Let This Be A Lesson. If You Can't Manage Money, You Will Be Broke

NYDAILYNEWS -- 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: http://www.nydailynews.com/real_estate/2009/11/29/2009-1