I guess the old saying that good things happen to good folks may not be true afterall. It seems that the NBA's 10 ten time "Good Guy" award winner, Latrell Spreewell has fallen on hard times and now his house / yacht has been repossessed:
Former basketball star Latrell Sprewell, who famously rejected a $21-million contract offer three years ago, calling it insulting and saying he had a family to feed, had his 70-foot yacht repossessed Tuesday.First, I need to give Spree his due. "Milwaukee's Best" is the best Yacht name I've ever heard. It is hilarious on so many levels, not the least of which being that Latrell came up with this name because he believed it to be true (of both himself and his yacht), and that he thought this accolade was something to be proud of. Maybe we should start a "Save Spree" fund and we can pass around a hat or something at all NBA games. I guess $92 million doesn't go as far as it used to.
Armed with an order from U.S. Magistrate Judge William E. Callahan Jr., a federal marshal seized the $1.5-million, Italian-built vessel in Manitowoc, Wisc., where it sat in storage, Milwaukee's Journal Sentinel reported. A New York bank is claiming the yacht's owner, a company run by Sprewell, 36, has defaulted on a mortgage loan.
The firm, LSF Marine Holdings, hasn't made monthly payments of $10,322 on time and hasn't maintained the necessary insurance on the 6-year-old vessel, North Fork Bank alleges. It wants the yacht, "Milwaukee's Best," sold to pay off the $1.3 million it says is remaining on the loan. Sprewell has guaranteed the loan personally, a contract filed with the court shows. He could not be reached for comment on the repossession, the newspaper reported.