Thursday, August 30th, 2012 at 11:11 am  |  7 responses

Stephon Marbury Was Sued in Virginia Court Last Week

According to RichmondBizSense.com, former NBA All-Star Stephon Marbury was sued in a Virginia Court last week for defaulting on loans relating to investment properties. U.S.Banks, servicing an abundance of loans on behalf of Wachovia, is suing Marbury and several of his business entities for approximately $3 million: “The suit contends that, through the entities, Marbury bought industrial and office properties across the county, including one on Poplar Drive in Petersburg that was leased to the US. General Services Administration for use by the Social Security Administration. Marbury also had investment property in Ohio and Colorado, the suit claims. 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 the suit claims personally guaranteed the loans — also lost a Los Angeles home to foreclosure, according to a story on the gossip site TMZ. Marbury owed $3.1 million on the 8,000-square-foot home.”

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  • spit hot fiyah

    he might just say f it and stay in china

  • Ali

    Who cares about this guys life off the court…Really SLAM, step ya basketball news game up! This isn’t TMZ.

  • Caleb Wall

    This was swiped from HoopsHype

  • danpowers
  • Caboose

    This is some pretty serious ish, not just something like “Guess what nightclub Dwight Howard was spotted in?!” Dude is in some serious legal and financial trouble, if you bothered to read the post.

  • BossTerry

    Maybe he’ll eat some vasoline and sing along to Aqua’s Barbie Girl….. In other news, Slam’s new format sucks… (but I love that one of the new rules is- “No Trolling” lol

  • Love IS Love

    Stephoun is broke .
    He’s just dumb. I’m sure that NY
    house is next. They can’t afford that. Living
    the life style that’s long gone.