"Hammer filed for bankruptcy in 1996 with debts of nearly $14 million and assets of $9.6 million. He was estimated to have earned $33 million in 1991, the year he built his Fremont home, but he also is said to have had such expenses as a racehorse that ran in the Kentucky Derby, a 17-car collection, a Boeing 727 and a large staff for his record label, Bust It Productions."
"The buyer was identified as a television producer from Singapore, who paid cash and took title in the name of a corporation. Hammer, 34, built the home six years ago on 12 acres with a view of the bay from the Oakland side. The home has six bedrooms in 11,000 square feet plus two pools, a pool house, guardhouse, exercise room and two saunas."
"Hammer's manager said then that the singer would be happy to sell because he was 'letting go of the old,' marking 'a new beginning.' Hammer and his wife, Stephanie, and young daughter have scaled down but are still living in Northern California, sources say."
M.C. Hammer sold his 12-acre Fremont foothills mansion for $5.3 million to a Singapore-based television producer who paid in cash. The 11,000-square-foot home, built six years prior, featured six bedrooms, two pools, a pool house, guardhouse, exercise room, and two saunas with bay views. Originally listed at $6.8 million in May, the sale price reflected a significant decline from the assessor's $9.4 million valuation. Hammer filed for bankruptcy in 1996 with $14 million in debts despite earning $33 million in 1991, when he built the home. His expenses included a racehorse, 17-car collection, Boeing 727, and record label staff. Hammer and his family continue living in Northern California while he pursues new music projects.
Read at Los Angeles Times
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