Julius Erving, a.k.a. Dr. J, faces lawsuit and is auctioning off memorabilia
Erving's company was loaned $1 million in the form of a line of credit in spring 2009 and were given a year to pay it off. As of Sept. 29, 2011 there was still an outstanding balance of over $200K and a demand letter for payment was sent. Erving has 30 days to respond to the lawsuit, which was filed Oct. 18.
In other news, Erving is auctioning off a absolute ton of his memorabilia from his days in the NBA. Items include multiple MVP trophies, multiple NBA/ABA championship rings and his final game-worn jersey, which are some big ticket items.
David Koehler, the CEO of SCP auctions, says the auction is unrelated to the lawsuit. "It's not that (financial difficulties); he was just willing to sell now. He was ready to do it. We've been talking about this for about a year, and this is going to be the 25th year since his retirement, so he decided it was the right time."
We really hope that's true and not another sad story of an athlete hard-up for money and having to sell his prized possessions.