Aug 30, 2012, 12:56 PM EDT
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.
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.
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.
- Celtics deny Nets permission to speak with head coach Doc Rivers 0
- PBT Extra: Talking Heat/Pacers, and why Indy might be optimistic 0
- If Phil Jackson could have any player to start a team it would be… Bill Russell 26
- LeBron, Durant, Kobe headline All NBA First Team 24
- It’s official: Krzyzewski back to coach Team USA through Rio Olympics 1
- Report: Dwight Howard will consider multiple teams in free agency, is said to be most intrigued by the Rockets (122)
- Kobe Bryant responds to Michael Jordan comparison from Phil Jackson (90)
- Alonzo Mourning says Scottie Pippen says LeBron would “kick Jordan’s ass” (76)
- Bradley Beal said he’d lose respect for a teammate who acted like Derrick Rose (67)
- Pacers advance to the Eastern Conference Finals with Game 6 win over Knicks (60)
- Watch LIVE: Sharks-Kings, Game 5
- PHT: Wings push Hawks to brink of elimination
- PHT: Rangers live another day, edge Bruins in OT
- PBT: Hibbert says Battier's knee to groin intentional
- OlyTalk: Lochte says Phelps will return soon
- CSN: Francona returns to Boston | Legacy?
- Tebow fact: He reminds Chuck Norris of Chuck Norris