Lance Armstrong sells his Austin estate

AUSTIN, Texas (AP) — Disgraced cyclist Lance Armstrong has sold his Austin estate to an oil-and-gas rights agent.

The Austin American-Statesman reports a deed of trust filed with Travis County last week showed Al Koehler obtained a $3.1 million loan to buy the property, which had been Armstrong's home since 2004.

Koehler is a founder of Royalty Clearinghouse, which buys oil and gas royalties and mineral rights on behalf of clients.

Armstrong spokesman Mark Higgins confirmed the sale and says Armstrong plans to remain an Austin resident.

Armstong has admitted to using performance-enhancing drugs. He was stripped of his seven Tour de France titles in August and is banned for life from sports.