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16-acre estate set for auction in bankruptcy case

A former NBA ball player who earned roughly $62 million during his 18 year career suffered financial troubles after retiring in 2007. In 2009, the former all star was the victim of a string of burglaries. He had made a number of real estate investments and personally guaranteed the loans. The man filed for personal bankruptcy to relieve his large debt load.

At the time the former NBA great filed for bankruptcy he had assets of roughly $11 million and outstanding debts totaling $12 million. Those figures were recently updated to reflect a negative net worth of roughly $5.3 million. The bankruptcy trustee who is handling the bankruptcy estate says the real estate investments essentially torpedoed his finances.

One of the assets involved in the bankruptcy case is a West Coast home. The former ball player relocated and no longer lives in the home, which was the site implicated in the string of burglaries. Filing for chapter 7 or chapter 13 bankruptcy can often help a homeowner to retain possession of a home. In this case the former basketball star has surrendered the 16-acre estate to the bankruptcy.

The 5,900 square foot home is scheduled for auction on May 18. The bankruptcy trustee has set a minimum bid of $1.35 million for the property.

The bankruptcy trustee says the former ballplayer will come out of the bankruptcy proceeding without being destitute. He has assets, but many of the assets are not particularly liquid. The tough real estate market also apparently has created a financial situation where the former basketball player will benefit from his having filed for bankruptcy protection.

Source: Willamette Week, "Bankrupt Former Blazer's House To Be Auctioned," Nigel Jaquiss 27 Apr 2011

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