I have met him and got to know him a little. IMO, he lived above his means and had hangers on. When he was making the money it was ok. when it dried up? It was hard to keep that lifestyle. Keep in mind, he was pretty young when he came into the big bucks and came from a different background. I feel sad for him.
The bank will go after him for any difference in what the home sells for and what he owed. The auction might help him.