LOS ANGELES (AP) — The chief financial officer of Donald Sterling’s properties says the billionaire may be forced to sell a large portion of his real estate empire to cover $500 million in loans if he persists in refusing to sell the Los Angeles Clippers for $2 billion.
Darren Schield, who oversees the finances of The Sterling Family Trust, testified Monday that three banks are ready to recall their loans to Sterling because of his decision to dissolve the trust. His move was designed to rescind agreement for the sale of the Clippers, a team he bought for $12 million.READ MORE: Chicago Weather: Rain Totals After Strong Storms, Tornado Hits Southwest Suburbs
Schield said if Sterling has to dump $500 million worth of apartment buildings he could destabilize the Los Angeles real estate market.READ MORE: LIVE UPDATES: 130 Homes Damaged After Tornado Confirmed In Southwest Suburbs As Dangerous Storms Hit Chicago Area
Sterling’s lawyer suggested there are other options for raising the money.MORE NEWS: 'Everybody's All Right': Woodridge Family On Surviving Severe Storm Taking A Wall From The Home
Copyright 2014 by The Associated Press. Any commercial use or distribution without the express written consent of The Associated Press is strictly prohibited.