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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