A former backup quarterback for the Denver Broncos has filed for bankruptcy on an 18,000-square-foot home in Cherry Hills Village that has 10 bathrooms.
But the bank he owes $5.4 million to wants the Chapter 11 case dismissed. It claims that he only filed for bankruptcy Aug. 16 to stop a foreclosure sale of the mansion Aug. 17.
Quarterbacks Jay Cutler and Preston Parsons of the Denver Broncos wait their turn in practice during minicamp on July 7, 2006 at the Paul D. Bowlen Memorial Broncos Centre in the Dove Valley Business Park of Englewood. Cutler was the Broncos first round pick, 11th overall in the draft. Parsons filed for bankruptcy on the house through a new LLC, Press on Holdings. He lists only one creditor: InBank, which loaned him $4.3 million in 2019 and hasn’t been repaid. Parsons used the house, which he bought for $5.1 million in 2017, as collateral for the loan.
A foreclosure sale was scheduled for Aug. 17. Two days before, Parsons created Press on Holdings and moved the mansion’s deed from a trust to the LLC, InBank claims. On Aug. 16, Press on Holdings filed for bankruptcy and the foreclosure sale was canceled.
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