Former professional basketball star Latrell Sprewell, who three years ago rejected a $21 million contract offer, calling it insulting and saying he had a family to feed, had his 70-foot, $1.5 million, Italian-built yacht repossessed Tuesday.

Armed with an order from U.S. Magistrate Judge William E. Callahan Jr., a federal marshal seized the vessel in Manitowoc, where it sat in storage.

Callahan is presiding in a court case filed by a New York bank that claims the yacht's owner, a company run by Sprewell, has defaulted on a mortgage loan.

The firm, LSF Marine Holdings, hasn't made monthly payments of $10,322 on time and hasn't maintained the necessary insurance on the vessel, North Fork Bank alleges.

It wants the yacht, "Milwaukee's Best," sold to pay off the $1.3 million it says is remaining on the loan. Sprewell has guaranteed the loan personally, a contract filed with the court shows. He could not be reached for comment on the repossession.

Via Milwaukee Journal Sentinel

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