Report: Stephon Marbury Sued for $3 Million After Defaulting on Loans

Report: Stephon Marbury Sued for $3 Million After Defaulting on LoansYou know that stuff we wrote last week about Stephon Marbury
being in a good place?

Yeah, nevermind.

Things were going well for Marbury, for a while. He was
immortalized in statue form in May after leading the Beijing Ducks to the
Chinese Basketball League championship, prompting him to send an unsolicited
email
to GQ magazine telling their well-dressed editors how great everything was going for him. At
35 years old, Marbury appeared to have finally found his place.

Not so fast. Marbury was reportedly sued for $3 million last week by
U.S. Bank for failure to pay loans on industrial and commercial properties across
the country purchased through Marbury’s investment entities, according to
Richmond Biz Sense. The suit includes properties in Virginia, Ohio and Colorado, according to the
report, as well as a Los Angeles home he reportedly lost to foreclosure.

“Wachovia lent $1.4 million to Marbury in 2007,”
writes Aaron Kremer. “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.”

The indignity does not end there. In providing background on
Marbury later in the story, Richmond Biz Sense refers to the two-time NBA
All-Star and former All-Rookie first teamer as a “journeyman.” Oof.

Have a question for
Ben Watanabe? Send it to him via Twitter at @BenjeeBallgame or send it here.

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