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CNNSI article
MILWAUKEE (AP) -- Former NBA star Latrell Sprewell's home is up for foreclosure and his yacht sold at auction to help pay off the $1.3 million he owes on the boat, according to court filings.
Sprewell, who once turned down a three-year,$21 million contract extension saying, "I've got my family to feed," has apparently fallen on tough times.
RBS Citizens NA, or Citizens Bank, filed a foreclosure suit last week in Milwaukee County for the $405,000 home Sprewell bought in the Milwaukee suburb of River Hills in 1994.
In court do ents, the bank said Sprewell owed $295,138 in outstanding payments plus interest.
Sprewell failed to make his mortgage payments of $2,593 per month from September 2007 to January 2008, the do ents said.
The Associated Press tried to reach Sprewell for comment Monday but a telephone number in his name was disconnected. A message to one of his attorneys, Robert A. Gist of Atlanta, and an agency in New York were not immediately returned.
The 37-year-old Sprewell played 13 seasons in the NBA for the Minnesota Timberwolves, the New York Knicks and the Golden State Warriors. The Milwaukee native was a four-time All-Star, but perhaps best known for choking coach P.J. Carlesimo during a Warriors practice in 1997.
He hasn't played professional basketball since turning down the $21 million extension from the Timberwolves during the 2004-05 season. He was making $14.6 million at the time.
Last month, Sprewell's 70-foot yacht, named "Milwaukee's Best," was sold at auction for $856,000 to a man from Milwaukee.
It was originally worth about $1.5 million. The bank holding that mortgage, New York-based North Fork Bank, asked that it be seized to pay off $1.3 million in debt.
Sprewell's firm, LSF Marine Holdings, hadn't made its $10,322 monthly payments on time or maintained the necessary insurance on the boat, the bank said. Sprewell bought the yacht built by the Italian firm Azimut-Benetti in 2003, according to court records.
A federal marshal seized the boat last summer in Manitowoc, about 80 miles north of Milwaukee, where it was in storage.
The sale price means the bank is still owed about $500,000, and it said in court filings it plans to go after the rest.
Last week, prosecutors in New York said they'd drop their case against Sprewell, who was accused of assaulting his girlfriend in front of their children. Prosecutors in Westchester County said the charges will be dismissed in a year if Sprewell stays out of trouble.
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Associated Press Writer Dinesh Ramde contributed to this report.
Karma .
The wheel turns slowly sometimes, but it always turns. My question is, why the F didn't he pay cash for that house? He had the money, back in the day. Now, he's going to be outdoors.
when will these guys learn? instead of buying gaudy jewelry and sports cars, buy real estate. it's perplexing to me that these guys don't plan for the day that the checks stop coming in.
because most of today's athletes care more about themselves and making sure they have the same bling the other guy has because if they don't then they might be disrespected and as we all know the more gaudy ass jewelry someone has, the more respect they deserve.
I hope the er ends up in a homeless shelter.
Couldn't happen to a bigger tool.
easy come, easy go
why does he live in Milwaukee?
ok I saw he was born there.....but still
Why would federal marshal seized the boat last summer?
As far as I understand, Sprewell stoped paying after seizure.
bet his wishing he would have taken that contract. payback's a , ain't it?
If I was Sprewell I would give up the yacht and negotiate to pay it off monthly or something, unless if they need the 1.3 million imediatley(sp). If he needs money he should get a job at McDonalds or play of Europe or something.
$14 M a year for multiple years, and you can't pay off a yacht? WTH?
Can players get contracts that pay them for lifetime for a smaller sum? Say, instead of $10 M a year for 6 years, you get paid $3M / year for 20 years. This way, the ballclub save on future value, and you save on taxes.
Didnt you hear? He had to feed his family, he couldnt afford all that other stuff.
What a friggin idiot. Look for Spree to be in uniform somewhere on an NBA team near you next year.
Seattle could use a seasoned veteran like Spree.
dont ex nba players get a pension? isnt it sizable? is there an age when it goes into affect?
i think you have to retire first.
he probably should not have fed his kids all that cash
It always amazes me when millionaires go broke. I had a former boss who was an early Microsoft employee. A multi, multi-millionaire before he was 30; dead broke before 40.
Jeez, just give me one lousy million, or even half a million, and I could live quite comfortably for the rest of my life.
Last edited by Capt Bringdown; 02-13-2008 at 04:51 AM.
"Guess you really have a family to feed now!..Karma asshole!"
didnt he make any money off the sprewell rims?
He spent it all on bigger gayer blingier ghetto wheels.
Looks crunk yo.
Blowing through all that money. He pretty much failed at life.
His home was worth less than 1/3 the price of his boat....
Less than half a mil and he could not pay it off?
At his last contract, didn't he make more than that every pay period?
Finally his boat was worth 1.5 and he only managed to pay .2 mil in 4 years?
Could not have occurred to a more deserving guy.
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