Eddy Curry Ordered to Pay $1.2 Million in Debt…
I did a post on Eddy Curry a few weeks back entitled “That Boy Gettin’ Money,” but apparently Eddy is just as effective with a budget as he is in the post. As probably already assumed, Curry has been living quite the lavish lifestyle which included a $17,000-a-month suburban New York home, as well as a $6,000-a-month personal chef, and dozens of cars for himself and for relatives and friends. His extravagant spending habits must have gotten a little heavy as the Knicks center defaulted on a $570, 000 personal loan, and this all came to a head in court Friday.
Here are the details obtained via ESPN:
On Friday, a Manhattan court ordered Curry to pay $75,000 a month to lender Allstar Capital Inc. to resolve a debt that swelled to $1.2 million with interest. The court also has issued an order letting Las Vegas-based Allstar seize three of the cars: a Rolls Royce Phantom convertible and two Land Rover SUVs, all 2009 models.
Lawyers for both Curry and Allstar said Monday they were headed toward a settlement that would make the order moot. They wouldn’t disclose terms.
Curry’s lawyer, Mercedes Colvin, would say only that she believed the two sides had reached “a mutually satisfactory resolution of the matter.”
Curry earned $10.5 million this season and is scheduled to make $11.3 million next season in the final year of his contract. But the former No. 4 pick in the NBA draft has been dogged by financial and legal problems in recent years.
He took out the $570,000 personal loan in February 2008, promising to pay it back in five months at a nearly 85 percent annual interest rate — legal in Nevada, according to Allstar lawyer Donald N. David.
Curry argued he couldn’t pay off the debt at $75,000 a month because of his existing bills, which include $30,000 a month in household expenses at his family’s White Plains, N.Y., home, nearly $17,000 a month in payments to various other relatives and more than $1,000 a month in cable and satellite TV service, according to the court order. It said his wages already are garnished for more than $207,000; the order didn’t explain why, and lawyers wouldn’t elaborate.
The 7-foot center also suggested the vagaries of his basketball career should keep him from paying, noting his ending contract. State Supreme Court Justice Jane S. Solomon pronounced those concerns “irrelevant.”
All I can truly do is shake my head at this situation. How the hell is a dude that is making money hand over fist for doing nothing — I repeat, NOTHING — in debt? I am aware that they say roughly 67% of NBA players are heavily in debt within 2 years after leaving the league, but this man is still in the league GETTING BEAUCOUP BUCKS. Another thing I would like to know is who is advising dude? Hold up… a loan with an 85% interest rate. *blank stare* Who is he borrowing from, Marlo Stanfield? He couldn’t get one of his female “associates” to cosign? SMH. I know some athletes are ignant with money, but that’s when you pay an accountant to keep all of that in check for you. 30K in house payments, thousand dollar cable bills, 17K a month on relative expenses and 6K/month on a personal chef? A personal chef? Huh? How you spend $6K a month on a personal chef and you overweight and can’t move? Is someone going to and from McDonalds every day really worth $6K a month? I am willing to bet that Eddy Curry spelled his name wrong on the SAT’s.
My prediction is that Eddy Curry will be broke and living in his mama’s basement within 5 years if he keeps doing what he’s doing. He better hope and pray that the Knicks don’t ask for their money back.