Pay Yo Bills: Former NBA Player Latrell Sprewell is Foreclosing on his $5.4 Million Mansion

- By Bossip Staff Categories: News, Pay Yo Bills, SMH

Latrell Sprewell played in the NBA for 13 years and now is about to lose his mansion in Westchester County and he already lost his yacht last year. What the Hell are these athletes and celebrities doing with their money???

Sprewell, 39, purchased the 3.3-acre property in Purchase in January 2000 for $2.3 million. The ex-NBA player took out a 30-year Washington Mutual Bank mortgage for $1,612,000 in 2004. He began missing payments in April 2008, the Journal News reported, citing court records. The home is due to be auctioned off Jan. 7 at the Westchester County Courthouse, according to Propertyshark.com.

Sprewell, who played in the NBA for 13 years, was suspended for choking his coach while he was with the Golden State Warriors during the 1997-98 season.

He lost his 70-foot yacht, Milwaukee’s Best, last year after defaulting on payments. U.S. Marshals auctioned off the $1.5 million Italian-built vessel for $856,000.

Source

Comments

  • sassalene

    And isn’t this the dam fool who turned down like thirty million because he said it wasn’t enough to feed his kids? I’ll bet he wish he can get half of that offer today lol.

  • http://yahoo.com sam (trini girl)

    Just sad! Imagine some people make far less than that but still manage to keep their house and pay their bills!!!!!

  • Syxxif.u.x.

    I agree with my fellow Trini girl Sam……

  • Tygire

    Yeah, he is the one who turned down $21 MILLION! He told the Timberwolves it wasn’t enough money to feed his family. No sympathy from this end.

  • Symone

    Trifling!

  • 4Real-tho

    Like Soulja Boy, They are doing what Dave Chappelle in his comedy sketch said instantly rich black folks from the hood would do: Foolishly spending & flossing trying to impress each other & cover the childhood shame & hurt of being poor…all the while giving their wealth right back to the White Man who paid them to began with. There’s no money put away for retirement, medical, etc. They don’t think like this. They rent or won’t pay their bills because they are way over their heads with outrageous vehicles that depreciate in value that comes with Payment, Insurance, Property and Luxury Taxes, every year. Outrageously priced custom-design Hood Jewelry that only they would want to buy or steal from each other & is good for nothing but to be melted before it can be resold. It also depreciates in value & earn no interest. Squandering money foolishly instead of buying a $400,000 home outright with $100K worth of furniture. Money in the bank 3 vehicles, kids college funds, retirement funds, a $150k home for parents, help a few family members get a specialized associate degrees, etc. (UltraSound Techs, Radiology Techs, Dental Hygienist, etc. all make good money) to work & get ahead in life & do for themselves. But these jungle bunnies don’t think that way. They can’t win for losing! $21 Million would have lasted me and my family a lifetime because I would have invested, saved wisely & lived within my means & whereas it would last us a lifetime. Can’t feel sorry for these idiots. Flossing only bring shame in the short-run…you will be found out like SpreeWell, etc.

  • Syxxif.u.x.

    LOL @ 4Real-tho

    Jungle bunnies……lmbo

    But ur statements are true though……there are some black ppl (since we’re talking about sprewell…we’ll leave the white folks out) that live to please their childhood friends and bullies or to make other feel less than they really are…but in the end they end up right where they started…..SMH

  • Coach Nelson

    Latrell get yo money up!

  • DR.FUNK

    @4Real-tho:

    Preach son.

  • Tequila Is The New Kool Aid

    Exactly how many kids does Sprewell have? 50? 21 million (before taxes) should be enough to take care of them for 18 years and pay for a Harvard education.

  • http://yahoo.com sam (trini girl)

    @ 4Real-tho

    I could not have said it better myself!

  • memchee

    @4Real-tho

    No one gonna’s say it n.e. better than that.

  • http://mybuzzworthy.com/?p=3920 Former NBA Baller No Longer Ballin: Loses Home To Foreclusure | mybuzzworthy.com

    […] player took out a 30-year Washington Mutual Bank mortgage for $1,612,000 in 2004. He began missing payments in April 2008, the Journal News reported, citing court records. The home is due to be auctioned off […]

  • http://google casper

    people seem to think that money makes up for intelligence— sorry it don’t. us black folk can’t seem to handle a windfall of that mean green… cause then the ignorance steps in… and after a while its back in the B and B file; [black and broke]… negro’s. we get alittle money and we become unglued.. and the white man is tickled to death.

  • ll

    The property taxes alone are enough to bankrupt someone who is no longer working.

  • Janae

    These guys are making BIG BUCKS, but they still need to learn how to live lifestyles that are “affordable” and “sustainable” over the long-term. All these “big ticket” purchases up front keep their wealth from achieving its true “growth” potential and lands them in “the hole”.

  • Gimmeabreak78

    @4Real-tho

    100% Cosign.

  • 1TruDiva with the PlatinumVocals--Remembering Shaniya!!

    For the most part, it’s expensive to live in Westchester County. Connecticut, too. I was born and raised in those places and have family still living there. My youngest sister pays double in rent on what I pay in mortgage.

  • kingsley

    I guess yaw think the recession doesent all facades of life… It is not what you made… It is what you make. People dont realize there is insurance / property tax/ monthly maintanence/baby mamas/family/agents/ etc etc with all they hands out…. So dont semise anyone until you make that type of money…. that is why people like jay and puffy so shady…. they know that they have to keo that lifestyle cause when the checks stop coming in and you didnt use it on stocks/bonds/franchise ownership..it goes poof

  • Its6amHoGetOut, The N*gga that shot and killed those 4 police officers in Seattle just made sh*t crazy for black men 5'7-5'10. If I was there I'd stay my azz in the house for about a week!

    I dont get this, latrell has always made between $5-$12 mil a year over his whole career! I mean even those ghetto azz spinnin’ rims were nicknamed “spreewells” How could this sh*t happen?

  • Eliza

    Like Chris Rock said: When black people get some money…it’s the countdown to when they’re gonna go broke!

    Not all black people, but a lot of them seem to put us in the stereotype when they don’t pay their bills!

  • Lani

    Wow is all I can say. He turned down 21 million? What happened to his Rim shop didn’t have those Sprewell tires named after him?

  • kingsley

    1.)mean even those ghetto azz spinnin’ rims were nicknamed “spreewells” How could this sh*t happen?

    What happened to his Rim shop didn’t have those Sprewell tires named after him?”

    In response to these comments…… he patented SPREWELLS… HE HAD HIS OWN WHEEL COMPANY… it had folded after spinnin rims went dead… Also, his rims were extremely high priced which caused knock offs to go crazy with his patented rim….

    2.) SPREWELL WHEELS/RIMS….He never had tires….

  • mike oxbig

    people seem to think that money makes up for intelligence— sorry it don’t. us black folk can’t seem to handle a windfall of that mean green… cause then the ignorance steps in… and after a while its back in the B and B file; [black and broke]… negro’s. we get alittle money and we become unglued.. and the white man is tickled to death

    why would you think white people are tickled to death over this?

  • http://www.aol.com The-way-i-see-it

    Leave Latrell alone. At least he attempted to make investments (his hubcap company). This is not a racial situation but more like a case of another celeb living outside their means and not knowing how to cope with a recession. Everyone, regardless of race is struggling right now IE Nicholas Cage and those who like to live lavishly without a plan are going to get hit hard.

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