AUSTIN, Texas (AP) - Disgraced cyclist Lance Armstrong has sold his Austin estate to an oil-and-gas rights agent.
The Austin American-Statesman (http://bit.ly/14d3Ric) reports a deed of trust filed with Travis County last week showed Al Koehler obtained a $3.1 million loan to buy the property, which had been Armstrong's home since 2004.
Although county tax rolls listed the 1.7-acre property's value at $3.9 million, local real estate agents say the house was listed at $10 million. However, in an email to the American-Statesman, Koehler says he paid nothing close to the listed value.
Koehler is a founder of Royalty Clearinghouse, which buys oil and gas royalties and mineral rights on behalf of clients.
Armstrong spokesman Mark Higgins confirmed the sale and says Armstrong plans to remain an Austin resident.
Armstong has admitted to using performance-enhancing drugs. He was stripped of his seven Tour de France titles in August and is banned for life from sports.
Copyright 2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.