Tuesday, February 12, 2008

Finances Choking Sprewell?

Former Golden State Warrior and New York Knick, Latrell Sprewell seems to be feeling the effects of the recession. The former all-star, famous for choking his coach PJ Carlesimo is facing foreclosure of his $405,000 home in Milwaukee's River Hill suburbs.

According to USA Today:

"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."

Sprewell's 70 foot yacht, named "Milwaukee's Best" was sold at auction for $856,000 due to the fact payments weren't being made on time and insurance wasn't being maintained.

So as you can see the economy woes are even affecting the rich NBA players, and not just the middle class.

Read the full USA Today Story on Sprewell.

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At 2/12/2008 10:40 AM, Anonymous CoachMoe said...

Not necessarily a ressesion is the cause of someone blowing money on numerous amounts of things and forgetting about outstanding payments being made. Im sure his laywer will take care of everything.


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