A Milwaukee area home belonging to former NBA player Latrell Sprewell was foreclosed on yesterday, when the basketball star failed to show up in court to contest the action brought by a bank that held his mortgage.
The holder of the mortgage, RBS Citizens Bank, told Milwaukee County Circuit Court Judge David Hansher that Sprewell owes $320,284. According to local records, the house is assessed at $610,000 and has an estimated fair market value of $667,980. Spreewell bought the house in 1994 for $405,000, reports local news outlet the Journal Sentinel.
This is not the first financial blip the 37-year-old ex-ball player has experienced: In January of this year the Milwaukee native's his 70-foot yacht was sold at auction by the U.S. Marshals Service. The yacht, said to be worth $1.5 million went for $856,000, after Sprewell failed to make the $10,322 monthly payments.
Two months later Community Bank Group obtained a $72,698 judgment against Sprewell; and he reportedly owes the state of Minnesota $72,102 in unpaid taxes.
Sprewell may be regretting his move to turn down a three-year, $21 million contract extension with the Minnesota Timberwolves in 2004. "I've got my family to feed," he said at the time.
http://livesteez.com/news/news_detail/657
The holder of the mortgage, RBS Citizens Bank, told Milwaukee County Circuit Court Judge David Hansher that Sprewell owes $320,284. According to local records, the house is assessed at $610,000 and has an estimated fair market value of $667,980. Spreewell bought the house in 1994 for $405,000, reports local news outlet the Journal Sentinel.
This is not the first financial blip the 37-year-old ex-ball player has experienced: In January of this year the Milwaukee native's his 70-foot yacht was sold at auction by the U.S. Marshals Service. The yacht, said to be worth $1.5 million went for $856,000, after Sprewell failed to make the $10,322 monthly payments.
Two months later Community Bank Group obtained a $72,698 judgment against Sprewell; and he reportedly owes the state of Minnesota $72,102 in unpaid taxes.
Sprewell may be regretting his move to turn down a three-year, $21 million contract extension with the Minnesota Timberwolves in 2004. "I've got my family to feed," he said at the time.
http://livesteez.com/news/news_detail/657
