Armstrong Sells Estate in Austin for Way Under Listed Price

Lance Armstrong, who was once considered to be one of the greatest cyclists in the sport, recently sold his Austin, Texas mansion for what sources have described as way under the listed price.

Local reports indicate that Armstrong sold his Austin estate to oil-and-gas rights agent Al Koehler. A deed of trust that was filed with Travis County showed Koehler was able to obtain a $3.1 million loan to buy the property, which has been Armstrong's home since 2004, according to reports published by The Austin American-Statesman.

Property records with the county showed that the 1.7-acre property had been listed at $3.9 million, but local real estate agents revealed that the house was previously listed for $10 million. However, in an email to The American-Statesman, Koehler revealed that he in fact paid nowhere near the actual listed price.

Koehler is a founder of Royalty Clearinghouse, which buys oil and gas royalties and mineral rights on behalf of clients.

Armstrong spokesman Mark Higgins confirmed that the sale was completed, but did add that Armstrong still plans to remain a resident of Austin.

Armstrong had revealed that he used performance-enhancing drugs during his seven Tour de France titles, which were subsequently revoked in August when Armstrong was banned for life form cycling.

In the wake of Armstrong's revelations, the former cycling great was the target of a class action lawsuit charging that his memoir was filled with lies.

The men involved in the lawsuit are Rob Stutzman, a public relations executive who served as a deputy chief of staff for former California Governor Arnold Schwarzenegger, and Jonathan Wheeler, a chef and amateur cyclist, Reuters reports.

The lawsuit also charges that others "would not have purchased the books had they known the true facts concerning Armstrong's misconduct and his admitted involvement in a sports doping scandal."