Knicks Player Faces Massive Personal Debt

by Deidre Woollard (RSS feed)
May 25th 2010 at 6:02PM

You wouldn't think that a man making millions of dollars a year would have trouble paying his bills but New York Knicks Center Eddy Curry has got expensive tastes. A judge recently authorized a lender to seize three luxury cars owned by Curry because he's behind in loan payments. Curry has a $60 million contract but he has a hefty $570,000 loan from from Allstar Capital. The NY Daily News reports that Curry took out the loan in 2008 at 85% interest. Last Friday, Curry was ordered to pay $75,000 a month to the Las Vegas-based firm to start eating away at the loan which now tops $1.2 million with interest. Lawyers for both Curry and Allstar stated that they are working on a settlement.

Curry's free spending includes a $6,000-a-month personal chef, a Rolls-Royce and a $350,000 debt to fellow NBA player Juwan Howard. He has a mansion and children in private school. He also gives around $16,000 a month to relatives.

"Mr. Curry appears to be a very, very generous man," Allstar Capital attorney Donald David said. "He appears to have taken it upon himself to support every person named Curry on the East Coast."

This isn't Curry's first bout with financial woes. He has faced previous lawsuits and his home in suburban Chicago fell into foreclosure. He already has more than $207,000 garnished from his paychecks each month.

Curry is far from the first athlete to find himself in financial trouble. We've also chronicled the sagas of former athletes like Lenny Dykstra and Latrell Sprewell who have found themselves having to sell off their belongings to pay back debts.

Tags: athlete debt, eddy curry, new york knicks, sports player debt