Antoine Walker Facing Foreclosure

by Deidre Woollard (RSS feed)
Nov 2nd 2010 at 1:02AM

Another former athlete is facing foreclosure. Housing Watch reported that former NBA star Antoine Walker, who has been trying to sell his Miami home since late last year, filed Chapter 7 bankruptcy in a Miami court. At that time he listed liabilities of $12.7 million including his Coconut Grove home. Mortgage lender SunTrust Bank was granted a relief from stay from a May Chapter 7 bankruptcy protection filing Walker made in Miami so that it could file a foreclosure lawsuit which it did in September.

Last year we wrote about Walker's debt situation after we learned that he had been arrested in a Lake Tahoe casino for writing bad checks to satisfy over $1 million in casino markers in Las Vegas. Walker is a known gambler who reportedly once played $15,000 hands with another known gambler, basketball great Michael Jordan.
J.P. Morgan Chase Bank, Wachovia Bank, and American Express Centurion Bank all won decisions against Walker for failing to pay off promissory notes. Over a decade ago when Boston signed him to a six-year, $71 million deal he was, at just 22 years old, instantly insanely wealthy. During the Boston Celtics season Walker stayed at the Bishops Forest condominium complex in Waltham and was known to have a variety of luxury cars including customized Bentleys, Mercedes and more. He also had a taste for expensive watches by Rolex and Cartier and enjoyed wearing custom-tailored suits. In 2007 Walker was robbed at gunpoint in his Chicago home. He bought the home for $4.1 million but put it on the market for $3.9 million after the robbery. In 2007 he also sold a townhouse in the same neighborhood for $1.39 million, he had bought the home for $1.3 million in 2004.

Walker bought the Florida home for $3.1 million in 2005 and signed the $2.15 million mortgage in March 2007, when he was still playing for the Miami Heat but like many players, he was traded around, first to Minnesota and later to Memphis. He retired in from the NBA in 2008. The five-bedroom home is now listed at an even $3 million with real estate agent Andre Shambley of the ERA Herman Group. The Coconut Grove home has a lap pool, Zen garden, a mother in law suite, separate maids quarters, walk in closets and more.

A Crain's Chicago Business article from last May says that Walker was hit with a $2.3-million foreclosure lawsuit on a mansion in south suburban Tinley Park that he bought for his mother. That article also goes into Walker's Chapter 7 filing which lists his other assets including his 2006 NBA championship ring, valued at $6,000 two Range Rovers and a $20,000 designer watch.The article also mentions gambling losses including $770,000 owed to Harrah's in Las Vegas and $500,000 owed to Ameristar Casino.

Gallery: Antoine Walker in Coconut Grove

Tags: antoine walker, celebrity foreclosure, celebrity foreclosures, celebrity real estate, florida real estate, miami real estate, sports stars real estate

Filed under: Estates, Sports

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Reader Comments (Page 3 of 3)

TERRY Nov 8th 2010 9:38PM

We are all in the wrong business. We all need to be in football. Look at the Dallas Cowboys. Wade Phillips and Jason Garett each makes 3 million a year for working one day a week for three hours. Of course Phillips was fired today but he had that gravey train 3.5 years. Most of their players are the highest paid in the league and do absolutely nothing; showing up only on Pay day