NBA Star Defaults on $1.5M Mortgage

[Middleman]

He makes $10 million a year, and he somehow can't buy a house for cash?

NBA Star Defaults on $1.5M Mortgage - FoxBusiness.com

Apparently even NBA stars aren’t immune to the housing crisis.

According to the Sacramento Bee, basketball star Kevin Martin defaulted on his 5,000-square-foot Rocklin, Calif. home.

Martin, formerly of the Sacramento Kings, reportedly paid about $1.9 million for the home in 2007, just as the housing market began to tank. Today the four-bedroom, four-bathroom house is listed at just $1.1 million.

Martin, who is set to make $10 million this year as a member of the Houston Rockets, first missed a payment on his $1.5 million loan in June, the paper reported.

Michael Hackard, Martin’s attorney, told the Sacramento Bee that a foreclosure probably won’t happen.

"There's a legal dispute that he is right in the process of solving. ... He's not walking away. We've got a certain dispute with the lender,” Hackard told the paper.

The lender listed on Martin’s notice of default is American Home Mortgage, the Bee reported.

 

[Skull Pilot]

Just another asshole athlete

 

[Middleman]

According to this article, 60% of Basketball players go bankrupt within 5 years of retirement.

Don McNay: Like Lottery Winners, Pro Athletes Also Blow Big Money

As a structured settlement consultant, I have worked with injury victims, lottery winners and others who receive very large sums of money. It’s been said that 90% of them will run through their money in five years or less. I've seen people blow money in more ways than you can think.

Even knowing that, I was still stunned to learn that within two years of retirement, 78% of NFL football players are bankrupt or under financial stress.

60% of NBA basketball players are broke within five years of retirement.

I was under the impression that professional athletes had wonderful support systems of agents, advisers and strong unions. I guess not. They are running through their money faster than a crazed lottery winner.

 

[Big Black Dog]

You would think that someone who made $10 million a year could pay cash for a house.