The 'Aladdin' star will reportedly be repaid in full after the trustee in the bankruptcy case found a buyer willing to purchase the 'L.A.'s Finest' actor's home for $2.45 million.
- August 14, 2019
AceShowbiz - Will Smith will finally be paid back the $1.5 million (£1.2 million) he loaned pal Duane Martin for a home tied up in a bankruptcy fraud case.
Duane and his estranged wife Tisha Campbell-Martin filed for bankruptcy in 2016 after revealing they were $15 million (£11.6 million) in debt.
Tisha then sought a divorce in February 2018, after 22 years of marriage, and in June (2018) she filed legal documents alleging her estranged husband hid and misused funds during their union.
The trustee in the bankruptcy case sued Duane for fraud after also reportedly believing that Martin hid $2.6 million (£2 million) in assets under a company named Roxe LLC, which he allegedly started to hide the ownership of a mansion in Chatsworth, California that was purchased for $900,000 (£696,200) in 2006.
"Aladdin" actor Will then stepped in to lend Duane $1.5 million, so his embattled friend could repurchase the five-bedroom, six bathroom home after defaulting on the mortgage, and now the debt will be repaid thanks to a new buyer for the property.
According to The Blast, the trustee has reached a settlement with Duane this week (begin August 12) in the fraud lawsuit after finding someone to purchase the house for $2.45 million (£2 million), just under the original $2.7 million asking price. When the home sale is complete, $1.5 million of the purchase price will go to Will's company, TB Properties LLC, while another $122,000 (£101,000) will cover back rent, and $485,000 (£402,000) is headed to the bankruptcy estate to pay off creditors, leaving Duane with $170,560 (£141,000) for his Roxe LLC company.
