Members Bass8987 Posted February 12, 2008 Members Share Posted February 12, 2008 Ex-NBA star Sprewell sells $1.5 million yacht, home could be foreclosed MILWAUKEE -- 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 documents, 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 documents 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. http://sports.espn.go.com/nba/news/story?id=3241444 Link to comment Share on other sites More sharing options...
Members Thumper Posted February 12, 2008 Members Share Posted February 12, 2008 Dumb@ss... Link to comment Share on other sites More sharing options...
Members King Kashue Posted February 12, 2008 Members Share Posted February 12, 2008 I feel bad... Because I drooled on my shirt from laughing so much... Link to comment Share on other sites More sharing options...
Members Crescent Seven Posted February 12, 2008 Members Share Posted February 12, 2008 The funniest part to me is that after he turned down the $21M, the Timberwolves were like "aight then, {censored} you!", and he hasn't played since. C7 Link to comment Share on other sites More sharing options...
Members Hotblack Posted February 12, 2008 Members Share Posted February 12, 2008 "Latrell Sprewell gained his place in black history when he became the first NBA athlete to do what no other would dare do before him [choking PJ Carlisimo]... But his contribution to black history didn't stop there. Latrell Sprewell wanted to revolutionize chrome rims. People said it couldn't be done. They said, 'You're crazy, Sprewell! Rims only spin when the car is moving.' But he proved the haters wrong. And he didn't stop there. Sprewell had a dream that one day everything would move without going anywhere. So he invented the world's first spinning-rim sneaker.Inappropriate?! This is the George Washington Carver of rims!"-taken verbatim from The Boondocks. Special thanks to Aaron McGruder. Link to comment Share on other sites More sharing options...
Members rummy Posted February 12, 2008 Members Share Posted February 12, 2008 ... But his contribution to black history didn't stop there. Latrell Sprewell wanted to revolutionize chrome rims. People said it couldn't be done. They said, 'You're crazy, Sprewell! Rims only spin when the car is moving.' But he proved the haters wrong. And he didn't stop there. Sprewell had a dream that one day everything would move without going anywhere. So he invented the world's first spinning-rim sneaker. Inappropriate?! This is the George Washington Carver of rims!" -taken verbatim from The Boondocks. Special thanks to Aaron McGruder. Awesome. Link to comment Share on other sites More sharing options...
Members t3ch Posted February 12, 2008 Members Share Posted February 12, 2008 that's so sad, we should start a fundraiser Link to comment Share on other sites More sharing options...
Members georgestrings Posted February 12, 2008 Members Share Posted February 12, 2008 The funniest part to me is that after he turned down the $21M, the Timberwolves were like "aight then, {censored} you!", and he hasn't played since. C7 Yeah, I particularly enjoyed that aspect of this story... Now, one would think that if he was concerned about "feeding his family", he might have done things a bit differently... - georgestrings Link to comment Share on other sites More sharing options...
Members Emprov Posted February 12, 2008 Members Share Posted February 12, 2008 He could always go to P.J. Carlesimo for a loan. Link to comment Share on other sites More sharing options...
Members RSBro Posted February 12, 2008 Members Share Posted February 12, 2008 Too bad. I loved Spree back in the day. At least it's not Penny or something... I don't think my heart could recover from that!! Link to comment Share on other sites More sharing options...
Members wades_keys Posted February 12, 2008 Members Share Posted February 12, 2008 He could always go to P.J. Carlesimo for a loan. Spree: "You know we're tight; that old stuff: water under the bridge. You think I can borrow a little cash till next week, something came up...." PJ: "For collateral, I'm going to need you to eat this pile of {censored}" Link to comment Share on other sites More sharing options...
Members Les_Izzmor Posted February 12, 2008 Members Share Posted February 12, 2008 This is the part that gets me. 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. That house has to be worth way more than $405,000 now. Why didn't he attempt to sell it? He's gotta have a ton of equity in it. He could have sold it and then found a cheaper house. Or. Lived with PJ until he could get back on his feet. Link to comment Share on other sites More sharing options...
Members bholder Posted February 12, 2008 Members Share Posted February 12, 2008 Link to comment Share on other sites More sharing options...
Members t3ch Posted February 12, 2008 Members Share Posted February 12, 2008 This is the part that gets me. 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. That house has to be worth way more than $405,000 now. Why didn't he attempt to sell it? He's gotta have a ton of equity in it. He could have sold it and then found a cheaper house. Or. Lived with PJ until he could get back on his feet. or like... ya know... bought the {censored}ing thing in full when he was making millions. Link to comment Share on other sites More sharing options...
Members FloydianAnimal Posted February 12, 2008 Members Share Posted February 12, 2008 What an idiot- sad thing is he used to be the man back in the day... it all went downhill when he got that crazy haircut Link to comment Share on other sites More sharing options...
Members jasper383 Posted February 13, 2008 Members Share Posted February 13, 2008 These athletes make so much money. Think of the good that they could do. Creating jobs, reinvestment in their communities, scholarships. Many of them do do these things. So much of it, though, goes down a rat hole of stupid excess and cronies. Rather than laugh, we should feel sad at the loss of such opportunity. Link to comment Share on other sites More sharing options...
Members Emprov Posted February 13, 2008 Members Share Posted February 13, 2008 What an idiot- sad thing is he used to be the man back in the day... What gets me is that he used to be called, "The Landlord". Because, wherever he went, he owned the place. Guess he has to change his name now. Link to comment Share on other sites More sharing options...
Members Psilocybin Posted February 13, 2008 Members Share Posted February 13, 2008 He can't be that bad. The name of what used to be his yacht is awesome. Link to comment Share on other sites More sharing options...
Members i_wanna_les_paul Posted February 13, 2008 Members Share Posted February 13, 2008 What gets me is that he used to be called, "The Landlord". Because, wherever he went, he owned the place. Guess he has to change his name now. I'm guessing in the next contract he signs, he will sign above the line of "Lessee." Link to comment Share on other sites More sharing options...
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