Former NBA star Latrell Sprewell had his yacht repossessed by the bank holding the loan on the 70-foot, $1.5 million vessel, the Milwaukee Journal-Sentinel reported Wednesday.
According to the report, a U.S. Marshal armed with an order from U.S. Magistrate Judge William E. Callahan Jr., seized the yacht, the "Milwaukee's Best," in Manitowoc, Wisc., about
80 miles north of Milwaukee on the shore of Lake Michigan.
The bank has claimed in federal court that the owner, LSF Marine Holdings, a company run by Sprewell,
has failed to make monthly payments of $10,322 in a timely fashion and has not maintained the necessary insurance on the vessel, according to the report.
The bank wants the "Milwaukee's Best" sold to pay off the $1.3 million it says is remaining on the loan, according to the Journal-Sentinel.
The newspaper said it could not reach Sprewell for comment.
Sprewell last played in the NBA in 2004-05 with the Minnesota Timberwolves. He famously turned down that team's three-year, $21 million contract offer, telling a reporter for the Star Tribune of Minneapolis: "They're not doing anything for me. I'm at risk. I have a lot of risk here. I got my family to feed. Anything could happen."