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Orlando Sentinel: T-Mac to sell Orlando home - Only asking $7.6 milliion

Discussion in 'Houston Rockets: Game Action & Roster Moves' started by Faos, Jan 25, 2005.

  1. Faos

    Faos Contributing Member

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    T-Mac to sell Orlando home

    http://www.orlandosentinel.com/spor...?coll=orl-sports-headlines&ctrack=1&cset=true


    By Brian Schmitz | Sentinel Staff Writer
    Posted January 25, 2005


    Houston Rockets star Tracy McGrady, who missed Monday night's game because of a family medical emergency, officially will sever his ties with the city of Orlando as soon as he sells his mansion near Isleworth.

    McGrady told the Sentinel on Monday that, "My home's on the market."

    He said he is asking $7.6 million for the 12,000-square-foot residence.

    Former Magic star Shaquille O'Neal, who played for the Los Angeles Lakers for eight seasons before he being traded to the Miami Heat, still maintains his 40,000-square foot mansion in Isleworth.

    It was not known the nature of McGrady's emergency.

    He participated in the morning shoot-around. Rockets Coach Jeff Van Gundy said he did not know McGrady was a scratch until two hours before the game.

    Francis keeping his house

    Speaking of residences, guard Steve Francis, who played with the Rockets for five seasons, said has no plans yet to sell his 12,000-square-foot home in Houston. Francis recently bought a place in Central Florida.

    "I want to get some more equity in it," he said. "Besides, there are a lot of NBA players who live here [in the offseason]."

    Cato overlooked?

    Magic center Kelvin Cato is often overlooked, lost in Steve Francis' shadow in Houston and in Orlando. But he also plays up the Rodney Dangerfield angle.

    "Man, they're going to love Steve Francis here tonight," said Cato before the game. "For me, it will just be like, 'Yeah, Kelvin Cato.' Steve might start crying.

    "But that's the difference between a star player and me, an average player."

    For the record, Cato received a nice ovation from Rockets fans, albeit several octaves lower than the reception Francis received.

    In their first return to Houston since being traded, Cato had 11 points, six rebounds and two blocked shots in 37 minutes, and Francis had 23 points, 10 rebounds and seven assists.

    Etc.

    The Magic will have reached the halfway point of their season after tonight's game against the Grizzlies in Memphis. . . . Magic forward Grant Hill started against the Rockets after sitting out Saturday night's game at home against the Philadelphia 76ers to rest a bruised right wrist. Hill said he still has pain when he shoots the ball, adding he has some tendinitis in it as well as a tiny cyst. He wore a black wrist brace around it Monday night. . . . Magic swingman Doug Christie still was suffering from flu-like symptoms but played.
     
  2. gr8-1

    gr8-1 Contributing Member

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    I guess he's not gonna live in Florida after all.
     
  3. Supermac34

    Supermac34 President, Von Wafer Fan Club

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    He probably figured out that for $7.6 million, he can get a house twice as big in Houston.
     
  4. JuanValdez

    JuanValdez Contributing Member

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    Francis doesn't own his house outright? If I had a max contract, I don't think I'd be borrowing money for anything.
     
  5. tikwanleap

    tikwanleap Contributing Member

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    He problably meant he wanted to wait until the market price goes higher before selling it.
     
  6. Gummi Clutch

    Gummi Clutch Contributing Member

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    I thought T-Mac was having a new house built in Orlando while the trade was going down.

    I knew he would grow to love it here.
     
  7. Yonkers

    Yonkers Contributing Member

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    Financially it makes more sense to not own your house considering the interest rates.
     
  8. Mr. Clutch

    Mr. Clutch Contributing Member

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    I'm guessing there are some pretty good tax advantages he gets from doing that.
     
  9. olliez

    olliez Contributing Member

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    When you get 4 hurricanes a year, the state doesn't look so endearing....

    :cool:
     
  10. Lobo

    Lobo Contributing Member

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    Hey, not trying to be picky or anything, but when you have a mortage you still "own" your house, as long as you make your payments of course!

    But yes, there are pretty big tax and financial advantages to holding a mortgage at today's rates, especially if you're wise with your money and can afford a primo advisor to take care of your investments. If I were in any of these guys' shoes, I'd have the house pretty much mortgaged to the hilt, probably with an interest-only loan.
     
  11. Tom Archer

    Tom Archer Contributing Member

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    I always find it interesting the players only refer to themselves as "average" *after* they've signed their huge deals. I doubt very seriously if he or his agent were saying that he was "average" when he got his ridiculous contract.
     
  12. Gummi Clutch

    Gummi Clutch Contributing Member

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  13. canoner2002

    canoner2002 Contributing Member

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    And as long as you don't plan to level the old house and build a new one on the land.
     
  14. rrj_gamz

    rrj_gamz Contributing Member

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    Screw that, he needs the interest deductions...Never buy a house outright...
     
  15. Stack24

    Stack24 Contributing Member

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    Im sure that he also knows that there is no state tax in texas so he miight as well hurry up and become a resident of Texas.
     

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