The home foreclosure crisis is hitting people of all economic backgrounds. Ex-NBA star Latrell Sprewell home was foreclosed, according to this story in the Milwaukee Journal Sentinel. I emailed the author of the article, Marie Rohde, and she said that in a few weeks, Sprewell’s home will go to a sheriff’s sale if he doesn’t come up with the full amount he owes.
According to the story:
The holder of the mortgage, RBS Citizens Bank, told Milwaukee County Circuit Court Judge David Hansher that Sprewell owes $320,284. According to River Hills records, the house is assessed at $610,000 and has an estimated fair market value of $667,980. Sprewell bought the house in 1994 for $405,000.
Once upon a time, Latrell scoffed at a $21 million contract extension. My how things change. I hope he doesn’t feel the need to lash out.
Well, to end on a positive note, Essence magazine has these five tips on how to stop wasting money.
Do you feel bad for millionaires who squander their fortunes and end up broke? What do you think about Essence’s tips for being frugal? I’m not so sure I want to give up my gym membership, although I don’t use it like I should. What are some of your frugal tips? And should sports agents start linking to The Frugalista Files in contracts?
Thanks to Product Junkie Diva for the tip!