duncan228
08-22-2007, 01:35 PM
http://sportsillustrated.cnn.com/2007/basketball/nba/08/22/sprewell.yacht.ap/index.html
Sprewell's 70-foot yacht repossessed
MILWAUKEE (AP) -- A federal marshal has seized a $1.5 million yacht that belonged to former NBA star Latrell Sprewell after he defaulted on the mortgage.
Sprewell, 36, played 13 NBA seasons and was a four-time All-Star. The Milwaukee native has not played professional basketball since turning down a three-year, $21 million extension from the Minnesota Timberwolves during the 2004-05 season.
The marshal acted on a court order requested by a New York bank that plans to sell the boat to pay off $1.3 million it says Sprewell owes on the mortgage. Sprewell's firm, LSF Marine Holdings, hasn't made its $10,322 monthly payments on time or maintained the necessary insurance on the boat, according to North Fork Bank.
The marshal seized the boat in Manitowoc, where it was in storage. Sprewell could not be reached for comment on the repossession.
The 70-foot "Milwaukee's Best" was built in 2001 by the Italian firm Azimut-Benetti, which specializes in so-called mega-yachts. Court documents show Sprewell bought the boat in 2003.
He had to have it freed by tugboat last summer after it ran aground near Atwater Beach, just north of Milwaukee. Sprewell owns a home in River Hills, a suburb about 20 minutes north of the city.
Sprewell's 70-foot yacht repossessed
MILWAUKEE (AP) -- A federal marshal has seized a $1.5 million yacht that belonged to former NBA star Latrell Sprewell after he defaulted on the mortgage.
Sprewell, 36, played 13 NBA seasons and was a four-time All-Star. The Milwaukee native has not played professional basketball since turning down a three-year, $21 million extension from the Minnesota Timberwolves during the 2004-05 season.
The marshal acted on a court order requested by a New York bank that plans to sell the boat to pay off $1.3 million it says Sprewell owes on the mortgage. Sprewell's firm, LSF Marine Holdings, hasn't made its $10,322 monthly payments on time or maintained the necessary insurance on the boat, according to North Fork Bank.
The marshal seized the boat in Manitowoc, where it was in storage. Sprewell could not be reached for comment on the repossession.
The 70-foot "Milwaukee's Best" was built in 2001 by the Italian firm Azimut-Benetti, which specializes in so-called mega-yachts. Court documents show Sprewell bought the boat in 2003.
He had to have it freed by tugboat last summer after it ran aground near Atwater Beach, just north of Milwaukee. Sprewell owns a home in River Hills, a suburb about 20 minutes north of the city.