A $1.5 million yacht that belonged to former NBA star Latrell Sprewell is in the hands of federal authorities after he defaulted on the mortgage.
A federal marshal seized the boat at Manitowoc, where it was being stored.
The 36-year-old Sprewell played 13 NBA seasons and was a four-time All-Star. The Milwaukee native hasn't played professional basketball since turning down a three-year, $21 million extension from the Minnesota Timberwolves during the 2004-2005 season.
The marshal acted on a court order requested by a New York bank that plans to sell the boat to pay off more than a million dollars it says Sprewell owes on the mortgage. North Fork Bank says Sprewell's firm, LSF Marine Holdings, hasn't made its monthly payments of more than $10,000 on time or maintained the necessary insurance on the boat.
Sprewell couldn't be reached for comment on the repossession.
The 70-foot "Milwaukee's Best" was built in 2001 by the Italian firm Azimut-Benetti. Court documents show Sprewell bought the craft in 2003.