Tuesday , Feb , 12 , 2008 C.Y. Ellis

Latrell Sprewell in a World of Financial Hurt

Latrell Sprewell’s home is up for foreclosure and his yacht sold at auction to help pay off the $1.3 million the four-time NBA All-Star owes on the boat, according to court filings.Sprewell — who in 2004 turned down a three-year, $21 million contract extension from the Timberwolves, at the time saying, ‘I’ve got my family to feed’-has apparently fallen on tough times.

RBS Citizens NA, or Citizens Bank, filed a foreclosure suit last week in Milwaukee County for the $405,000 home Sprewell bought in the Milwaukee suburb of River Hills in 1994. In court documents, the bank said Sprewell owed $295,138 in outstanding payments plus interest. Sprewell failed to make his mortgage payments of $2,593 per month from September 2007 to January ’08, the documents said. Click here for more from Minneapolis Star Tribune.