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August 22, 2007

Sprewell's $1.5M got impounded!

Latrell Sprewell has lost his yacht!  Poor thing.

Evidently the former NBA star didn't pay his bills so the $1.5 million yacht was seized by a federal marshall.

Sprewell couldn't be reached for comment on the repossession.

MILWAUKEE (AP) - A $1.5 million yacht that belonged to former NBA star Latrell Sprewell is in the hands of federal authorities after he defaulted on the mortgage.

A federal marshal seized the boat at Manitowoc, where it was being stored.

The 36-year-old Sprewell played 13 NBA seasons and was a four-time All-Star. The Milwaukee native hasn't played professional basketball since turning down a three-year, $21 million extension from the Minnesota Timberwolves during the 2004-2005 season.

The marshal acted on a court order requested by a New York bank that plans to sell the boat to pay off more than $1 million it says Sprewell owes on the mortgage. North Fork Bank says Sprewell's firm, LSF Marine Holdings, hasn't made its monthly payments of more than $10,000 on time or maintained the necessary insurance on the boat.

Sprewell couldn't be reached for comment on the repossession.

The 70-foot "Milwaukee's Best" was built in 2001 by the Italian firm Azimut-Benetti. Court documents show Sprewell bought the craft in 2003.

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Userful blog. Thanks!

Userful blog. Thanks!

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