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"I've got my family to feed," aka Latrell Sprewell yacht, home could be foreclosed
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| "I've got my family to feed," aka Latrell Sprewell yacht, home could be foreclosed
- Click HERE to go to the original thread with graphics
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| KingOfAllWhites |
Ex-NBA star Sprewell sells $1.5 million yacht, home could be foreclosed
Associated Press
Updated: February 11, 2008, 7:17 PM ET
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 trouble.
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:jj: fuck him. |
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| dcjispimp |
| He couldn't afford a 400K house? :rofl: GFYS Sprewell. :bird: |
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| welkdude |
It harkens back to another quote from an NBA player about money
"Sure we make a lot of money, but we also spend a lot of money too"
- Patrick Ewing |
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| Dirty South |
| LMAO what in the fuck did he blow all that cash on??? Weed and hookers and Milwaukee's Best beer? :funny: |
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| assmasterson |
"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."
Now, to me, that sounds like they couldn't live on 'only' $7 million per year.
WHO THE FUCK CAN'T LIVE ON $7 MILLION PER YEAR? |
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| DestroVega |
| What about his Spinnin' Rims business? |
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| DestroVega |
Quote: Originally posted by assmasterson
"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."
Now, to me, that sounds like they couldn't live on 'only' $7 million per year.
WHO THE FUCK CAN'T LIVE ON $7 MILLION PER YEAR? |
It's what it sounds like, cause that's what he meant by it...
Turns out he was right!... he can't afford to live on less than ten million a year it seems... |
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| EMFBoss |
Quote: Originally posted by DestroVega
What about his Spinnin' Rims business? |
Once the patent expired for those spinning wheels, he went out of business. The fool should have plenty of dough saved up from those rims alone.... |
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| KingOfAllWhites |
Quote: Originally posted by EMFBoss
Once the patent expired for those spinning wheels, he went out of business. The fool should have plenty of dough saved up from those rims alone.... |
Isnt a patent good for like 20 years? |
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| AssFaceKilla |
| best new I have heard all day...and its only 630..... |
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| jasondylan |
Quote: Originally posted by assmasterson
"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."
Now, to me, that sounds like they couldn't live on 'only' $7 million per year.
WHO THE FUCK CAN'T LIVE ON $7 MILLION PER YEAR? |
And at that point of his career it was a very generous 7 million a year. |
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| Jack the Hammer |
| No way he's broke, after playing 13 seasons in the NBA and running a pretty decent business out in CA as well well as endoresements. Unless he's got about a couple hundred homies he's supporting and giving money too like its nothing, as I'm sure he's got some child support from unwed kids as does 80% of the NBA. I wonder if whoever is handling his money and affairs is skimming from him and not paying his shit, have to wait until more comes out, the guy made well over 100 millions just in his NBA contracts alone so something seems fishy here to me?? |
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| BRYAN |
| PJ Carlesimo must be laughing his ass off...if I were him I'd send Spre a condolence letter, just to rub it in! Karma's a bitch. |
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| hendrix5150 |
Quote: Originally posted by EMFBoss
Once the patent expired for those spinning wheels, he went out of business. The fool should have plenty of dough saved up from those rims alone.... |
he does not own the patent according to wikipedia.. the guy that invented them does
http://en.wikipedia.org/wiki/Spinner_(wheel)
Introduction to market
Spinners were then introduced to the public at the Los Angeles Auto Show. When Davin Wheels was unable to obtain a booth at the Auto Show, they were invited to join another vendor at the show, NBA star Latrell Sprewell's Sprewell Racing (Coincidentally, Sprewell is a Milwaukee native). For this reason spinners are sometimes also called "Sprewells".
Davin Wheels holds the only patent (U.S. Patent 6554370) for the spinning technology, called the continuous motion wheel. |
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| Saul Hudson |
Quote: Originally posted by Jack the Hammer
No way he's broke, after playing 13 seasons in the NBA and running a pretty decent business out in CA as well well as endoresements. Unless he's got about a couple hundred homies he's supporting and giving money too like its nothing, as I'm sure he's got some child support from unwed kids as does 80% of the NBA. I wonder if whoever is handling his money and affairs is skimming from him and not paying his shit, have to wait until more comes out, the guy made well over 100 millions just in his NBA contracts alone so something seems fishy here to me?? |
I could see how he could be broke. Let's say he made 100 million during his career. Cut that in half for taxes. He's probably spent a few million on houses, boats, and cars. Maybe he lost another couple million on bad business deals. Throw in some child support payments (what NBA player doesn't have them?). On top of that, judging by his "I've my got family to feed" comment, I'm guessing he's got more than a few people with their hands out that he takes care of.
All these basketball players, rap stars, rock stars, etc... start spending that money like it's going to keep coming in forever. Haven't you ever seen Behind the Music? |
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| elricsi |
I guess he was right and needed that money to feed his peeps.
He probably has some money tucked away to cover some incedentals, but he is mostly going to have to live off the NBA pension. |
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| Remo Williams |
| Ever seen a 60 year old rap star or pro basketball player? These idiots cannot look past 10 minutes from now, they spend like there is no tomorrow and since you will see story after story of broke pro athletes and rappers they're right. Oh, yah, that expensive diamond jewelry so you can look like every other brother on TV was a good investment though. |
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| Jack the Hammer |
| Yeah I guess Spree must be broke then?? Makes me laught as the fucker turned down a 21 million dollar deal here when his worthless ass wasn't worth league minimum. Hopefully VH1 or E will get a story going on this soon! |
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