Lance Armstrong, the disgraced cyclist, who admitted doping while winning seven Tours de France and is under a lifetime ban from competition, sold his estate in Austin, Texas, news reports said.

Al Koehler, founder of a company that purchases oil and gas royalties and mineral rights, took out a $3.1 million loan to buy Armstrong's 1.7-acre property, the Austin American-Stateman reported. 

"I'm glad this house stayed with a loyal Austinite," Koehler said in an email."We can do a lot of good for the city of Austin with this home. ... I didn't pay anything close to that [listing], but the Austin rumor mill is what it is."

Real estate experts indicated that the house was listed at $10 million.  In 2012, the property was listed on the Travis County tax roll for $3.9 million.

Armstrong purchased the property in 2004 and did extensive renovations of the 7,850-square foot house, where he hosted events for his Livestrong charity.

Armstrong famously tweeted a photo of his media room and his seven Tour yellow jerseys last fall, during the uproar that led to him being banned from competition for life.

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.

Armstrong 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.