Bum real estate deal taps Chuck Liddell for $1.5 million

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Former UFC Light Heavyweight Champion Chuck Liddell now has two fights to worry about in 2010.

In addition to his trilogy with longtime nemesis and Ultimate Fighter (TUF) 11 coach Tito Ortiz, "The Iceman" will try and avenge his loss to Cuesta Title Co. and California real estate developer Kelly Gearhart after they sold him parcels of land that he never received titles for.

According to a report from the San Luis Obispo Tribune, Liddell coughed up $1.5 million to acquire three lots in Vista Del Hombre back in 2007, a mixed-used development project that Gearhart intended to build on his golf course in northeast Paso Robles.

The commercial property was to be built and turned over to Liddell upon completion -- but the icy one was required to fork over the hefty sum to help the developers clear a few hurdles and complete the project on time.

The suit alleges that Liddell's money was instead used to satisfy other debts from similarly duped investors and of course fill their own pockets. Cuesta Title Co. and Stewart Title have been named as defendants in the suit.

If it sounds familiar -- it should. Ponzi schemes such as the one alleged here seem to be all the rage among shady financial advisors and greedy land developers.

And Liddell isn't alone. Co-plaintiff U2 LLC, a San Luis Obispo-based real property company has also joined the Octagon pioneer in his quest to reclaim money lost in the phony transaction.

A case management hearing on "The Iceman's" suit has been scheduled for March 30 at 9 a.m. PT.

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