so I would suggest we meet there. Breakfast burritos or stuffed sopas we can do here, however. I did, however, eat at County Linie here in ABQ yesterday. But it is a far cry from the County Line on the river in Austin... Glad to see you are making progress in your health - slow and steady wins the race, my friend!

[KLG]

Only good wishes for DD. He always knew he played a game for a living. The thing about the sour real estate "investment" is that had he borrowed 1/100 of that amount and found himself in a bind, his and his family's asses would have been out on the street long before now...When you owe the bank $50,000 it's your problem. When you owe the bank $5,000,000 it's their problem. Life in the 1% is good.

[johnnycz]

Bad timing nails DD again. he should shoot whomever told him buying an expensive McMansion after 2005 is a sound investment....the real estate collapse was not at all hard to predict if you kept your eyes open and studied history.

Crossing my fingers for DD to cash some decent checks during the remainder of the year....another reason to be pulling for him.

[DTF]

Ky, DD is out and in a rental. Is there anecdotal evidence that the bank may be a little more willing to listen and negotiate on a $5mm loan/property vs. a $50k loan, yes. But did it give DD any significant leverage, nope. Now multiply 100X's the other direction and you are onto something. Bill Jones III (Sea Island) a perfect example, owed the banks $500,000,000++ and got them to restructure the loan portfolio in a manner that still amazes! (all except WFC that is) Banks wish they hadn't done that....the new deal failed in less than 12 months.

[ol Harv]

I have several friends that owned really nice second homes on water and in golf communities that couldn't make the payments to just go ahead and stay in the home and do the best they could. Bank didn't foreclose, didn't change the locks, nothing. They all basically walked away in the end which is absolutely incredible to me.

[KLG]

Indeed. Have a tee time at Seaside next week and will pretend that it is still mostly Colt & Alison, which is what my friend who is a member does. Along with everyone else I know there...they all are still astonished at what Bill III hath wrought.

[Del the Funk]

Harv, the banks came to the conclusion that having a non-paying tenant in the house who would keep the grass cut and maintain the place was better than having an empty piece of property where any number of outside influences can RAPIDLY deteriorate the property. This is especially true of super high end properties like what Duval owns....or should I say used to own!

Have fun Ky. I often think of that old picture showing Tony Jacklin teeing off on original Seaside #7 that used to hang between the golf shop and the dining room....those were the days!

[GolfFan]

Coming from a building family, I always wonder why folks build such mammoth houses. no one is ever going to but them at near the amount you've put into them. Shredding $100's might be more fun.

That said, I wish DD good luck getting right side up on this one.

Still, someone should have warned him that Denver's Boom-Bust market cycle really should discourage one from doing such things THERE of all places

[ol Harv]

DTF AND KLG Talk of Sea Island brings back great memories. Although it probably is a little fancier with The Lodge and all the improvements on the courses and the teaching center, I liked it the way it was in the 80's, the old locker room and just the overall vibe of the place. Nothing cooler as a kid than going to breakfast at the main dining room with shorts and a golf shirt and the required blue blazer. I loved playing 18 at the old Island Club and having lunch in the old school mens grill. What a place. I also preferred the OLD Pinehurst.