Latrell Sprewell loses his home
I hate to quote Biggie, more money, more problems.
I also hate to say this, but this is yet another celebrity/athlete with money problems and I just can’t take it. When will they learn?
Latrell Sprewell is another casualty who lost his home on Monday. You know why? Does one even have to guess? He couldn’t keep up with the payments. And it’s not like Scott Storch bought the house for him either, hee, hee (I better NOT catch heat for this one, like I did about the Lil’ Kim car repo blog.). More info under the hood.
“A River Hills home belonging to former NBA star Latrell Sprewell was foreclosed on today when he 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 River Hills 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.
Sprewell, 37, a Milwaukee native and Washington High School graduate, has had other financial difficulties lately.
In January, his 70-foot yacht, “Milwaukee’s Best,” 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.
In March, Community Bank Group obtained a $72,698 judgment against Sprewell; in September 2007, the state filed a lawsuit against Sprewell for $72,102 in unpaid taxes. Neither judgment has been satisfied.” (source)
See, instead of choking out the coach like he did years ago, Sprewell should be choking his accountant and financial advisors. (I couldn’t resist.)
Posted: May 13th, 2008 under WTF?, athletes, celebrity, money, questionable, this is why I drink, wah wah wah.
Comments: 9
comments
Comment from Bahama
Time: May 13, 2008, 11:20 am
Man he better ask them folks @ espn for a job..hell even tnt. If Charles can get a job with them..
Comment from Quick
Time: May 13, 2008, 12:45 pm
Money is a dangerous thing! Suze Orman needs to do a DVD about money management for celebrities/athletes
Comment from Misconstrued
Time: May 13, 2008, 1:56 pm
Oh well….He should stay with Grant Hill and Tamia..lol lol
They may have an extra bedroom!
Comment from Eartodastreetz
Time: May 13, 2008, 3:17 pm
I had been hearing he was having financial difficulties, but damn I did not know it was like that. Ugh
Comment from Muhammad
Time: May 13, 2008, 4:13 pm
I see that his name was even spelled wrong. It’s Latrell (just think of the word latrine), and I can’t believe that financial times could be hitting him that hard. Duke was making more money than Michael Jordan (in terms of NBA checks) his first couple of years in the league. Where the hell did it go. It’s apparent that his accountant(s) ripped him off big time, and that’s why I’d have to get family members (I mean brothers or sisters) to be my accountants if I break the bank.
Comment from mzvirgo
Time: May 13, 2008, 4:34 pm
@ Muhammad, my bad, I should have googled his name for the correct spelling. Thanks for looking out.
Comment from Marleaux
Time: May 14, 2008, 12:40 am
That’s a shame, a dayum shame. Is he still playing. I mean dayum, I could probably afford that home. He probably could have sold it for profit, but it was probably so many folks leining on it…
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Time: May 15, 2008, 10:52 am
[...] Latrell Sprewell is Broke…. And That Ain’t No Joke [ Mz. Virgo ] [...]
Comment from lizzle
Time: May 15, 2008, 9:45 pm
Don’t be so quick to blame the accountants…
My lil sis is an accountant and no matter how much she advidses her clients to make wise purchases, at the end of the day its up to them to decide how to spend their money…
If that means they blow it all on liabilities like cars, rims, yachts and other dumb shit then that’s what happens…
We’ve all seen MTV Cribs, got these dumb ass niggas showin off all the cars they have, meanwhile the house isn’t even paid for…SMDH
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