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.
- Jim Buss open to the idea of Kobe Bryant playing beyond this season 14
- Derrick Rose on sexual assault suit: “I am confident I will be proven innocent” 2
- Report: Kyrie Irving likely not back opening night, could be out until January 14
- Legendary Sixer, backboard-shattering dunker Darryl Dawkins dies at 58 14
- After Rio Olympics next summer, who takes over at Team USA coach? 7
- Kobe, Shaq discuss regrets over feud that ended their Lakers era 48
- NBA fines Clippers for attempting to circumvent salary cap with DeAndre Jordan 10
- The most overlooked – and maybe most significant – reason Carmelo Anthony won’t waive his no-trade clause this season 17