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A River Hills house belonging to former NBA star Latrell Sprewell was foreclosed on Monday after he failed to show up in court to contest the action brought by a bank that held his mortgage.
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.
Sprewell, 37, a Milwaukee native and Washington High School graduate, has had other financial difficulties lately. 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.
In March, Community Bank Group obtained a $72,698 judgment against Sprewell; in September 2007, the state filed a lawsuit against Sprewell for $72,102 in unpaid taxes. Neither judgment has been satisfied.
Sprewell, 37, once turned down a three-year, $21 million contract extension with the Minnesota Timberwolves, saying, "I've got my family to feed."
