Clash of the Titans: Two high-profile LO residents duke it out
It's all fun and games until somebody gets sued for breach of contract. Two bigger-than-life Lake Oswegans are locked in a battle over a $3.75 million loan.
Former University of Oregon discus champion and founder of Avia shoe company Jerry Stubblefield, 70, has sued former Portland Trail Blazer and ex-governor hopeful Chris Dudley, 46, in an attempt to stall Dudley's seizure of Lake Oswego's Jantzen Island Estate.
The island is considered among Oregon's most lavish properties and home to Stubblefield's 9,000-square-foot mansion. It is also the source of this unfortunate legal battle between former friends.
In 2009 Stubblefield was having financial problems, and couldn't continue the payment on his mortgage. He acquired a loan through Dudley's company, Toreros de Oswego, for the amount of $3.75 million. The estate was held as collateral.
In the coming months Stubblefield attempted to sell the house and property. Nobody came forward to make a bid, and Stubblefield was forced to refinance the Toreros loan with another lender.
However, when it came time to repay the loan, Toreros responded that the $3.75 million wasn't enough. Instead, according to agreed-upon terms, Stubblefield also owed a $1 million buyout fee plus 'retroactive' interest.
With Stubblefield unable to pay, Toreros began seizure of the estate. In response, Stubblefield is now suing Toreros for the additional charges saying it is a 'breach of contract.'
The original court date was July 20; however, both parties agreed upon moving it back to Sept. 8. Until then these two influential residents will play the 'he said, she said' game, using the contract as proof.
Bill Drew, Stubblefield's attorney, believes the contract will prove who's in the right.
'I attached all the documents for (trial),' Drew said. 'I believe the documents will speak for themselves.'