The former four-string quarterback for the Denver Broncos has filed for bankruptcy at his 18,000-square-foot home in Cherry Hills Village, which has 10 bathrooms.
But the bank he owes $5.4 million wants to dismiss the Chapter 11 lawsuit. He claims that he only applied.
Preston Parsons, 43, owns five Mockingbird Lanes in an upmarket suburb of Arapahoe County. The property listing describes him as one of “Cherry Hills Village’s most exclusive estates,” with a six-bedroom, ten-bathroom main his house and a 1,900-square-foot guesthouse. Its “2.15 lush private acres” include an infinity pool and hot tub.
Parsons’ bankruptcy filing claims the house is worth $9.5 million. Redfin and Zillow put the value at $8.4 million and hers at $8.1 million respectively.
Parsons filed for bankruptcy of the house through her new LLC, Press On Holdings. He is the only creditor he mentions. In 2019, he lent $4.3 million to InBank, which has yet to be repaid. Parsons used the house he bought for $5.1 million in 2017 as collateral for the loan.
As a result, Inbank sued the Parsons in April. They also claimed they hadn’t paid their insurance premiums or property taxes in years and asked an Arapahoe County judge to allow them to sell the mansion.
The sale of the foreclosure was scheduled for August 17. Two days before him, Parsons founded Presson Holdings and transferred the mansion deeds from the trust to his LLC, Inbank claims. On August 16, Press on Holdings filed for bankruptcy and the foreclosure sale was reversed.
Chapter 11 bankruptcies allow companies to restructure and pay their creditors over time. InBank said Press on Holdings should not be allowed to file for Chapter 11 because it has “little to no cash flow” and cannot be restructured because it is a single-asset real estate LLC.
A U.S. Bankruptcy Court judge has yet to rule on InBank’s motion to dismiss bankruptcy.
Parsons played college football at Northern Arizona University, but never graduated and was never drafted to a National Football League team. According to his 2008 book, A Few Seconds of Panic, which followed him and other Broncos players during the 2006 season. He served as his backup quarterback for the Cardinals in 2002 and Arizona in 2003, then bounced back and forth between teams.
The book describes Parsons as the fourth-string quarterback for the Broncos and a “camp arm” who practiced with the team “but has little chance of making the team.” I keep track of my failed attempts and my retirement in 2008.
“I’ve never felt like this. It’s hurting my heart. It’s giving me ulcers,” he says at one point.
Parsons worked in the medical device industry as a sales representative and distributor before founding Assure Neuromonitoring in 2015, according to his LinkedIn page. The company watched the surgery to make sure the patient’s brain and spine were undamaged.
In 2018, Parsons stepped down as CEO of a publicly traded company, according to a company news release. It claims to have found $600,000 improperly paid. According to a news release, Parsons agreed to repay the money.
Assure announced in April that it was “terminating the employment relationship” with Parsons, who is still on the board.
Emails and voicemail messages left for Parsons’ attorney Aaron Garber and Lyttelton law firm Wadsworth Gerber Warner Conradi went unanswered this week.
This story was reported by our partner BusinessDen.