VIDEO : 'Baywatch' Star Nicole Eggert -- Staying Afloat ... Sells L.A. Mansion To Pay Massive Debt

Former "Baywatch" babe Nicole Eggert is drowning in debt ... but a bankruptcy court judge just threw her a huge lifeline and green lit the sale of her crib to pay off mounting bills.
According to real estate sources Nicole unloaded her Studio City home for a cool $1.15 mil. Most of that is going toward the $805k she still owes on the house she originally snagged for $835k.??