Stephon Marbury Loses L.A. Home at Foreclosure Auction

Good thing Stephon Marbury's making bank playing ball in China -- because his L.A. mansion was just sold at a foreclosure auction.

According to new court docs, obtained by TMZ, Stephon owed $3.1 million on the 7-bdrm 8-bath 8,000 sq. ft. L.A. property -- and the house was just sold to a lucky buyer for $2.275 million.

The docs don't say whether the bank plans to go after Marbury for the balance -- or if this settles his debt.

Stephon just won a championship playing basketball for the Beijing Ducks in the Chinese Basketball Association -- so it's unclear if dude's even aware this happened. If not, consider this a memo.

And can you believe it -- it's been nearly 3 years since Stephon went on the Internet and ate Vaseline in front of thousands of people. Those were the days.