12 Feb 2008 02:57:34
Henry Jasonia
NBA's Latrine Spurts-Well falls on tough times with loss of both home, yacht

http://www.sportsline.com/nba/story/10634980

Sprewell falls on tough times with loss of both home, yacht
Feb. 11, 2008
CBSSports.com wire reports


MILWAUKEE -- 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.

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.

The 37-year-old Sprewell played 13 seasons in the NBA for the
Minnesota Timberwolves, the New York Knicks and the Golden State
Warriors. The Milwaukee native was a four-time All-Star, but perhaps
best known for choking coach P.J. Carlesimo during a Warriors practice
in 1997.

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.

A federal marshal seized the boat last summer in Manitowoc, about 80
miles north of Milwaukee, where it was in storage.

The sale price means the bank is still owed about $500,000, and it
said in court filings it plans to go after the rest.

Last week, prosecutors in New York said they'd drop their case against
Sprewell, who was accused of assaulting his girlfriend in front of
their children. Prosecutors in Westchester County said the charges
will be dismissed in a year if Sprewell stays out of trouble.

AP NEWS
The Associated Press News Service




11 Feb 2008 19:57:06
CliffB
Re: NBA's Latrine Spurts-Well falls on tough times with loss of both

On Feb 11, 9:57=A0pm, [email protected] (Henry Jasonia) wrote:
> http://www.sportsline.com/nba/story/10634980
>
> Sprewell falls on tough times with loss of both home, yacht =A0
> Feb. 11, 2008
> CBSSports.com wire reports =A0 =A0
>
> MILWAUKEE -- 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.
>
> 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.
>
> The 37-year-old Sprewell played 13 seasons in the NBA for the
> Minnesota Timberwolves, the New York Knicks and the Golden State
> Warriors. The Milwaukee native was a four-time All-Star, but perhaps
> best known for choking coach P.J. Carlesimo during a Warriors practice
> in 1997.
>
> 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.
>
> A federal marshal seized the boat last summer in Manitowoc, about 80
> miles north of Milwaukee, where it was in storage.
>
> The sale price means the bank is still owed about $500,000, and it
> said in court filings it plans to go after the rest.

I hope that at least he still got to keep his Ralph Lauren Polo
sailing togs and Captain's hat. And a yachting man like Latrelle needs
his trusty topsiders to tread the boards.

Hi 'Ho, Admiral Sprewell!

>
> Last week, prosecutors in New York said they'd drop their case against
> Sprewell, who was accused of assaulting his girlfriend in front of
> their children. Prosecutors in Westchester County said the charges
> will be dismissed in a year if Sprewell stays out of trouble.
>
> AP NEWS
> The Associated Press News Service