General News

Olsen twins' dad files for bankruptcy - report

By:
Jun 24, 2010 | 3:45pm EDT

David Olsen, who fathered the billionaire twins with his first wife Jamie, has fallen behind on payments for his property in Tarzana and owes the bank almost $2.2 million (£1.47 million).

According to documents obtained by the National Enquirer, the stars' dad and his second wife McKenzie will be forced out of the house on 9 July (10) if they fail to settle their debt and the property will be sold off at a public auction.

But it's not the first time Olsen Sr. has faced financial difficulty - he reportedly struggled to cover his tax debts last year (09) too.

An insider tells the Enquirer, "David almost lost his home in 2009 because he had several tax liens but managed to borrow enough money to cover them. But he's in a worse position now because he's behind on mortgage payments and won't be able to stop the auction unless he gets his hands on $2 million."

More General News