Latrell Sprewell Joins the Foreclosure Club

by Minority Fortune

latrell_sprewellFormer New York Knicks player Latrell Sprewell has joined the ranks with other Grade F Models by missing payments on his estimated $1.6 million mortgage. That negligence has caused his $5.4 million Westchester County home to face foreclosure. This is the same Latrell Sprewell that choked his coach and allegedly abused his girlfriend. It sounds like this guy’s bad behaviors have caught up to him.

Sprewell’s financial troubles are nothing new. Many news sources have been reporting on his dire situation for over two years now. It seems the problems lie with the fact that the former sports player has a huge ego. Actually, that’s an understatement. Check out this quote from Wikipedia:

On October 31, 2004, the Minnesota Timberwolves offered Sprewell a 3-year, $21 million contract extension, substantially less than what his then-current contract paid him. Insulted, he publicly vented his outrage, declaring, “I have a family to feed.” He declined the extension, and, having once more drawn the ire of fans and sports media, had the worst season of his career in the final year of his contract. In the summer of 2005, the Nuggets, Cavs, and Rockets all expressed interest in signing Latrell Sprewell, however, none of those teams could reach an agreement with Sprewell.

One month into the 2005-06 season and without a contract, Sprewell’s agent, Bob Gist, said his client would rather retire than play for the NBA minimum salary, telling Sports Illustrated, “Latrell doesn’t need the money that badly. To go from being offered $7 million to taking $1 million, that would be a slap in the face.” Several days later, Gist said that Sprewell planned to wait until “teams get desperate” around the trade deadline in February, and then sign with a contending team (an eventuality that never materialized). Gist said that Sprewell would not be interested in signing for any team’s $5 million mid-level exception, calling that amount “a level beneath which [Sprewell] would not stoop or kneel!”

In March 2006, Sprewell was offered contracts by the Dallas Mavericks and San Antonio Spurs, both of whom were considered at the time to be strong favorites to win the NBA Championship; however, when contacted by these teams, Sprewell failed to respond with an answer to whether he would sign with them. As a result, the Mavericks and Spurs were no longer pursuing him, and he remained a free agent as the season came to a close. There was also some interest in Sprewell by the Los Angeles Lakers at the beginning of the 2005-2006 season, but a disagreement in the contract offer resulted in a failure to reach a deal.

Case of the Ego

Latrell continued to sneer at decent contracts offered to him. To think that $21 million for a three-year contract is “beneath him” is disturbing at the least. First of all, he clearly wasn’t thinking about his kids. They certainly didn’t need millions of dollars to survive every year. His greed paired with his massive ego led to a notable dumb mistake that he’ll be forced to think about as his properties are taken from him one by one. Over the past year, he’s lost his million-dollar yacht and looks like he’ll be losing his Westchester home. What a shame.

Usually, we’d be full of advice for Latrell’s troubled situation, but this seems to go beyond financial woes. The man has issues! We’d suggest some serious psychiatric intervention. And yes, we’re serious. We’re not sure than a man capable of choking his boss can manage money until other issues are addressed. Therefore, we simply say, get help and seek the financial advice of a professional.

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