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Stephon Marbury sued for $3 million by banks in Virginia

Aug 30, 2012, 12:56 PM EDT

China Marbury AP

They may love him and erect statues to him in Beijing, but things are different in Virginia.

That is where Stephon Marbury, through his business entities, bought some commercial properties for investments. But the bank says they have not been paid on loans for those properties and because Marbury personally guaranteed the loans they are coming after him in court to get their pound of flesh. Or, just the cash.

The gory financial details of the well traveled former NBA scoring machine were detailed in a story at richmondbizsense.com (via SLAM).

U.S. Bank, which is servicing a bundle of loans originally owned by Wachovia, sued Stephon Marbury and several of his investment entities — one of which is called Starbury GSA — for $3 million. Marbury’s nickname as a high school phenomenon was “Starbury.”

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….

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.

This is no Marbury’s first financial issues stateside, remember is home in Los Angeles was foreclosed on. And banks have gone after him before for much more money.

Marbury is in China preparing for the next season of the Chinese Basketball Association — where his team is the defending champion — and has not yet commented on the lawsuit.

  1. sun602 - Aug 30, 2012 at 1:17 PM

    Do they accept statues as a form of payment?

  2. makeham98 - Aug 30, 2012 at 1:30 PM

    Penn State hopes so.

    • sun602 - Aug 30, 2012 at 2:42 PM

      lol

  3. rajbais - Aug 30, 2012 at 2:13 PM

    This was a guy that I truly never liked.

    I thought he used God-given for selfish reasons and every team that he played for got better after he left. He never got out of the first round for a reason.

    When you look at the way he was acting in New York in 2008 and 2009 he looked like a brat!!!

    He never gave enough heart for his team and never fought his way back onto the court treat basketball like an escapism!!!

    I have no sympathy for him.

  4. b7p19 - Aug 30, 2012 at 3:21 PM

    Steph clearly got some bad advice.

  5. lakerluver - Aug 30, 2012 at 5:54 PM

    @rajbais, I knew the cat was bad news when he didn’t want to play in Minny with KG. Winning was never high on “Starbury’s” list of priorities.

  6. paulhargis53 - Aug 30, 2012 at 7:17 PM

    Lakersucker, you know that you get a funny feeling in your pants when you see large, muscular black men.

    To the point at hand, its basketball, you know zilch about it, or any players personality or will to win.
    You need to just read and not post, you are a know nothing.

    • manchestermiracle - Aug 30, 2012 at 8:41 PM

      How is it you’re always the one mentioning “large, muscular black men?” Have just a bit of an obsession with them, do ya? Every one of your posts involves insults, dismissals, and general negativity. Do us all a favor, look in the mirror and take your own advice for a change.

    • ocgunslinger - Aug 31, 2012 at 4:26 PM

      @ Paulharda$$. You post nothing of value….EVER. Go away.

  7. paulhargis53 - Aug 30, 2012 at 9:31 PM

    manchester: I’m sorry my discussion of Lakersuckers obsession has irritated you.
    You could just ignore me, but you’re just as weakminded as he is. You don’t want to start with me, id save yourself some trouble and aggrevation.

  8. bcjim - Aug 30, 2012 at 11:09 PM

    Someone here needs a permanent time out from using pbt….

    And banks…do you really have to be told not to loan money to business ventures of pro athletes?

  9. anarchopurplism - Aug 31, 2012 at 8:35 AM

    Look out everybody……there’s a tough guy on this internet message board.

    Please proceed with caution and surf safely.

  10. paulhargis53 - Aug 31, 2012 at 9:25 AM

    anarcho: I’m absolutely amazed at how many of you people fall for my baiting antagonizing posts. It just floors me that there are that many stupid people.

    If you want to be made an example of, that’s your choice. In the meantime, you’re concentrating on me and not the topic at hand. Kind of silly to try to shame.me now isn’t it?

    You go ahead, try to make fun of me, call me out, whatever….

    You’re just playing into my hands by doing so.

  11. koloofai - Aug 31, 2012 at 3:07 PM

    Haven’t been on here in awhile and it seems Kurt is still useless at proof reading and editing. SMH

  12. nokoolaidcowboy - Sep 1, 2012 at 7:45 AM

    Marbury better get a good lawyer to represent him or he’ll never be able to set foot on U.S. soil ever again.

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