Another ex NBA player broke
Old 11-29-2009, 06:37 PM   #1 (permalink)
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Thumbs down Another ex NBA player broke

Can't these guys keep their millions?


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Hotheaded former Knicks star Latrell Sprewell is facing foreclosure on his $5.4 million Westchester County mansion, one year after losing his yacht, records show.

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.

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.
http://www.nydailynews.com/real_esta...reclosure.html
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Old 11-29-2009, 06:48 PM   #2 (permalink)
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I know I am all "choked" up about it.
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Old 11-29-2009, 07:31 PM   #3 (permalink)
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I know I am all "choked" up about it.
nice.
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Old 11-29-2009, 11:49 PM   #4 (permalink)
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I guess he cant feed his family anymore...
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Old 11-30-2009, 01:15 AM   #5 (permalink)
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Man, and he's only 39.
Sad, sad, sad.
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Old 11-30-2009, 01:18 AM   #6 (permalink)
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i wonder what he would do now if someone offered him 21 million to work for 3 years.
look at how time has changed his perspective.
dumb ass.
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Old 11-30-2009, 10:17 AM   #7 (permalink)
Unacceptable?! Did you see the pool? They flipped the bitch!

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He IS a dumbass and he clearly had no idea of the true value of a dollar when he was playing.

I don't feel bad for him. I DO feel bad for his kids because they really had no say in losing all that dough and i bet you things are probably pretty weird in the household these days!
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Old 11-30-2009, 10:48 AM   #8 (permalink)
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Originally Posted by INSIDER View Post
i wonder what he would do now if someone offered him 21 million to work for 3 years.
look at how time has changed his perspective.
dumb ass.
Yup. He was 34 years old when he was offered that $21 million, and the extension would have started after he'd turned 35. Given his age, one could argue that deal was more than fair. Even though one is about minutes and the other is about money, this is similar to the Iverson case in the sense that each aging player's ego would not allow them to accept reality. It's nice to have confidence, but if you have too much pride, it will bite you in the ass. That's why it's important to have good people around you who, when it's necessary, aren't afraid to tell you what you don't want to hear. Sprewell's agent just made this situation worse by calling the offer a slap in the face. Somebody close to Sprewell should have stepped in and told him and his agent to STFU and accept the deal.

It's interesting to hear about this happening to Sprewell because, about a month ago, I was talking to somebody about how Iverson's behaviour over the past year may have cost himself $15-20 million. If Iverson had just STFU and accepted his role in Detroit, a number of teams probably would have been willing to give him the MLE this summer. Iverson probably would have received an offer similar to what Rasheed got. In a sad way, it will be funny if 4 or 5 years from now Iverson is in financial trouble, too. It's amazing how these guys can be so ignorant that they just piss away opportunities to make such massive amounts of money.
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Old 11-30-2009, 11:06 AM   #9 (permalink)
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Sorry to say it, but he deserves it.

RIP Spree
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Old 11-30-2009, 11:09 AM   #10 (permalink)
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what an idiot
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Old 11-30-2009, 11:31 AM   #11 (permalink)
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I guess he cant feed his family anymore...
He definitely can't feed them on a 70ft yacht anymore. NBA pay cheques should come with instruction booklets and pictured diagrams I guess...
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Old 11-30-2009, 12:13 PM   #12 (permalink)
Unacceptable?! Did you see the pool? They flipped the bitch!

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He definitely can't feed them on a 70ft yacht anymore. NBA pay cheques should come with instruction booklets and pictured diagrams I guess...
You know they should have a forced pension in NBA.

Like x % of your contract is invested for you in whatever plan (they can make it virtually riskless) to ensure crazy stuff like this stops happening.

They get it paid out in installments after retirement.
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Old 11-30-2009, 02:20 PM   #13 (permalink)
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You know they should have a forced pension in NBA.

Like x % of your contract is invested for you in whatever plan (they can make it virtually riskless) to ensure crazy stuff like this stops happening.

They get it paid out in installments after retirement.
Why should the NBA do everything for a player?
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Old 11-30-2009, 02:41 PM   #14 (permalink)
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not a surprise obviously
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Old 11-30-2009, 03:04 PM   #15 (permalink)
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You know they should have a forced pension in NBA.

Like x % of your contract is invested for you in whatever plan (they can make it virtually riskless) to ensure crazy stuff like this stops happening.

They get it paid out in installments after retirement.
Renihan, the NBA does have a pension plan. It's peanuts comapred to what the stars make during their careers, but they still get something. Sprewell was in the league for at least a dozen years, so when he's 50, he should be eligible for a pension that pays around $50,000/year. It's not going to cover the lifestyle he is used to, but it's a lot better than what the average retired American gets. Maybe the league should consider revising how the pension plan works.
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Old 11-30-2009, 03:04 PM   #16 (permalink)
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Originally Posted by jepot View Post
Why should the NBA do everything for a player?
Because it looks bad on your league if people who used to play are going broke! Image, image, image.
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Old 11-30-2009, 03:05 PM   #17 (permalink)
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Originally Posted by ArmChairGM View Post
Renihan, the NBA does have a pension plan. It's peanuts comapred to what the stars make during their careers, but they still get something. Sprewell was in the league for at least a dozen years, so when he's 50, he should be eligible for a pension that pays around $50,000/year. It's not going to cover the lifestyle he is used to, but it's a lot better than what the average retired American gets. Maybe the league should consider revising how the pension plan works.
Oh that's not bad then... I didn't know that...Thanks for the info!
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Old 11-30-2009, 03:27 PM   #18 (permalink)
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Some people just don't know the value of a buck. I think he should read the book " The Millionaire next door" I have no pity on this guy.
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Old 11-30-2009, 03:55 PM   #19 (permalink)
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I swear he was broke since a long time ago. How the hell do people blow off like over 50 mil so fast
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Old 11-30-2009, 04:13 PM   #20 (permalink)
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I swear he was broke since a long time ago. How the hell do people blow off like over 50 mil so fast
they buy 70 foot yachts.
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