: We told you guys a while back that NBA legend Dr J has come under SEVERE financial pressure. And now the ISH has hit the fan.
Here's what the Atlanta Journal Constitution is saying:
Erving's company was given a $1 million line of credit in April 2009, which was due the following April, according to the lawsuit obtained by the AJC. Erving used a Gwinnett County home as collateral to secure the loan, the lawsuit states.
In August 2010, the line of credit was reduced to $750,000 and the maturity date extended to July 24, the bank stated in the suit. But, an outstanding balance of $205,277.84 has not been paid, despite a demand letter for payment sent Sept. 29.
Erving, better known by his nickname Dr. J, moved to the Atlanta area in 2008, about two years after purchasing the Heritage Golf Club, near the Gwinnett-DeKalb county line. The AJC reported in April 2010 that the golf club was in foreclosure.
So how does he plan on PAYING for the lawsuit. Well, he's SELLING all his memorabilia:
Some of the marquis items from the collection include Dr. J's 1974 and 1976 New York Nets ABA World Championship ring; 1983 Philadelphia 76ers World Championship ring; 1996 NBA's 50 Greatest Players ring; MVP trophies from 1975-76 (ABA) and 1980-81 (NBA); 1977 and 1983 NBA All-Star game MVP trophies; 1979, 1981 and 1985 Eastern Conference All-Star game-worn uniforms, 1982-83 Philadelphia 76ers game-worn road uniform; and his final game-worn jersey from Game 5 of the 1987 Eastern Conference playoffs.
Dang, that's not just some of his memorabilia -- that's all his memorabilia. Championship rings? MVP trophies? His jersey from his final game as a Sixer? WOW!!!
At least he still has his LOVELY younger wife. . . For NOW!!!