Posted On: May 13, 2010
Florida Poker Pro Facing Foreclosure
Florida poker professional Michael Mizrachi has $6.9 million in career winnings, but today he is in debt and facing foreclosure due to poor money management.A Palm Beach Post News article said:
South Florida poker superstar Michael Mizrachi, with $6.9 million career winnings, owes almost $340,000 in federal taxes and is facing foreclosure.
Mizrachi, 29, who had a record-breaking 2005 World Series of Poker, has been hit with a $339,711 lien from the IRS, records show. A Hollywood condo he owned with his brother, Robert Mizrachi, was foreclosed on and sold via an online auction on Wednesday. His Miramar home was foreclosed on in March, and is up for sale next week, according to court records.
The debts come from mismanagement of poker winnings, said Mizrachi, who said he fired his accountant and "hired a better one."
"They were doing a bad job," he said. "I'm working on (settling the liens)."
Known as "The Grinder," Mizrachi had the hot hand in 2005, winning a World Poker Tour event that paid $1.85 million and tying a World Series of Poker record with seven in-the-money finishes. The next year he won another poker tournament worth $1.1 million and had enough other tournament success to be named CardPlayer Magazine’s 2006 player of the year. But in 2009 he won only about $325,000 in tournaments and has cashed only once in 2010, for $7,465. The federal tax lien is for earnings from 2005-07.
If you are a Jacksonville homeowner who needs to know more about the Florida foreclosure laws, contact our Jacksonville, Florida foreclosure law firm.
Greg Gilbert
Keith Maynard
