Mary-Kate and Ashley Olsen’s Dad Bankrupt

By: Betsy Waldman / June 25, 2010

Mary-Kate and Ashley Olsen’s father, David Olsen, has filed for bankruptcy and owes a bank nearly $2.2 million.

Despite having billionaire twin daughters, David is unable to make payments on his California home and has until July 9, 2010 to settle the debt or get out.

According to a source, this is not the first time the child star father has come close to bankruptcy.

David almost lost his home in 2009 because he had several tax liens but managed to borrow enough money to cover them, but he’s in a worse position now because he’s behind on mortgage payments and won’t be able to stop the auction unless he gets his hands on $2 million.

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