Former NBA All Star Latrell Sprewell is apparently in serious financial trouble after word spread that his $1.5 million yacht and $405,000 home could be foreclosed on by the banks that provided his financing.
Sprewell, who turned down a three-year, $21 million contract extension from the Minnesota Timberwolves during the 2004-05 season by saying “I’ve got a family to feed,” has not played in the NBA since. He made $14.5 million in his final season in Minnesota.
Citizens Bank, which 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, states that Sprewell still owes $295,138 on the house, which includes principal and interest. Sprewell failed to make his mortgage payments of $2,593 per month from September 2007 to January 2008.
Just last month, Sprewell’s yacht was sold at auction for $856,000 to a man from Milwaukee. North Fork Bank, which provided the financing on the $1.5 million boat, said that Sprewell still owed $1.3 million on it before the auction. The yacht was technically owned by a company Sprewell started called LSF Marine Holdings, which owed $10,322 in monthly payments for the property named “Milwaukee’s Best.” Additionally, Sprewell had failed to keep up the necessary insurance on the boat.
Despite all of this, Sprewell will always be known for the man who choked P.J. Carlisimo during practice while both were with the Golden State Warriors.