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Wayne Newton's home mortgage satisfied in bankruptcy sale

Wayne Newton is a name that is familiar to many people in Ohio and across the country. The singer is known for his performances in casinos and for a number of hit records over the years. Now, he is making headlines as a result of his filing of a personal bankruptcy in his home state, which helped facilitate the sale of his home and payment of his home mortgage.

The personal bankruptcy resulted in a legal agreement to sell the residence of the famed singer. The home, which includes 40 acres, was sold by the bankruptcy trustee in 2010. It earned an estimated $19.5 million, some of which likely included the payment of the remaining home mortgage. Those that purchased the property intend to remake it into a museum about the singer's career.

As a result of the sale of his home, the singer and others in his entourage, relocated to a property next door to his former home. Though smaller, the new home is large enough to contain the multitudes of animals owned by Newton. In addition, the sale, once approved, may help to move forward the personal bankruptcy that was filed and help to repay some of what the singer owes to his creditors. 

As is the case with a personal bankruptcy in Ohio, Newton's creditors will likely be repaid some, though not all, of what they were owed, including the home mortgage that remained on the property. When the process is completed successfully, the singer may find that his remaining debts are discharged. He will likely be able to continue his 45 year career, free of the stress of having to fight overwhelming debt.

Source: 10tv.com, "Newton estate deal to get bankruptcy judge review," June 21, 2013

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