Former NBA Star Facing Foreclosure
Sprewell, now 37, was once one of the NBA's infamous bad boys, known for choking a coach during practice. He played 13 seasons total for three teams. Just a few years ago he turned down a three-year,$21 million contract extension from the Minnesota Timberwolves saying, "I've got my family to feed." At that time he was making $14.6 million a year. The yacht, which Sprewell bought for around $1.5 million was sold at auction for $856,000 to help pay off the $1.3 million he owes on the boat.
Sprewell is in some good company. Check out our gallery of other celebrity foreclosures below.
UPDATE: This article says that 60% of NBA players go broke after only five years of retirement. An interesting read for those of you in the comments who were wondering how this could have happened to Latrell Sprewell.
Gallery: Celebrity Foreclosures