Stephon Marbury sued for $3 million
Hoopsvibe's Quick Call: Banks should probably stop lending money to Marbury.
Marbury, nicknamed Starbury, apparently bought some commercial properties in Virginia a few years ago as investments. Marbury personally guaranteed a bundle of loans owned by Wachovia that are now being serviced by U.S. Bank. U.S. Bank is claiming that one of Marbury's properties was foreclosed on last year and they have yet to be made whole on the deal. The bank says they are still owed about $1 million and are now suing Marbury and his business entities to the tune of $3 million.
This isn't the first time Marbury has had issues like this. His Los Angeles home went into foreclosure this past April. The former NBA star owed $3.1 million on an LA property that got sold for $2.275 million.
He also supposedly failed to pay back a $16 million loan he took from Wachovia for his apparel company a few years ago.
Marbury has not yet commented on the suit, as he is currently in China preparing for his upcoming season in the Chinese Basketball Association.
Marbury's luck seems much better in China, where he led his team, the Beijing Ducks, to their first ever title this past season. Apparently, he's a pretty big star in the Far East and has a successful shoe line there.
The 6'2" point guard was drafted the 4th pick overall by the Milwaukee Bucks in 1996 but immediately traded to Minnesota for draft rights to Ray Allen, who was drafted immediately after him. Marbury played for the Timberwolves, the Nets, the Suns, the Knicks, and finally the Celtics before leaving the states to take his talents to China.
Marbury was a solid player in the NBA, having averaged 19.3 points and 7.6 assists per game over his career.
He also supposedly made over $151 million while in the NBA so one would think a few million in debts here and there wouldn't be too much of an issue.
It's pretty clear, however, Starbury is a much better point guard than businessman.
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Image source: WENN images.