A former backup quarterback for the Denver Broncos who is being sued by the company that he founded has listed his once-bankrupt mansion in Cherry Hills Village for sale.
The mansion on Mockingbird Lane, a seven-bedroom and 10-bathroom estate built in 2002, is listed at $9.5 million. A Jan. 14 listing calls it “the finest luxury home in Cherry Hills Village.”
“The exterior’s classic architecture exudes sophistication, featuring a combination of brick and stone with lush landscaping,” it said. “As you step inside, you’ll be greeted by an inviting foyer with soaring ceilings, setting the tone for the luxurious living spaces that lie beyond.”
The owner of the mansion on Mockingbird Lane is Preston Parsons, 44. He was a fourth-string quarterback for the Broncos in 2006, retired in 2008, and went to work in the medical device industry. Parsons and his wife bought the mansion on Mockingbird Lane for $5.1 million in 2017, records show.
In 2015, Parsons founded Assure Neuromonitoring. The company observes surgeries to ensure patients’ brains and spines are uninjured. Critics of neuromonitoring say the industry uses close ties to surgeons to bill patients and insurers large sums for a simple service.
In 2018, Parsons resigned as CEO of the publicly traded company, according to a company news release. The company claimed that a forensic audit of Assure found Parsons had spent $850,000 from a company credit card on personal expenses and was improperly paid another $600,000. Parsons agreed to repay that money, the news release stated.
In August of 2022 and again that October, Assure asked Parsons to resign from its board of directors, claiming that “a lack of judgment” on his part had “raised doubts” about his ability to comply with Assure’s code of conduct. The company pointed to a conversation that he had with a shareholder. Parsons initially refused to resign but did so in late October 2022.
“I refuse to stand by and have my name continue to be associated with this debacle,” he wrote in his resignation letter, noting that Assure’s stock price had fallen 95 percent.
Last month, Assure sued Parsons and three former Assure employees, accusing them of stealing Assure’s trade secrets and using those secrets to benefit a competing neuromonitoring company in Michigan. Parsons and the others have denied doing anything wrong.
“While I am not subject to any restrictive covenants, Assure is seeking to enforce non-competes against three neuromonitoring technologists in this case — non-competes that are deservedly illegal,” Parsons said in a statement.
“If enforced, they would prevent surgeons from working with the neuromonitoring technologist who is best for patients based on little more than Assure’s unjustified possessiveness,” he said.
In October, Parsons was sued by Porsche, which accused him of borrowing $205,000 for the purchase of a new Porsche Panamera and not repaying $23,000 of that. Porsche dropped its lawsuit two months later, telling a judge in Centennial that Parsons had paid.
Meanwhile, the mansion on Mockingbird Lane has its own succinct legal history.
Parsons, through an LLC, filed for bankruptcy on the house in August 2022, one day before a foreclosure sale. The only creditor in the case was InBank, which had loaned him $4.3 million in 2019 and not been repaid. Parsons used the mansion as collateral for the loan.
InBank objected to the bankruptcy case, calling it a ploy to save the mansion on Mockingbird Lane from being foreclosed on, and asked that it be dismissed. It was dismissed in October 2022.
“We got a new lender, so there was no need for the bankruptcy, and we got it dismissed,” Parsons said. “We moved on with our lives and we’re just selling the house now.”
This story was reported by our partner BusinessDen.
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