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Agent dispels bankruptcy rumors
LOS ANGELES – The US-based real estate agent for Manny Pacquiao quelled rumors of the superstar boxer being in a state of financial ruin. He said the Filipino superstar and Sarangani Congressman is not bankrupt.
Nick Enciso Jr. of Century 21 Classic Estate in Cerritos told the Asian Journal that Pacquiao selling his Hancock Park home in Los Angeles does not mean he’s struggling financially in any way.
Enciso said Pacquiao is trying to take advantage of California’s improving real estate market and upon selling, plans to purchase a home in Beverly Hills.
“Rumors of Manny being bankrupt are false,” Enciso said. “Manny and Jinkee told me they want to sell the house so they can upgrade to a gated community in Beverly Hills. They want more privacy.”
Rumors of Pacquiao being on the verge of bankruptcy began circulating in the Philippines and online, after a Cebu newspaper quoted Pacquiao’s friend, Rex “Wakee” Salud, that the boxer’s massive wealth has disappeared.
According to ABS-CBN, a sports writer for the Sun.Star Superbalita Cebu quoted Salud as saying that the Filipino boxer’s money was “already gone.”
“Di lang kay nahurothurot, hurot gyud! (He did not just lose his money, he lost all of it),” Salud was quoted as saying according to ABS-CBN.
In a follow-up interview with a different sports program, Salud claims he was misquoted and the writer exaggerated the statement.
“Wala akong sinabi na ganun. Pinalaki lang nung writer (I didn’t say anything like that. The writer merely exaggerated it),” Salud said.
The 4,273-square-foot, two-story house (with five bedrooms, five-and-a-half baths) on 526 N. Plymouth Boulevard was purchased by Pacquiao in 2009 for $2.17 million, according to public records.
Enciso (who is co-listing the property with his son Chuck) has priced Pacquiao’s home at $2.7 million. Comparable homes in the area are selling anywhere from $2.7 to $3.4 million.
Enciso said there’s a contingency clause in the contract stating that the sale of the house is contingent on the seller (Pacquiao) finding a replacement home.
Enciso said the Pacquiaos are looking for a Beverly Hills home in the $3 million to $4 million range.
Pacquiao’s Hancock Park home also features hardwood and marble floors, a heated pool, spa and a waterfall, according to the real estate listing description.
Pacquiao is currently in the Philippines preparing for his upcoming bout against Brandon Rios on November 23 in Macau, China. Pacquiao is expected to earn more than $20 million in the fight.
(LA Weekend August 31 – September 3, 2013 Sec A pg.1)