Pressure keeps mounting on Kim Zolciak and Kroy Biermann to sell off their family home.
The estranged reality star couple, who are undergoing a contentious separation and deep in debt, have lowered the listing price of their Georgia mansion once more. The pair’s desperation to find a buyer comes after a financial institution moved to foreclose on the property.
Kim Zolciak & Kroy Biermann Reduce Price Tag On House To Attract Buyers
Initially listed at $6 million, the price of Zolciak and Biermann’s home was reduced to $5.5 million and has now dropped further to $4.5 million. Despite the price cuts, there are still no significant takers for the property.
As fans already know, the duo is grappling with financial troubles, facing multiple lawsuits, and dealing with Internal Revenue Service [IRS] scrutiny. Selling their house could potentially alleviate their financial strain, but they have encountered difficulty finding a buyer.
According to reports, the ongoing challenges are compounded by the fact that property values in the area are lower than their initial listing, making the recent price drops a strategy to attract potential buyers.
The financial struggles are also taking a toll on Zolciak and Biermann’s personal relationship. Body cam footage from November revealed a heated argument where Biermann blamed his estranged wife for their financial issues and accused her of infidelity.
Even though both parties have calmed down enough to continue sharing living space, it is unclear if their relationship has fully recovered. Despite their very public issues, Zolciak ensured their kids received Christmas gifts, showing a commitment to family amid their financial woes.
Regarding their original price drop, court documents showed Biermann doubling down on the urgency of selling the 9,407-square-foot property. Citing dire financial circumstances for both him and his on-again-off-again spouse, the ex-Atlanta Falcons player mentioned,
“The only asset they currently own with equity is the marital residence. The mortgage is held in the petitioner’s name. However, it is set to be foreclosed in November.”
The paperwork continued: “The current living situation is unsustainable and is detrimental to the mental and emotional health of the minor children. If the marital residence is sold, it will afford both parties enough income to secure their residences, thus taking the children out of the toxic environment.”
Biermann & Zolciak’s Mansion Might Be Foreclosed By Bank
Amid the trouble of finding potential buyers, reports revealed that Truist Bank made claims that Zolciak and Biermann defaulted on their mortgage, providing the bank with the “right to foreclose” on their mansion. Despite their public and contentious divorce, the couple still resides in the family home.
Notably, Biermann occupies the primary bedroom, while Zolciak resides in the nanny suite and basement. Even though the bank acknowledged the ongoing divorce proceedings, it maintained that the proceedings had no impact on its foreclosure rights.
In October, the celebrity couple sought a judge’s intervention to stop the bank’s foreclosure auction, aiming to sell the property independently at a reduced price of $5.5 million. Truist Bank, per the legal filing, voluntarily delayed the auction in November.
However, due to Biermann and Zolciak’s inability to sell the property independently, the bank has now expressed impatience and plans to move forward with exercising its foreclosure rights to collect on the debt.
That is not all the trouble they have faced as Chase Bank initiated a lawsuit against Zolciak for an overdue balance of $4,624.02 in December. The bank presented account statements as evidence, revealing that the reality television star had fallen behind on credit card payments since November 2022.
Chase Bank asserted that the accumulating outstanding balance prompted them to seek payment. Additionally, the bank filed a lawsuit against Biermann for a separate credit card account, alleging he owed approximately $13,000.
In an unrelated case, the former NFL star encountered a judgment when Discover sued him for an alleged overdue balance that had reached $11,275.45. Regrettably, Biermann did not formally address the lawsuit, resulting in a default judgment that mandated him to pay the entire amount along with $111 in court costs.
As previously noted, Zolciak and Biermann are entangled in a series of lawsuits, including one from Biermann’s legal representative. In the filing, the attorney asserted that the former Montana college footballer owed the firm $801.01 in unpaid fees and services.
The attorney argued that the amount could escalate with a monthly 1.5% interest rate applied to all outstanding balances until the firm is fully compensated for the legal services rendered.
