A legal feud between Lance Armstrong and a Dallas company that paid him bonuses for three of his Tour de France triumphs spawned a confidential settlement in September, but a public record filed in Aspen this week sheds some light on the agreement that the cyclist says was for $10 million.
A $5 million deed of trust originally was notarized Sept. 16 in Travis County, Texas, as part of Armstrong’s settlement with SCA Promotions, a sports insurance firm. It was filed Monday in the Pitkin County Clerk and Recorder’s Office and says the settlement with SCA Promotions included Armstrong’s agreement to pay $800,000 by Oct. 31, $2.1 million by March 1 and the remaining $2.1 million by March 1, 2017.
SCA Promotions filed the deed, which uses Armstrong’s Aspen home in the West End neighborhood as collateral in the event he doesn’t satisfy his scheduled payments.
“When we settled the case, it was for $10 million and they wanted collateral, like a bank, so we put the Aspen home up as collateral in the chance that I didn’t pay,” Armstrong said Tuesday from Austin, Texas.
Armstrong said he is current on his payments for what he said is a $10 million settlement. He said he owes SCA roughly $2 million.
“They’re getting their money,” he said, noting he has no plans to leave Aspen or sell his home.
“I’m not going anywhere,” he said. “Down the road, we might move there full time.”
Less clear is why the deed of trust was filed this week in Aspen.
“That was executed at the time of the settlement in order to make sure it was collateralized,” said one of Armstrong’s attorneys, Sean E. Breen of Austin. “They’re just getting around to filing it now. But it doesn’t change anything.”
Dallas attorney Jeffrey M. Tillotson, the lead attorney for SCA Promotions in its litigation with Armstrong, declined to comment about the filing because of what was deemed a confidential settlement when it was struck in September.
Armstrong’s Aspen residence is a 5,816-square-foot duplex and is listed under the name of 8th One, an Austin-based limited liability company. The names of both Armstrong and 8th One — a play off of the seven Tour de Frances Armstrong won before they were stripped away from him — are listed on the deed of trust.