Sprewell in his high flying glory days
Foreclosure woes can hit the rich and famous too. Latrell Sprewell, former NBA star with the New York Knicks and Minnesota Timberwolves, faced foreclosure on his Milwaukee house mortgage, reports US News and World Report and ESPN. (ESPN says his yacht was also repossesed and he owes back taxes).
According to the Milwaukee Journal Sentinel, Sprewell owed $320,000 on the home assessed at $610,000 and failed to show up in court on Monday to contest the matter. (Note: Under Wisconsin law, Latrell still has a right of redemption to keep his home out of the hands of the bank…. or some collector who will likely flip it on eBay). It was the latest in a string of bad financial breaks for the former hoops All-Star. Sometimes you dunk, sometimes you get dunked.
Amazing how you can make millions and still be dumb!
That is sad. You would think that with that kind of coin you would have hired people to look after these things for you.
http://www.moremikeforyourmoney.com/auctions.php
Funny how he turned down a 3 year contract for around $18 Million a from the Minnesota Timberwolves couple of years ago. When asked why he didn’t accept he said ‘I have to feed my children’. Well, no one picked him up and he hasn’t played since.