May 02, 2008

Jose Canseco: Foreclosure victim

Former baseball star turned author and steroids exposer Jose Canseco has joined the growing number of Californians to lose their home due to foreclosure.

But the case of Canseco, who earned millions as an athlete, is a bit different than your average missed house payment.

Canseco announced on the syndicated TV show "Inside Edition" that he stopped making payments on a $2.5 million, 7,300-square foot home in Encino.

"You know my life, this financial thing, is a very complicated issue. Obviously, when you make all that money, people think, 'OK, let's assume it is $35 million.' People have to understand that $35 million, you're paying the government 41 percent. That leaves you with about $17 or $18 million, not even. Then you're taking care of your whole family." (AP)

Canseco authored a 2005 book, "Juiced," on steroid use in baseball. His follow-up book, "Vindicated," came out recently. He has been working recently with federal investigators looking into steroids allegations.

He realizes his foreclosure is, shall we say, a bit different.

"What about other families that we're hearing on TV, that they're saying, 'We have nowhere else to go,'" he said. "I mean, that is amazing. I've got books, we're now trying to produce the movie to both.

"Like I said, my situation was a little more different than most. I decided to just let it (the house) go, but in most cases and most families, they have nowhere else to go."

Jose Canseco, right, with former Oakland A's star Mark McGwire. Photo from 1990 World Series. AP file photo

Posted by Shane Goldmacher on May 2, 2008 09:53 AM