Former NBA Star Facing Foreclosure
The latest celebrity victim of the foreclosure crisis is former NBA star Latrell Sprewell. Last summer, Sprewell's yacht, the 70-foot "Milwaukee's Best" was repossessed now his home is meeting the same fate. RBS Citizens NA, or Citizens Bank, has filed a foreclosure suit on Sprewell's $405,000 home in River Hills, a suburb of Milwaukee. Sprewell bought the home in 1994 and owed $295,138 in outstanding payments plus interest. The documents say that Sprewell failed to make his mortgage payments of $2,593 per month since last September.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.
Reader Comments (Page 1 of 10)
Sandie Feb 15th 2008 7:11AM
I don't want to see anyone loose their home but perhaps this gentleman could now seek out a house to rent for less money more advantages and hey you are not taking it with you, then maybe buy a house later for a heck of a lot less money. Good luck to him but I bet he will, unlike many unknown's, have people come to his rescue.
MichaelJordan Feb 18th 2008 6:55PM
This guy is a dirt bag to say the least. An arrogant thug choked a coach, cried poverty when they offered him big bucks (guess he isnt lying now) he deserves what he gets.
Line forms on the right for hot meals at the mission Latrell
Sandie Feb 18th 2008 7:08PM
I am so sorry to have offended you Mr. Jordan, I did not know this person's back ground or the negative things he had done to other people. I however still have to stand by not wishing ill will on others because I believe that negativity breeds negativity and I don't want to judge. It is not in my nature but I am not at all saying that you can't feel angry and offended by the things he has done and if he deserves to be homeless then he will be.
anngee Feb 15th 2008 7:24AM
I don't know how someone that make that kinda of money be in that kinda financial sitiuation 14 million a year he could pay his house for cash. is he on drugs
David Feb 15th 2008 11:30AM
I agree.
For a so-called news organization to equate irresponsible multi-millionaires who buy things and out of arrogance don't pay for them with the plight of every day Americans going through tough economic times is pathetic.
If a star athlete makes $14M a year...even after taxes, agent fees, and 'taking care of his family'...he can still afford to buy $400K house with CASH.
TAMPAJOHN Feb 15th 2008 7:22AM
Like many others of his ilk probably blames his misfortunes on everybody else while still believing that he has some kind of real talent worth all the money that was thrown at him. Time to grow up and deal with it.
D Feb 15th 2008 7:36AM
That is AWESOME, who is hungry now/ He got EXACTLY what he deserved!
ann Feb 18th 2008 12:21PM
its never awsome to see someone lose their home. whats up with you...you jealous?
Tia Feb 15th 2008 7:43AM
Is he one of those who took care of his "entire" family so to speak? That could be another reason aside from drugs. Even with making as much money as he was...if you take on the added financial needs of your parents,aunts,uncles,cousins etc. (as many players seem to do out of "loyalty") they can definately clean you out quick without batting any eye. Then if he was also living above his means anyway....then I'm not surprised to hear this, really.
Mark Feb 15th 2008 11:05AM
Are you kidding? With 14 million for one year I could take care of my family of four and relatives for the rest of my life. I make 90K a year and have paid off a house now worth 525K in less that 10 years, and I'm buying my 3rd investment home. This guy is ridiculous and obviously very stupid. Maybe his ex coach that he choked owns the finance company that's foreclosing on him. That would be Karma!
karmaman Feb 19th 2008 11:53PM
TIA, YOUR a genius.....alot of these superstar,world-class athletes, having never been exposed to never mind manage the numbers they earn year after year, season to season, game to game, .....many of them pushing 26.....What would you really expect. They live for the moment, and even if they dont support the entorage/bodyguard lavish pro ball playa lifestyle, their buyin homes for their baby mama and you know how many thyere can be....ya know.....their just home boys with ridiculouys amounts of cash pushed into their life.....and then they catch alittie rap music lyrices and its all downhilll from there
craig Feb 15th 2008 7:49AM
Maybe he will strangle the lender like his old coach. Things really do work even out in life.
ldyi37 Feb 15th 2008 7:56AM
What a loser. He couldn't make it on 21 million over 3 years? WoW I feel so sorry for him..people like him need to know what it feels like to not have that much money..I guess he needs to get a apartment..Oh well.....
Doug Feb 15th 2008 7:59AM
How much does his family eat? 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" and he was already making $14 million a year. I really don't feel sorry for him at all. He blew his millions on something.
Wclw Feb 15th 2008 8:02AM
Where do you find a house in River Hills for $400K?
Diane Feb 15th 2008 8:15AM
Perhaps you could buy Sprewell's home! Save him the misfortune of having it repossed by you buying it. That would be a win-win for everyone including the lender.
Tony Feb 15th 2008 8:09AM
What an idiot... Why not buy the house immediately while he had the money to do so. In addition to that, he turned down 21 million dollars. How does that work with being smart?
Larry Klamerus Feb 15th 2008 8:14AM
Hey, maybe now he can go on welfare and food stamps. Let me try to understand this. He was making 14.6 million dallars a year only had a $405.000.00 home but had a 1.5 million dollar yacht. Something wrong here, even though with what he made each year paying for these two items should have been a piece of cake. But just look at what we are dealing with here!!!!!
Joyce Feb 15th 2008 8:15AM
He got what he deserved -- this is one of the ghetto boys that knew "everything." He knew more than his coach -- guess he knew everything except how to save a dollar.
No sympathy for this loser -- just a big smile!!! Another example of our society paying a "nobody" a huge salary to run up and down a basketball court. Disgusting.
Sofia Feb 15th 2008 8:21AM
No one said he was smart. He got what he derserves. I guess now he'll be collecting welfare to feed his family. Loser!