Adrian Peterson, an iconic ex-Minnesota Vikings running back, accumulated over $100 million in income from his NFL career which spanned from 2007 through 2021. However, contrary to these lofty earnings, he’s currently in deep financial trouble, grappling with an enormous debt that exceeds $12 million. In a recent turn of events, an order from a judge in Houston has compelled Peterson to turn over a significant portion of his property to repay the formidable debt he owes.
In a recent attempt to mediate in the matter, the same legal authority just ordered that the officer of Fort Bend County, Texas, must accompany the court-appointed receiver to Peterson’s residence to assist in confiscating the assets. USA TODAY Sports sourced these details via the order that was put in force on Monday.
In July, Robert Berleth, the appointed receiver had sought this specific sequence of actions. Peterson possesses a considerable number of assets accrued at his Missouri City, Texas residence.
Berleth sought accompaniment from a constable during this legal action. His intent was to ensure that the peace was maintained during the asset seizure process and to circumvent any potential interference with his court-appointed duties.
The judge heeded the arguments put forth by Berleth and issued an affirmation in his favor on Monday. Thus, an order was released enforcing an overhead turnover including the assistance of the county constables in the execution of Berleth’s responsibilities.
The recent order is a continuation in the series of legal attempts to impel Peterson to return the amount of a $5.2 million loan he received from a company in Pennsylvania back in 2016. Court records indicate that this loan was specifically procured to repay debts owed to a host of other moneylenders.
This debt from 2016 escalated into a $8.3 million verdict against the former football star in 2021, on top of legal charges of $15,000, and a 9% annual interest on the entire amount owed, according to the court filings submitted by the receiver.
As per Berleth’s documentation submitted to the court in February, the estimated total sum for collection stands at around $12.5 million.
The receiver raised concerns in a court filing in July stating that no deductions have been made to repay this judgment yet.
Beyond pushing for repayment, Berleth has insinuated that Peterson may have been manipulating his assets in an effort to dodge his financial responsibilities.
There was a peculiar instance last February when a sports memorabilia auction held in Texas ended up intertwined in these affairs. The event meant to auction off Peterson’s personal belongings, including his NFL trophies and jerseys, got stalled in the midst of unresolved disputes.
The auction was temporarily suspended by a judge following Peterson’s public objection, voiced on social media. As of the latest updates, the sale remains in a standstill.
The commonly asked question is why Peterson needed this loan in the first place. As per the agreement, Peterson borrowed the sum in 2016, promising to return it with the added interest five months later, in March 2017.
Most of the loan amount was planned to be utilized to settle his other debts. Unfortunately, when he was intending to repay the loan, Peterson suffered a career drawback due to a knee injury in 2016, and the Vikings opted not to pick the $18 million option on his contract in early 2017, rendering Peterson a free agent.
As a consequence of this move, Peterson’s earnings took a major hit, never exceeding a yearly income of $3.5 million thereafter, and he has been out of the NFL since 2021. So far, Peterson or his representative has not issued any comments regarding this matter.
Adrian Peterson Confronts $12 Million Debt Despite Earnings of $100 Million appeared first on Real News Now.
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