Ex-Oz tennis star Philippoussis served with bankruptcy notice
By ANITuesday, November 23, 2010
SYDNEY - Former Australian tennis star Mark Philippoussis has been served with a bankruptcy notice for defaulting on a 1.2 million dollar mortgage for a three-level townhouse in Williamstown, in Melbourne’s southwest.
According to the Sydney Morning Herald, court documents show that lender Perpetual Trustee Company applied to the Federal Magistrate’s Court in Sydney for a “substituted service” of the bankruptcy notice today.
According to the report, former World Number 8 Philippoussis took out the loan in February 2008, and after falling behind with his payments, attempted to clear the debt by selling the property. However, it only sold for 835,000 dollars in November 2009.
After turning professional in 1994, the 34-year-old won 11 titles on the men’s tour and had career earnings of nearly seven million dollars. (ANI)
