Daily Business Review
Friday, June 19, 2015
by Samantha Joseph
Fans of former teen heartthrob David Cassidy, “Come On Get Happy.”
This is your chance to own a prime piece of memorabilia from the former “Partridge Family” star, whose waterfront mansion goes on the auction block Aug. 19.
The 65-year-old singer and actor filed for Chapter 11 bankruptcy protection in February 2014, reporting $150,000 in income but $27,000 in monthly expenses and several large debts, including $134,000 in legal fees and more than $39,100 in outstanding credit card bills.
He’s been trying unsuccessfully to unload his sprawling Fort Lauderdale estate, dropping the price from $4.5 million to $3.2 million during divorce proceedings with Susan Shifrin, his wife of more than two decades.
U.S. Bankruptcy Judge Raymond Ray in Fort Lauderdale set the auction date Thursday and approved Pompano Beach-based Fisher Auction Co. to handle the sale.
Ray will decide whether to ratify any sale about a day following the auction.
“What we want to do is encourage anyone who has an interest to participate in this auction,” auctioneer Lamar Fisher said after the hearing.
The house on Ocean Drive has five bedrooms, six bathrooms, a gym, custom-made wood floors, chef’s kitchen, a master suite with formal entry, resort-style pool, gazebo, high ceilings, office, fireplace, spa, dock and about 130 feet of waterfront.
The “Song for a Rainy Day” singer attracted the media spotlight in recent years for a series of personal struggles.
He admitted to struggling with alcoholism after three arrests for drunken driving in Florida, New York and California from 2010 to 2014.
In better days, Cassidy and his wife paid $1.1 million in 2001 for the Fort Lauderdale property and completed substantial upgrades in 2006.
A $200,000 deposit is required to participate in the sale, but marketer Jason Welt said auctioneers will not secure a stalking-horse bidder to set an opening bid.
The Broward County property appraiser’s office lists the property’s market value at just below $2 million for tax assessments.
“We feel that it will bring fair market value, but the auction process will dictate that,” Fisher said.
Samantha Joseph can be reached at 954-468-2614.