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Stephon Marbury Sued Over $1 Corporate Sale

7/18/2010 4:15 AM PDT BY TMZ STAFF

Stephon Marbury -- who once made tens of millions to ride the NY Knicks' bench -- is now in a legal battle over the sale of his company ... for the grand total of $1, according to court documents.

0716_stephon_marbury_EX_Getty
In the lawsuit, filed Friday in L.A. County Superior Court, a woman named Thuymai K. Ung claims Marbury agreed to sell her 100% of his company -- which includes a piece of property in L.A. -- back in December ... for the sum of one American dollar.

In the documents, Ung alleges that Marbury is now claiming that he still owns part of the company and/or the property.

According to the suit, the property is currently in foreclosure, which might explain why Marbury -- who now dishes the rock in the Chinese Basketball Association -- would dump his company for ten dimes.  Then again, it's hard to explain most of what Marbury does.

Ung is asking the court to declare her the rightful owner of the company and the property. A rep for Marbury could not be reached.


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11 COMMENTS

No Avatar

1.

Cartman    

Boring.

1471 days ago
2.

michaela    

That woman is probably a real estate investor, who may have helped him set up the 'company' to be able to transfer ownership of the property that way (possibly a trust?) to avoid the 'due on sale' clause. The property was assumably already in foreclosure in Dec. That would have helped his credit rating, by only having lates, instead of a foreclosure on record.

But this is July. If the property is still in foreclosure, then that would mean the payments haven't been made. Soooo.., the question is: What happened?

1. The woman took the property 'subject to' and thought she could sell it quickly to someone else and didn't have the funds to pay the arrears. She couldn't find a buyer and reneged. Not good! That's the kind of behavior that gives all of us honest real estate investors a bad name.

2. Maybe he suddenly started putting up roadblocks, after he signed on the dotted line, made it impossible for her to sell the property. Maybe she had a buyer lined up and he suddenly decided he was still owner? That made her stop making the payments and the property went back into foreclosure.

1471 days ago
3.

NYCRocks!    

Wow! I can't believe that his life came to this. I remember back when he was in Lincoln High School and he was all over the local newspapers for his athletic ability. He was huge back then. The higher they rise the harder they fall.

1471 days ago
4.

cheryl    

Thanks, Michaela for the explanation.

1471 days ago
5.

BOOGERKING    

stephon is known for 2 things..

Being a mediocre basketball player and having a big ass head.

1471 days ago
6.

Lewy    

Five years from now Marbury will be broke and shining shoes in the Atlanta airport. He's a moron.

1471 days ago
7.

phosawe    

On Sun. night you did a thing on the guys going to play for the HEAT then you showed a pic of some women from Canada that were worse. It was a old photo of Indian women. Your as bad as the 7th cavalry. BAD,BAD TMZ, racist! We are beautiful women because we are the spirit of the land. Hey, Your just like MEL. No not really because you don,t have a lethal women that has got you by the balls.Ive just got to say I think he got $*%# but that's what happen when your guided by the other head! To bad Mel It's not right.

1470 days ago
8.

Lani     

This is nothing to jump for joy. Those without fault or failure
speak. I wish him well .

1470 days ago
9.

Lani     

Let those without sin or problems throw the first stone.
When he was on his "A" game you couldn't get enough
of Starbury . I'm praying 4 recovery for him and his family.

1470 days ago
10.

JunkInternetMail    

Just another news story with 1/2 the facts and no comment from either side officially...

And the haters can keep hatin...

1470 days ago
11.

caonimunaocan    

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1467 days ago

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