Former NBA star Latrell Sprewell seems to be having financial troubles and just had his home foreclosed. ESPN reported last february that he sold a yacht worth $1.5 million dollars. This is sad.
A River Hills home belonging to former NBA star Latrell Sprewell was foreclosed on Monday after he failed to show up in court to Monday contest the action brought by a bank that held his mortgage. The holder of the mortgage, RBS Citizens Bank, told Milwaukee County Circuit Court Judge David Hansher that Sprewell owes $320,284. According to River Hills records, the house is assessed at $610,000 and has an estimated fair market value of $667,980; he bought the house in 1994 for $405,000. The home is likely to be sold by the Milwaukee Sheriff's Department at auction unless he comes up with the cash to pay of the full amount of the debt or is able to refinance. Sprewell, 37, a Milwaukee native and Washington High School graduate, has had other financial difficulties lately. In January, his 70-foot yacht, “Milwaukee’s Best,” was sold at auction by the U.S. Marshals Service. The yacht, said to be worth $1.5 million went for $856,000, after Sprewell failed to make the $10,322 monthly payments. In March, Community Bank Group obtained a $72,698 judgment against Sprewell; in September 2007, the state filed a lawsuit against Sprewell for $72,102 in unpaid taxes. Neither judgment has been satisfied. Sprewell, 37, once turned down a three-year, $21 million contract extension with the Minnesota Timberwolves saying, “I’ve got my family to feed.” source
