When The Checks Stop Coming In

- By Bossip Staff

Posted by Bossip Staff

Former Minnesota Timberwolves guard/forward Latrell Sprewell is having a little financial turmoil:

Former NBA star Latrell Sprewell’s home is up for foreclosure and his yacht sold at auction to help pay off the $1.3 million he owes on the boat, according to court filings. Sprewell, who once turned down a three-year, $21 million contract extension saying, “I’ve got my family to feed,” has apparently fallen on tough times. 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. He hasn’t played professional basketball since turning down the $21 million extension from the Timberwolves during the 2004-05 season. He was making $14.6 million at the time.

Last month, Sprewell’s 70-foot yacht, named “Milwaukee’s Best,” was sold at auction for $856,000 to a man from Milwaukee. It was originally worth about $1.5 million. The bank holding that mortgage, New York-based North Fork Bank, asked that it be seized to pay off $1.3 million in debt. Sprewell’s firm, LSF Marine Holdings, hadn’t made its $10,322 monthly payments on time or maintained the necessary insurance on the boat, the bank said. Sprewell bought the yacht built by the Italian firm Azimut-Benetti in 2003, according to court records.

What ever happened to his rims deal? I guess he blew all that money too. That’s a damn shame these fools don’t understand finance.


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  • and another one.......


  • # 1

    They don’t call me first for nothing!LOL

  • and another one.......

    Damn he looks ashy as Jim Jones in this one… He been hittin those rocks, that why he broke? Damn and you don’t see Spreewell Spinners these days, he must of made paper from them, what happend?

  • d_redd


  • Tonya

    Where does the money go? I do not understand why they don’t take the money when they have it and actually purchase the homes, yachts, etc. instead of financing them. It just doesn’t make sense to be that damn stupid.

  • trina@atl

    big dummy, why would you turn down $21million. if your family can not live off of that then you all deserve to be homeless and broke. i am so through with these dumb a** athletes.

  • d_redd



  • http://www.yahoo.com Southern Belle 225

    he was offered a 21 million extention and he didn’t take it because “he had a family to feed”. um, that doesn’t make any sense. when he turned down the deal, what did he do instead that was going to make him as much or more money?

  • GYRL


  • baby

    this is indeed a dumb igga…im truly certain he that everyday he wishes he could go back and say “HELL YEAH” to that offer for 21 mil…he needs to get them janky braids cut, take a shower, and start fuccing for tracks…i heard he had a lil rap game, lol…

  • Candy

    Greed,will bite you in the ass.

  • Harlem Chic

    Straight played himself. Boo!

  • Miss Dee

    (in my best 6 year old voice)

    S T O O P I D!!!

  • STFU

    Stupid ass “nigger rich” idiot.

    I just feel bad for these chickenhead girls that opeb their thighs for these loser athletes. If he’s not beating you, cheating on you, verbally abusing you or giving you diseases – he’s broke!

    Stick to the nerds, ladies.

  • Almighty Mouth

    It never ceases to amaze me! Why don’t professional athletes, actors, singers, etc… buy their homes outright, that way they won’t have that big expense when the checks stop coming? Why don’t they develop a secondary skill/career to fall back on when their playing days are over? Why is it so important to buy several lamborghinis, ferraris, etc… before paying off your home? How is it that someone making 10-15 Million dollars a year for years can be broke? People, can you say FINANCIAL PLANNING. This is just plain ol’ trifling!!

  • http://profile.myspace.com/index.cfm?fuseaction=user.viewprofile&friendid=112604302 FineAsWine*****Wizzo is FAN-TAS-TA-RAS-TIC SCRATCH MY AZZ PUH-LEASE U KNOW U KNOW ME!!


  • holliwuud

    he can live with me in Hampton Va. Spree you still my boy.. keep your head up. it will get better.

  • Beyowulf

    I was just reading some article where 60% of retired NBA players go broke when they retire. Its really sad, stop buying the cars and the bling and pay some bills!!

  • Tracey

    You can get a single parent on benefits manging her money and feeding her kids, and you can get a prick who blows it ALL and ends up in prison!


  • MyPeopleStayBroke, ha?

    when i win the lotto tonight, i’m about to show foolz like him how it’s done – don’t EVER NEVER ever take out a mortgage on a house when you can buy it in cash … buy it in cash, put aside another $100,000 for yearly taxes and if you can, pay those off, 5years at a time .. broker a deal .. then you’re not thinking about any payments for a house … then if i was him, i’d shave, take those braids out and always wear a long sleeve shirt because that one and the way he’s holding that phone is screaming HOW YOU DOIN’ to me … he’ll be skrate

  • Wenzel Dashington

    If you really hate someone, buy them a boat. Those things can be hard to maintain, if you don’t have your own storage.

  • tj

    This man has always been crazy he is pretty much black listed by the NBA for being a problem child. Shame of it is that 21 million he turned down is a whole lot better than the 0 he’ll be seeing for the rest of his life. SMH.

  • MzTee

    I don’t feel sorry for his stupid behind. Just another case of a financially illiterate person. Instead of learning how to properly invest his money so he could retire financially independent, this fool spent his money on stuff that has no appreciable value like cars, yachts and jewelry so he could floss to his friends. Why the hell didn’t he buy his home outright? And it doesn’t take a math wizard to know that 21 million is more than 14.6 million. Who the hell was his agent? Stupidity on this level truly pizzes me off.

  • KnowYourABCs

    Give me a million and i’ll make last me the rest of my life.

  • Carla07

    He can go try out for the Globetrotters now.

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