Terry "Hulk Hogan" Bollea will not be sent to prison for failing to pay his portion of a condo purchase at Las Vegas' The Palms hotel and spa.

Pinellas-Pasco Circuit Judge George Greer ruled that -- despite a request by his estranged wife Linda -- Hulk cannot be sent to jail on contempt of court charges for failing to close on the $4.3 million condo the couple had initially panned on purchasing together in 2005, E! News reported Friday.

"It should be obvious to everyone by now that Terry Bollea was never going to be held in contempt for challenging an irresponsible transaction," Hulk's attorney David Houston said Friday, according to E! News.  "Those who bought into the spin from Linda Bollea's attorneys that this was even a remote possibility should think twice the next time they try to work them."

Linda initially requested Hulk be held in contempt of court and jailed last month after both signed a contract three years ago and agreed in April to finalize their purchase of the property by May 30.  Linda reiterated her request last week, forcing Greer to request both sides produce case law to substantiate their varying positions.

Houston claimed that asking Hulk to fork over his share of the funds was neither "appropriate, wise or responsible" due to "an independent appraisal" that showed the condo was actually found to be valued at "$1 million less than its sale price."

In addition, Houston cited the current lawsuit filed by the family of John Graziano -- the front-seat passenger in Nick Hogan's car when it crashed last August, leaving the former Marine in need of lifelong care.  The lawsuit alleges three counts of negligence on the part of Hulk and one count each on Linda and Nick.

After the case law was submitted prior to last Wednesday's deadline, Greer wrote in a three-page ruling that it was unclear to him whether there was ever a May 30 deadline as Linda claimed, E! News reported.  Greer also invited both sides back to court with further information to back their respective cases.

"That is a poor excuse under Florida law, and it is not an acceptable one," said Linda's lawyer A.J. Barranco, E! News reported.

Linda filed for divorce from Hulk last November and has since accused him of "legal shenanigans" dealing with the couples finances and more recently claimed he is stalking her.