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flipfanatic
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 Life is tough - Article from: Sunday Herald Sun
My money's gone, life is tough
Article from: Sunday Herald Sun
Herald Sun article and pics
May 31, 2009 12:00am
TENNIS star Mark Philippoussis has revealed his dire financial situation that may cost him his family home.
The 32-year-old says he is going through the toughest time of his life as he faces a $1.3 million legal battle.
"Money came in left, right and centre; you just thought that's how it was for everyone and that's how it will always be," he said.
"If I only knew a tenth of what I know now. It's like that show Entourage - I did all that and more."
Davis Cup hero Philippoussis - who has earned more than $8 million on the court and millions more in sponsorships - is being sued for failing to pay the mortgage on his Williamstown home.
A finance company is seeking $1.3 million and possession of the house he shares with mother, Rossana.
But the Wimbledon and US Open runner-up vowed to fight his way out of debt.
An emotional Philippoussis invited the Sunday Herald Sun into the home he could lose and revealed he was in a dark place.
Revealing how he had not been able to work for three years, he said: "Things are tough. Financially tough - oh my God - but more importantly than that, it's been the mental side.
"I wouldn't say I'm battling depression, but have I been depressed a lot in the past two years and freaked out about a lot of things?
"The answer is, 'Yes'.
"Some of my closest friends know that when I worry about something or when I'm upset, I close myself off and stay in my room. I watch movies and I don't get out of bed.
"But I came to the realisation that doing this won't help me. I need to think, 'OK, I'm in this position, things are tough, but what do I do now?'
"I've got great friends behind me, supporting me and the great thing is you learn very quickly who your friends are."
Philippoussis has drawn attention for his playboy lifestyle, high-profile girlfriends and fast cars as much as he has for his tennis.
"I've lived an easy life, the life you dream about. And at that time I thought it was normal, but it's so far from normal," he said.
"A lot of people are going through tough times right now and I'm struggling just like anyone else.
"I've just got to take it on the chin and deal with it.
"It's the toughest time of my life right now, but it's also the best time because I've woken up to so many things in my life.
"When I get back up from this I'll appreciate so many things so much more. I've fallen down and I'll get back up. This is how it is. It's life.
"I've done nothing wrong, I haven't committed any crimes. I'm someone who hasn't been able to work since 2006 and I'm doing the best I can at this time.
"It's a tough situation, but I'm dealing with it and I'm stepping up. I'm not running away."
In a writ lodged with the Supreme Court on May 15, it is alleged Philippoussis took out a loan through his company Mergis Pty Ltd which he personally guaranteed.
The writ claims Mergis - of which Philippoussis is the sole director, secretary and shareholder -- defaulted less than a year later.
The lender is seeking $1,313,351.96, plus interest of about $14000 a week, costs and possession of the house, or is threatening to go to trial.
The Perpetual Trustee Company Ltd is listed in court documents as the plaintiff, but a company spokesman said her firm had provided funds to another company which was the one foreclosing.
The other company is not detailed on the writ, but Philippoussis said yesterday it was Pepper Home Loans - a company that provides loans through mortgage brokers.
Once ranked as the eighth best male player in the world, Philippoussis took out a mortgage in February, 2008.
Philippoussis said he was three months behind, adding that each monthly payment was more than $10,000.
"I haven't played tennis since 2006, and tennis is one of those sports where if you don't play, you don't get paid," he said.
"Paying bills and no money coming in has been tough for a number of years, but everyone has to go through that.
"For the past 3 1/2 years I've been fighting injury - that's what I've been doing. I've had three surgeries and that's it. I've been trying to get back on the court.
"Maybe they think I've got the money and just don't want to pay.
"They need to understand, that this is a tough time that I'm going through.
"Obviously in the past I've had my agent and lawyer to do all this. But since I've been back I've wanted to step up, be mature and be the one taking care of these type of things and I did that.
"I didn't realise what I was getting into at the time, I just signed on the dotted line and didn't read the fine print.
"I didn't understand that maybe I should ask questions about this or that or check things.
"It's my fault, but I didn't know any better, unfortunately.
"At the start of last year I took out a loan on my house through Pepper Home Loans, from a person I thought was my friend, for a couple of investments.
"One didn't go through, a property investment, that last year I had to sell and I lost quiet a bit of money on that.
"Another investment is still happening, one with a private oil company, so I'm knocking on wood that will come through.
"When I got the loan, someone came along to look at the house for the valuation, but they valued it too high.
"Pretty much I'm stuck in a loan at 12 per cent and honestly I could instead be living in a gorgeous house in Toorak on what I'm paying out.
"Unfortunately it's a private company, so they're not as understanding or lenient as the banks would be. I've been trying to tell them that if you give (me) a few months, everything will be up to date.
"I've been in contact with them regularly, every week when I'm going to be late I've let them know when the money will be coming.
"I've been trying to tell them, 'If you give me a few months, I've got four legends matches booked in'.
"I've got contracts for legends matches in the US and Europe from September onwards.
"I'd be waiting on money from sponsorship things from America, but they're not in the best state, so that would come later than I expected.
"I'm putting the house up for sale, that's in the process at the moment and they know that.
"I've written them a letter of detailing the income I have coming and it clearly pays everything back. Everything will be taken care of, so I just asked them, 'Will you please give me some time?' "
"But unfortunately they want to go ahead with legal action.
"Never in my life have I been in court for anything. I've never been sued or sued anyone. Every company and sponsorship I've worked under, I've upheld my end of the contract.
"You'd think they'd be understanding in this day and age, in this economy.
"I had a meeting with my bank manager and accountant the other month and they said they'd never seen interest like this.
"I bought this house when I was 18, primarily for my mum. But at the moment I'm paying 3 1/2 times as much as I'd pay on a normal loan."
Philippoussis said he planned to sell the house, but wanted to stay in Williamstown.
And he brushed off suggestions of plans for a full-blown comeback.
He had his sixth knee surgery two weeks ago, a micro-fracture surgery, the third on his right knee.
"I'm just looking to play legends events, because I enjoy it. With people like John McEnroe, Jim Courier, Pat Cash - these legends of the past."
He has also started a tennis academy in Altona North, which now has 45 children.
Philippoussis had previously put the Williamstown house on the market in 2005 for more than $780,000, when love was blossoming with Miami heiress Alexis Barbaro.
The property failed to attract a buyer and he withdrew it from sale.
He sold a Williamstown ice cream shop in the same year for about $1.5 million.
He has also sold his home in America and his famous black Lamborghini.
Philippoussis has also been known for a string of failed relationships with high-profile women, including Delta Goodrem and Paris Hilton.
He shot to television fame in the reality series Age of Love where "kittens" (younger women) and "cougars" (older women) vied for his affection.
Two months ago he split from bikini model Siobhan Parekh. P
hilippoussis was recently seen with Melbourne hairdresser Chantelle Theos, but he said he was single and spending time with his mother.
"She's very happy," he said
This is so depressing :-( It's a shame that Mark wasn't able to consut with a professional or legal consultant before signing the contract. It really sounds super grim and to top it all, another knee surgery only two weeks ago! Mark looks so very sad in these pictures.
Poor Poor Mark ++++++++++++ >>>>>>>>>>>>>>>>>> ++++++++++++++ I hope the tennis academy goes well but I do worry what all this means due to the current legal threat :-(
I hope that everyone that posts on Scud Central will understand that this is a time to show understanding and support for Mark. Posts will be edited or removed to confirm with the site rules. Should Mark or his family come here for that support, I would hope that what they read here will lift Mark's heart and spirit and not make it heavier.
update - february 6th
Mark Philippoussis's home 'safe'
Article from: Sunday Herald Sun
June 07, 2009 12:00am
TENNIS ace Mark Philippoussis has been offered a lifeline to save his Williamstown home from repossession.
The company that launched court action to take his house and recover a $1.3 million mortgage said it had decided to use "hardship" provisions to help the Scud.
The Supreme Court action led the Davis Cup hero to reveal in last week's Sunday Herald Sun that he was unable to pay his mortgage and had been feeling depressed - a revelation that sent shockwaves around the tennis world.
Pepper Home Loans chief operating officer David Holmes said his firm was acting on behalf of the lender, GMAC - an American company which had pulled out of the Australia home mortgage market.
"The bottom line is we're not trying to repossess Mark's property," he said.
"We've been working with Mark and his financial adviser because clearly he has some (financial) issues," Mr Holmes said.
He said options being considered included suspending or lowering Philippoussis's home repayments under a "hardship arrangement".
The 32-year-old Wimbledon and US Open runner-up said last week that he was going to sell the Williamstown house.
"We're trying to get the appropriate (financial) documents to get him into a hardship arrangement," Mr Holmes said.
"To make the right arrangement we need to understand Mark's finances.
"To get us to that position we sent a letter (Thursday) detailing what we want."
He said the company wanted Philippoussis's current and future income and outgoing costs to come up with something "that is right for Mark in his circumstances".
"The worse thing to do is make an inappropriate arrangement that is broken," he said.
"The last thing we want to do is repossess anybody's property," he said.
Philippoussis said he had "said all I am going to say" on the situation.
Last week he revealed he had lived the high life before it all came crashing down.
Updated July 5th
Philippoussis home fails to sell
Mark Russell
July 5, 2009
FORMER tennis ace Mark Philippoussis has suffered a setback in his fight to pay off more than $1.3 million in debts when his Williamstown home failed to sell at auction.
The five-bedroom townhouse attracted only three bids yesterday and was passed in at $775,000 after being listed for sale at $950,000-plus.
Real estate agent Wayne Elly said he hoped the property would sell within the next few days.
Philippoussis, the former eighth-ranked player in the world, earned more than $8 million on the tennis circuit but has not been able to play professionally since 2006 because of injury.
He bought the house when he was 18, mainly for his mum, Rossana, but was forced to put it on the market after Pepper Homeloans launched legal action against him in May when he failed to meet the mortgage repayments of more than $10,000 a month.
Philippoussis, who was not at yesterday's auction, decided to sell to avoid having it seized after using it as security for an investment loan in February 2008.
Pepper Homeloans chief operating officer David Holmes told The Sunday Age he would discuss Philippoussis' outstanding debts with him this week.
During inspection before the auction there was a DVD of one of Philippoussis' matches with tennis great Peter Sampras on the kitchen bench. There was also a clock featuring five photos of "the Scud" playing tennis, with the words "You can do it"
Property sales have been soaring again in Melbourne so I'm surprised that there is such a huge gap between the passed in Auction amount and the expected sale amount. This leaves Mark in huge debts still even if an offer is agreed upon
I hope this all works out so that Mark can start to focus on a positive plan to get his health, happiness, finances and his future career prospects into place ++++++++++++++++++++++ >>>>>>>>>>>>>>>>>>>>> ++++++++++++++++++++
Val
Last edited by Jill b, 2/Oct/09, 8:26
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“It’s in my heart to give it one more go” - Mark
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30/May/09, 23:37
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Jill b
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Re: My money's gone, life is tough
speechless.
I am in total shock and disbelief... How things got to this stage in Mark's life I don't quite understand.
I need a moment to digest this... i still cannot believe what i am reading....
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31/May/09, 2:00
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JTP
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Re: My money's gone, life is tough
Mark has always been a good, trusting person. I hope he reads this and realizes that old friends are believing for a positive outcome! All the best!
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31/May/09, 6:56
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Jill b
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Re: My money's gone, life is tough
It's all up to Mark now to really make some big changes in his life and come out of this a better person. In sad a way I guess this unfortunate situation has been coming for quite a some time. I know a few of us have been worried and confused how Mark has been making a living when he's played so little tennis over the past 4 years... and there hasn't really been other forms of work Mark has actively been involved with. This year in particular I have often wondered what does Mark do on a daily basis?
With everything that has happened I would really like to see Mark seek some professional help to deal not only with his finances, but more his mental health. He has struggled to come to terms with his retirement and now he has this extra burden and worry... he should really be talking to a professional to help lift his morale and work through any emotional baggage from the past. It's not something I feel Mark would be open to because he's naturally a very closed-off person, but maybe Marks friends and family will support the idea make sure Mark gets all the right help possible to successfully fight through this.
For Mark >>>>>>>>>>>>>>>>+++++++++++++++++++++++>>>>>>>>>>>
Last edited by flipfanatic, 31/May/09, 11:17
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31/May/09, 10:19
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anne2u
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Re: My money's gone, life is tough
Poor Mark, it breaks my heart hearing this terrible news.
His mum must be so worried for him.
Anne.
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31/May/09, 10:55
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flipfanatic
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Re: My money's gone, life is tough
Mark is in a really difficult place right now and I do hope he will consider some counselling as talking through all these issues with someone other than family and friends could make alot of difference in Mark moving forward. Depression is not something to take lightly.
I too made the most stupid mistake in my 20's in signing a contract that I should never have. I trusted someone foolishly and was almost financially destroyed but it but lucky for me, I did have a caveat that my bank would have to approve financing and with my dad's help, we discussed the issue with the bank who agreed that financing was not going to proceed due to my limited credit history at the time and I was out of the contract for a few hundred dollars. Now I second guess everything in my life!
I hope that everyone that posts on Scud Central will understand that this is a time to show understanding and support for Mark. Should Mark or his family come here for that support, I would hope that what they read here will lift Mark's heart and spirit and not make it heavier.
Val
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“It’s in my heart to give it one more go” - Mark
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31/May/09, 11:22
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Zoe123
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Re: My money's gone, life is tough
Post removed by Val. -
I'm sorry Zoe123 but I did ask that people posting show 'support and understanding' for Mark's current situation. There are many other boards to place negative posts towards Mark but this isn't one of them.
This has always been a place where Mark and his family feel welcomed in finding understanding and support. Mark needs to see that support here more than ever.
Many may not agree with me. That is fine but this is not open for debate.
When/if Mark and family come to visit for positive re-enforcement, I'll be sure to do my best to ensure this is a place that reflects that love and support from everyone here that choose to express those supporting thoughts.
Val
Last edited by flipfanatic, 31/May/09, 17:13
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31/May/09, 11:37
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swedesrule
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Re: My money's gone, life is tough
oh my god i think i might actually cry  that article is so sad
poor mark.... and another surgery?? how did we not know about this earlier???
speaking as someone whos been battling depression for quite some years, i know exactly what its like to feel like you cant do anything. marks whole life has been tennis and for him to not be able to do that, im sure he feels like he just cant do anything else. i dont think its laziness - its more a mental thing. there's been times in my life where i have just wanted to do nothing for 6 months straight - stay in my room and watch dvds like mark said. i really just felt like there was NOTHING i was good enough to do. this is what mark sounds like to me... i hope he really does have some friends and family who can support him and help him out of it.
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31/May/09, 11:46
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Jill b
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Re: My money's gone, life is tough
I know i will be thinking about Mark a fair bit... but I just wanted to say something positive that hasn't been said yet.
Well Done Mark!
To actually come out to the press knowing full well that this will be on almost every front page of Australia's Sunday papers is a big step forward and takes enormous courage. Maybe Mark had no choice but to give his side of the story before details were leaked... but to come out and openly and honestly admit his problems is a big step forward in the right direction.
For some time there's been a perception in the media that Mark is a wealthy "playboy"... but now the truth is known and he can finally move away from that image and become something else.
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31/May/09, 12:46
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nicky76
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stay postive mate
Hey mark..
things happen for reason.. I believe sometime u have struggle to get out of you.. I'm sorry for you to be this place right now..
I wish ppl be like what you said. give you more time so u pay for bills.. in life it just don't work out like that, ppl out there are mean...
I hope your mum is ok in this time..
just remember you have live life we always dreams of.. I can't believe your broke coz i thought tennis $$$ big money..
stay postive and do what you love .. like surf or maybe looking realesate if that your passion mate..
u come out of this as better man .. u always smile and stay postive ..
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31/May/09, 15:40
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