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May 14, 2008Someone Should Introduce Latrell Sprewell to the Idea of a Savings Account
Remember a few years ago, when Latrell Sprewell was offered a three-year extension from the Minnesota Timberwolves for $21 million, but turned it down, insulted, saying "I have a family to feed." Fans were quick to persecute Sprewell after that for being greedy and selfish (and, kinda dumb) but as it turns out, he kinda needed that money. On Monday, his house was foreclosed on.
The holder of the mortgage, RBS Citizens Bank, told Milwaukee County Circuit Court Judge David Hansher that Sprewell owed $320,284. According to River Hills records, the house is assessed at $610,000 and has an estimated fair market value of $667,980. Sprewell bought the house in 1994 for $405,000.
Sadly, Sprewell's financial difficulties do not end there:
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.
This seems like a fine time to point out that during his 13-year NBA career, Sprewell earned an estimated $96.6 million. Naturally, nearly $80 million of that was paid by the New York Knicks.