ardinals manager Mike Matheny has lost his court battle with a local bank over a failed real estate investment in the Chesterfield Valley. The ruling will cost Matheny millions of dollars — potentially his entire net worth, he said Friday. Circuit Court Judge Tom DePriest ruled that neither the country's economic downturn nor the decision by The Business Bank of St. Louis to stop loaning money to Matheny and his wife relieved them of their obligations to repay the loans. Court records say Matheny's partnership still owes at least $4.4 million. The group had initially sought to develop a stretch near Boone's Crossing, across Highway 40 from the bustling Chesterfield Commons strip mall. After the market crashed in 2008, Matheny said Friday, he worked full time for a year to try to develop or sell the lots, with no luck. "We kept telling ourselves, 'We've got a couple years. A lot can happen in a couple years,' " Matheny said Friday from his office at Busch Stadium. "And it was just amazing how quickly those years went." Bank officials could not be reached for comment. The Chesterfield property wasn't Matheny's only effort in real estate. He got into it as his playing career — he was a four-time Gold-Glove catcher with the Cardinals and San Francisco Giants — started ramping down.
Cardinals manager Mike Matheny owes millions after losing legal fight
St. Louis Post-Dispatch | Jan 19