WSOP 2010 Update: Michael Mizrachi Wins Championship

Owing over $300,000 in back taxes to the IRS and watching two of his homes goes into foreclosure, 29-year-old poker pro Michael Mizrachi has won the $1.6 million Poker Player's Championship at the WSOP 2010.

"This was definitely worth the wait," Mizrachi said.

In the past month, Mizrachi's troubles have been widely publicized in the South Florida press (he resides in the area) and on Gambling911.com.

Nicknamed "The Grinder", Mizrachi lost his Hollywood, Florida home to foreclosure via an online auction last month.   Another home in Miramur was foreclosed on in March, and eventually went up for sale, according to court records. Both properties were assessed this year at less than half of their purchase price.  He also owed $339,000 in back taxes.  The poker champ has earned over $7 million in live tournaments during his career.

Mizrachi is part of Team UB.com, one of the biggest online poker rooms.

Russian banker Vladimir Schmelev gambled the last of his chips with a queen-eight and Mizrachi called with a queen-five and a dominant chip lead.

A five on the turn gave Mizrachi a pair and his first gold bracelet at the series after 19 cashes without a tournament win.

Schmelev was one card from eliminating Mizrachi and winning the tournament himself after Mizrachi gambled with an ace-seven of clubs against Schmelev's ace-jack of diamonds.

Mizrachi's run included eliminating his brother, Robert Mizrachi, in fifth place during the final table. Their finish is the best for two siblings in any World Series of Poker tournament.

A total of 116 players entered the mixed-game tournament on Friday. The event is a modified version of the series' H.O.R.S.E. tournament and is widely considered the series' most prestigious event besides the $10,000 buy-in no-limit Texas Hold 'em main event.

Ace King, Gambling911.com