Julius "Dr. J" Erving, a beloved basketball legend, a man who was Michael Jordan way before Michael Jordan, is now on the brink of having to face the foreclosure of his Utah home.
The man who helped to legitimize the American Basketball Association (ABA) and who is the recipient of three championships and four of the coveted Most Valuable Player Awards told TMZ that his 6,700-square foot home is "substantially underwater."
He also revealed that he basically owes much more than the actual value of the home. The home, which is estimated to be worth $2.23 million, is located in St. George, which is often referred to as Utah's Dixie because of its temperate climate. The community is a gateway to famed nearby Zion National Park and is the golf capital of the state.
Erving has been desperately trying to sell his property for more than a year, but has not been successful. The lavish property, which has a more than 10-foot-high front door, cavernous rooms, a putting green, basketball court, sprawling balconies and even a custom bathtub that resembles a lap pool which was designed to accommodate Erving's 6'7'" frame, went in to foreclosure last month, when the baller defaulted on his loan.
Back in 2006, Erving invested $3 million in the Heritage Golf Club in Tucker, Ga. The investment turned out to be disastrous. Erving was quoted as saying:
"From day one, I was somewhat duped into believing there was a value associated with the property."
In April of this year, Erving's dreams were shattered when he learned that all of his investment money was gone and that the 240-acre, 27-hole golf course was sold in a foreclosure auction.
The pro-basketball Hall of Famer, who made the "dunk shot," "cross-over," "dribble" and "no-look" pass famous, swore that his investment experience with the golf course had been a sobering one, and now he unfortunately faces yet another financial crush.
We wish you well, Dr. J!
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