Stephon Marbury sued for $3 million in Virginia court over unpaid loans
Former NBA All-Star and current member of the Beijing Ducks Stephon Marbury was sued by U.S. Bank for $3 million in a Richmond, Va. court at the end of August, according to Aaron Kremer of RichmondBizSense.com:
Wachovia lent $1.4 million to Marbury in 2007. In August 2011, U.S. Bank foreclosed on the Petersburg property and sold it for $1.31 million, according to the suit. The bank alleges that it is still owed $1 million by Marbury, which includes unpaid interest and legal fees.
Marbury, who personally guaranteed the loans, had bought office and industrial properties throughout the United States but defaulted on the loans. He also foreclosed on an 8,000-square-foot home in Los Angeles after failing to pay back $3.1 million.
The news comes in stark contrast to Marbury’s positive turnaround recently.
After a promising NBA career that ended up being overshadowed and marred by on-the-court controversies, most notably with the New York Knicks, Marbury helped the Beijing Ducks of the Chinese Basketball Association win the league title in 2012.
Since foreign players aren’t eligible to win the Most Valuable Player award in the CBA, the team instead erected a statue of Marbury on the lawn of the 2008 Olympic basketball arena.