Basketball Legend’s Home Falls into Foreclosure
There is another proof that foreclosure affects not just ordinary people but also high-profile celebrities. A retired basketball legend has reportedly admitted having his home in Utah foreclosed. The basketball star defaulted from an underwater mortgage.
Julius Erving,
also known as Dr. J in the basketball scene, has disclosed that his $2.23 million house in Utah is under foreclosure. This is another reminder that foreclosure affects not just ordinary citizens, but also high-profile celebrities and sports icons. Mr. Erving joins a list of several US celebrities who have already admitted being among the victims of continuously increasing foreclosure in the country.
Celebrity news organization TMZ claims that Mr. Erving has admitted to the group that his Utah property is ‘substantially underwater’. Underwater mortgages are home loans that have become greater than the current valuation of the property that was used as a security for the mortgage. Many homes across the country have become underwater as home prices continue to fall and loan interest rates continue to remain high.
Mr. Erving’s Utah house is a 6,700-square-foot property situated in St. George. The community is located at the southwest portion of the state. St. George is about 120 miles to the northeast of nearby Las Vegas in the neighboring state of Nevada. Experts have estimated that the property has a current valuation of about $2.23 million.
According to additional reports, Mr. Erving’s Utah home entered the pre-foreclosure stage in November following the retired basketball star’s default on an undisclosed loan. Sources claim that Mr. Erving has been attempting to sell the house since 2009.
Mr. Erving is considered a basketball legend. He was known in his sports career for his signature acrobatic dunks. He was inducted in 1993 into the Basketball Hall of Fame. During the height of his career (1971 to 1987), he averaged about 24 points per basketball game. He played for New York Nets and Virginia Squires in the American Basketball Association (ABA) and for Philadelphia 76ers in the National Basketball Association (NBA).
Numerous basketball fanatics consider Mr. Erving as among the most amazing basketball stars ever. He is considered as among the best dunkers in basketball history. He is usually cited for the popularity of the ‘slam’ dunk. In 1987, he decided to retire from playing basketball at a young age of 37. He has also become a subject of a popular videogame called ‘One on One: Dr. J versus Larry Bird.’
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