Monday, February 11, 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