Stephon Marbury facing foreclosure on New York City condo
Here’s a headline that will no doubt have you in absolute shock: Stephon Marbury owes money to a bank and is likely to lose a property because of it.
According to TMZ, Marbury owes just over $844,000 on his New York City condo and hasn’t made payments since March 2010. Marbury purchased the unit in 2006, which is around the time the real estate market was booming. Though the market has made a comeback this year, his property is likely worth less now than what he paid for it seven years ago.
US Bank reportedly wants Marbury to either pay the full amount owed on the property or get out so they can sell it in an auction. Marbury also lost a home in Los Angeles to auction last year. Maintaining a high credit score clearly is not among his top priorities.
Marbury has been playing basketball in China and enjoying his status as a star in the enormous country.
What’s interesting is that 2010 seemed to be the year that Marbury said “screw it” to payments. That’s when he stopped paying his ex-mistress the hush money they settled upon to cover up their affair, and also when he supposedly stopped paying for this home. His decision to stop payments likely had a lot to do with his status in life; January 2010 is when he discontinued his NBA career and left to play in China for the first time.
