In case you have forgotten, in 2005, according to Wikipedia, here's where Latrell Sprewell stood, contract-wise.
One month into the 2005-06 season and without a contract, Sprewell's agent, Bob Gist, said his client would rather retire than play for the NBA minimum salary, telling Sports Illustrated, "Latrell doesn't need the money that badly. To go from being offered $7 million to taking $1 million, that would be a slap in the face." Several days later, Gist said that Sprewell planned to wait until "teams get desperate" around the trade deadline in February, and then sign with a contending team (an eventuality that never materialized). Gist said that Sprewell would not be interested in signing for any team's $5 million mid-level exception, calling that amount "a level beneath which [Sprewell] would not stoop or kneel!"
Well, that didn't turn out well; there were no more contracts coming. And now the poor fella has to sell his awesomely named yacht, "Milwaukee's Best."
Former NBA star Latrell Sprewell's home is up for foreclosure and his yacht sold at auction to help pay off the $1.3 million he owes on the boat, according to court filings. RBS Citizens NA, or Citizens Bank, filed a foreclosure suit last week in Milwaukee County for the $405,000 home Sprewell bought in the Milwaukee suburb of River Hills in 1994. In court documents, the bank said Sprewell owed $295,138 in outstanding payments plus interest.
You know, it happens. These families (and boats ... and lawsuits ... and parties) aren't going to pay for themselves.
Spree Can't Afford To Feed His Yacht [The Howeva Files]