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!!!
I was reading this and saw phrases like "maturity date" ....and also that the writing flowed
well and makes sense for you guys. Then i realised the piece was an extract from a publication that hires
real journalists ...you know ones that have actually seen the entrance of a learning institution. #HINT
How you gonna make millions and be broke.....I dont feel bad because regular 9 to 5 cats wont even be close to making that much money.....
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sad.. but that dress is the bomb..... I love it.. they look nice together.... but I guess beauty won't keep you
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I was reading this earlier on yahoo... and then clicked the link and saw all the stuff they auction... i know its history and some people are enthusiast but BLACK JESUS DONT WANNA BUY ANOTHA MANS UNDERCLOTHES!
lmao at the girl above that said "RIP".
He is dead broke, not dead. lolol
What a ***- another DUMB ***!gga bite the broke dust ! his *** should have move to the burbs buy a 3bdrm 2 ba a toyata rav4 and save yo bread .. but he wanna live big
Wow. Hopefully she wont leave him.
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That is sad:( hope he gets his priorities, in order soon, & to the individual who said "RIP" if you did read the title you would have seen that it stated "Dr J. Is DEAD BROKE" not "DEAD" knowing MTO they always have to exaggerate their sh!t, he'll be fine, & STOP jinxing the *** man, his wife isn't leaving him at all.
sad story. follow@inthelayne
Wow I guess he didnt know how to manage his money....o well
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I dnt know why evrybdy like that's sad cuz its not these BB players have all this money and burn it on hoes, cars and more hoes so I never see them give back enough to the comminty or poor low income areas. So all I can sat is tooo bad mybe u should of invested
Lol niccas said RIP lmao.. he aint dead yo
He ain't dead broke because his NBA pension is about $150k a year and that's for the rest of his life.
Pretty sad......welll follow new on twitter@mslicia11
His biggest mistake was trying to fulfill a childhood dream by purchasing the Heritage Golf Course. He took a big hit and it was downhill from that point. However, if he improves his business savvy, there is a chance that he can recover.
you can so telll she was in it for money
Soooo sad! He was such a great player too, he changed the game. Can't one of his famous friends help him out?
im broke to so he can join the club...follow on twitter @makinluvfaces11
SMH. ANYWAY I LOVE HER DRESS !!!
Oh well, I've never had millions but I know how to manage the lil money I got. It's not sad. Should be a learning lesson to him. Never live above ur means
Hey millionaires go broke as well. MC Hammer anyone? It happens. Don't think just because these people are millionaires, they can't go broke. Sh*t happens.
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i keep on sayin, illuminati "blessings" ain't worth a s.hi.t..... but *** continue to blood-oath...sad..... folks "ONLY WHAT WE DO FOR CHRIST WILL LAST "...BELIEVE That !
I hope he got some money saved up!
Rush_Luv...... Like i was sayin...SMH.... get EDUCATED folks!... all you need is a laptop!
Good move dr.J... GET! your soul back before it's too late . It's Just Luxury and Money. find you some TRUE love if that chic says goodbye .
SORRY TO HEAR THAT HOPE THINGS GET BETTER!!!
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Wow, I remember when he bought that Golf course. ZSad too heaar that. He seems like a nice person, God will take care.
Why are people going in on Dr J. the guy retired 24yrs ago he didn't play in today's era of million dollars average salaries i think his name is worth any amount of money he earned playing in the ABA/NBA-
Whitey would have killed himself by now...Stop hatin' on a Brother it was a bad deal...***.
The NBA didn't pay much while he was playing. Brush up on your history people.
Thats a dumb biitch that said "RIP" near the top of the comments. You shoulda said RIF...reading IS fundamental.
He didn't make millions like they do now. They made nowhere near what they make now. Alot of his money invested in charities and giving back. So to the ones that say I don't feel sorry and that's what he gets. Know what your being heartless about.
She ain't gonna *** an old broke man. She never even enjoyed it in the first place.
Dan they don't have a Pension for Retired professional sport players smh Sad
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So he spent all his money?? It happens..
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If this is true, then it's karma. He produced a daughter, who refused to have anything to do with. Sometimes it'll come back at you in different ways.
Naw they didn't make as much as these l'il crybaby punks today. These clowns making $10/15 million and still end up in financial ruins. But his game was respected...he made "hangliding" a new NBA sport (not Jordan)!
D?AME MIKE NEEDS TO COME THROUGH THATS THE LEAST HE CAN DO FROM STEALING SOME OF THE J MOVES???
Guess the lockout is affecting the retirees too
homegirl gonna end up leaving ol'boy
Guess that's how the ball dribbles rich one day, broke the other: http://www.hotpornvideoclips.com
***, I hope this is not true. We gotta do better with our money yall!