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Dr. J's Baller House -- On the Brink of Foreclosure

12/15/2010 11:20 AM PST BY TMZ STAFF

NBA legend Julius Erving is about to lose his 6,700 sq. ft. house in Utah ... because it's about to go into foreclosure.

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The house -- which the former basketball star has been trying to sell for over a year -- went into pre-foreclosure last month ... after Dr. J defaulted on his loan.

Erving tells TMZ, the house is "substantially underwater" -- meaning he owes more than it's worth.

The house -- located in St. George, Utah -- is worth $2.23 million, according to Foreclosures.com.


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35 COMMENTS

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31.

Tammy    

People need to realise that he was rolling in dough FOR HIS TIME and didn't get paid the kind of bank as current sports players. I'm sure he'd love to have come into the game at this time and sign those mega multi-million dollar contracts.

1377 days ago
32.

Reese    

How do you lose respect b/c his house went into foreclosure. Dr j played basketball when the top salary was 100,000... Not 4 or 5 million. He did like the rest of the US did... Bit off more than he could chew... U live and you learn... Still a great basketball player not a so great accountant!

Some of you can't manage a $60...0 a week check, cut everyone some slack... Plus he probably has more than one home...

1377 days ago
33.

DJ    

Funny that almost no people on this blog seem to consider through their writing that maybe Dr. J has another home and doesn't care about this one going into foreclosure because it's a liability (he still has expenses and taxes on the house). Thousands of people walked away from their homes during the recession for the same reason. You can kind of tell the people who have half-way thought this through, calling him names and making assumptions. It's been on the market over a year. The house is underwater and he's rich. What does he care about credit? He can pay cash. Duh...

1377 days ago
34.

4yoinfo    

Why should he continue to pay more for something that it is worth. A former BB player is not rsponsible for the decline in the housing market, it is the banks who pushed for deregulation and started writing this crazy interest-only loans and such. So now the market collapses and the banks get bailed out and Dr J is expected to pour money into something that is not worth what he is asked to pay.

banks also have the responsibility to keep the market strong to protect their investment. They made money writing dumb loans and creating stupid loan products. The banks jerked themselves- but oh yea, they got bailed out anyway- so they will probably do it again.

1377 days ago
35.

Lamar    

Just because he played ball....decades ago...doesn't make him a smart business man.

Like he said....he owes more than it's worth...why not let it go. Everyone else does it.

Besides, it's not like he hasn't tried to sell it.

He was my favorite growing up....way before there was a MJ...walking on air

1362 days ago
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