BP Posted February 12, 2008 Share Posted February 12, 2008 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. link Idiot Link to comment Share on other sites More sharing options...
124 Posted February 12, 2008 Share Posted February 12, 2008 How do these idiots spend all of their money? If someone were to give me $21 million, I would NEVER turn that down and that would be enough money for me, my kids and my grandsons and grandaughters to live on. Are people that f'ing stupid? Link to comment Share on other sites More sharing options...
johnny green balls Posted February 12, 2008 Share Posted February 12, 2008 man all he had to do was buy that $400,000 house with cash and put $1 million into an annuity to insure that he and his family would never be homeless even if they lost everything else. idiot. Link to comment Share on other sites More sharing options...
faba Posted February 12, 2008 Share Posted February 12, 2008 These guys do not realize how lucky they are until they waste it all away. Link to comment Share on other sites More sharing options...
Mavrik Posted February 12, 2008 Share Posted February 12, 2008 man all he had to do was buy that $400,000 house with cash and put $1 million into an annuity to insure that he and his family would never be homeless even if they lost everything else. idiot. A guy who believes 21 million dollars isn't enough to feed his family im sure isn't bright enough to put 1 million dollars into an annuity. I'm sure he doesn't even know what an annuity is. Link to comment Share on other sites More sharing options...
johnny green balls Posted February 12, 2008 Share Posted February 12, 2008 A guy who believes 21 million dollars isn't enough to feed his family im sure isn't bright enough to put 1 million dollars into an annuity. I'm sure he doesn't even know what an annuity is. it's a shame that these guys don't get better advice. a lot of it has to do with the pressure from their old friends who leech and mooch off of them. takes a lot of mental courage to tell the old crew to scram and if you do that, you risk getting sean taylor'd. Link to comment Share on other sites More sharing options...
Jet Moses Posted February 13, 2008 Share Posted February 13, 2008 Link to comment Share on other sites More sharing options...
Thai Jet Posted February 13, 2008 Share Posted February 13, 2008 How do these idiots spend all of their money? If someone were to give me $21 million, I would NEVER turn that down and that would be enough money for me, my kids and my grandsons and grandaughters to live on. Are people that f'ing stupid? Maybe you didn't read the article: "He's got his family to feed". Apparently you think $21 mil is enough to feed your family. If so , my hats off to you sir. Link to comment Share on other sites More sharing options...
drago Posted February 13, 2008 Share Posted February 13, 2008 it's a shame that these guys don't get better advice. a lot of it has to do with the pressure from their old friends who leech and mooch off of them. takes a lot of mental courage to tell the old crew to scram and if you do that, you risk getting sean taylor'd. i was going to say the same thing. I wouldn't be able to comprehend the idiots that would come out of the wood works asking for money. On the other hand, he could have sat down with any number of money advisers the teams have hired to help him with his money. Oh well, good luck getting a job, i hope he has a degree. Link to comment Share on other sites More sharing options...
Mavrik Posted February 15, 2008 Share Posted February 15, 2008 it's a shame that these guys don't get better advice. a lot of it has to do with the pressure from their old friends who leech and mooch off of them. takes a lot of mental courage to tell the old crew to scram and if you do that, you risk getting sean taylor'd. Definitely agree. You get these athletes who come out of a low-income area and they're friends pressure them into feeling guilty about them still being in the situation. Once one friend leeches on, they all do and before you know it your out of the sport and back in the same situation you've were when you started. Link to comment Share on other sites More sharing options...
Panzer Division Marduk Posted February 15, 2008 Share Posted February 15, 2008 Maybe you didn't read the article: "He's got his family to feed". Apparently you think $21 mil is enough to feed your family. If so , my hats off to you sir. He hasn't got any mods in his family. That's why his food bill's so low. Link to comment Share on other sites More sharing options...
CrazyCarl40 Posted February 16, 2008 Share Posted February 16, 2008 I think instead of saying you pissed away money the new response to "What happened to all your money" is: I Sprewelled it. Link to comment Share on other sites More sharing options...
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