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Dr. J sued by bank, auctions NBA title ring

Posted on: October 25, 2011 9:17 pm
Edited on: October 25, 2011 9:19 pm
 
Posted by Ben Golliver

julius-erving

You fight your entire career, suiting up in two professional leagues for more than a decade, battling Larry Bird's Boston Celtics and Magic Johnson's Los Angeles Lakers to finally grab your first NBA title. You cuddle with the Larry O'Brien trophy and cherish your championship ring for more than 25 years. And, then, all of a sudden, you put it up for auction? Along with just about every other personal item and effect that might have some value? 

That's the situation that Philadelphia 76ers legend Julius "Dr. J" Erving finds himself in.

SCP Auctions informed the media on Tuesday that a large quantity of Erving memorabilia -- including his 1983 76ers championship ring -- will be auctioned off in what the site calls "certainly the most important and comprehensive basketball player collection ever brought to market."
“I am very excited to work with SCP auctions to offer my personal collection of memorabilia to collectors and fans,” said Erving. “It is my hope that the buyers of these items will derive much pleasure from their ownership. I also hope these treasures initiate much discussion inside and outside of basketball circles that help to preserve my legacy. It pleases me to support my lifelong charity, the Salvation Army, with a portion of the proceeds. My family and I thank all of the fans for their continued support throughout the years.”

Some of the marquis items from the collection include Dr. J’s 1974 and 1976 New York Nets ABA World Championship ring; 1983 Philadelphia 76ers World Championship ring; 1996 NBA’s 50 Greatest Players ring; MVP trophies from 1975-76 (ABA) and 1980-81 (NBA); 1977 and 1983 NBA All-Star game MVP trophies; 1979, 1981 and 1985 Eastern Conference All-Star game-worn uniforms, 1982-83 Philadelphia 76ers game-worn road uniform; and his final game-worn jersey from Game 5 of the 1987 Eastern Conference playoffs.
The collection can be viewed online here.

The news comes -- coincidentally (or not) -- on the same day that the Atlanta Journal-Constitution reports that Georgia Primary Bank is suing Erving for more than $200,000.
Basketball legend Julius Erving owes more than $200,000 on a loan with Georgia Primary Bank, according to a lawsuit filed in Fulton Superior Court. The bank filed a lawsuit Oct. 18 against Erving, 61, and his corporation, The Erving Group Inc. of Atlanta.

Erving's company was given a $1 million line of credit in April 2009, which was due the following April, according to the lawsuit obtained by the AJC. Erving used a Gwinnett County home as collateral to secure the loan, the lawsuit states. In August 2010, the line of credit was reduced to $750,000 and the maturity date extended to July 24, the bank stated in the suit. But, an outstanding balance of $205,277.84 has not been paid, despite a demand letter for payment sent Sept. 29.

Erving, better known by his nickname Dr. J, moved to the Atlanta area in 2008, about two years after purchasing the Heritage Golf Club, near the Gwinnett-DeKalb county line. The AJC reported in April 2010 that the golf club was in foreclosure.
I guess this is about as depressing as the NBA gets. I'd like to say that this is the first time or that it will be the last time, but we all known that's not the case.

Memories and mementos only become available like this once in a lifetime, at most. So all you Julius Erving impersonators and look-alikes out there better go crazy while the gettin' is good. 

Hat tip: Ball Don't Lie

Comments

Since: Oct 26, 2011
Posted on: October 26, 2011 4:42 pm
 

LENNY DYKSTRA HAS PLACE FOR THE DOC TO STAY

Does anybody expect the american tax paying (hard working) middle class to feel sorry for this man ? Doctor J is a Doctor jerk.
We bust our backs 5 days a week to keep a roof over our heads, drive 50 miles a day to work and make less in a year than these guys make in one paycheck. I'm not doing that bad but compared to professional sports salaries it's nothing. AND It's not like he cured polio or did anything for the advancement of society - I mean come on, he put a ball through a metal ring with a net on it.  American priorities are so screwed up if anyone has any sympathy for this "doctor". Maybe he can have Lenny Dykstra give him some pointers on some stock options or at least give him a free car wash, better yet maybe Alan Iverson can put him up in his Turkish shalet. When the economy is tanking and millions are struggling, it is not a good time to "feel sorry" for millionares who blow it on poor choices. The interest alone on a million is 30 grand a month. At a time when Jimmy Rollins wants 12 million a year, and other BALL playing bab00ns getting millions for nothing  --  or call it this american obsession with pro sports, I have no sympathy or could care less if he was in the street begging for food. The american people are tired of CEO millions, sports millions, bonus millions, while we struggle for five figure jobs with no benefits. Look elsewhere for tears because they ain't coming from me. Maybe the DOCTOR should have went to night scholl and become a chiroprator or got his law degree like Tony LaRusso.  71 and broke after that career, simply mindboggling. Outright pathetic.   



goodbeek
Since: Oct 26, 2011
Posted on: October 26, 2011 1:03 pm
This comment has been removed.

Post Deleted by Administrator




Since: Jun 25, 2009
Posted on: October 26, 2011 11:56 am
 

Dr. J sued by bank, auctions NBA title ring

 It is sad to see though, but people forget that athletes in that era didn't have the earning potential of today. Maybe this story should be something that the NBAPA and NBA Owners should ready and realize how much more Dr. J deserves their millions and billions than they do.

Like I already pointed out, Dr J had unbelievable earning potential and made millions of dollars in his life... he just blew the money and made bad investments, that's all.   He signed a 4 year deal for 500 grand in 1971..... you obviously have no idea what that money was worth back then.  I already gave you an example of somebody who even much later then 71 sold an apartment in new york for 40 grand and bought a beach front property in Florida worth 3 million dollars today.  Dr J could have paid for a beach front property in cash every year from 71 to 75 and never worked again if he wanted to rent them out, let alone make millions more later in the NBA.

Forget what players make today... that's not the issue. The point is when regular people were literally making literally 3 dollars per hour minimum wage at 6 grand per year or 24 grand for 4 years in total, this guy was doing 500 grand in 4 years.. and then much much more in the NBA after that.

Dr J should have MILLIONS of dollars in his bank account right now with beach front property world wide....  and everything else he wants. The fact he's broke, tells me he had no clue on how to manage his money.  Once again, forget today's overpaid athletes....  but don't forget today's athletes are spending millions on homes that were worth 40 and 50 grand in the early 70's....  today's athletes are not profiting from their real estate purchases but are losing money.  Anybody smart that had money in the 70's and 80's should have made a fortune.... crazy money beyond belief..... values just kept increasing year after year after year.. for decades actually.   

No excuses.. he was a phenominal player and from what i hear an awesome guy... but he was stupid financially, and he's paying for it today.  



Since: May 8, 2007
Posted on: October 26, 2011 10:37 am
 

Dr. J sued by bank, auctions NBA title ring

300 K for ALL the memorabilia? I'm willing to bet that Dr. J gets well over 7 figures if he moves all of that stuff. It is sad to see though, but people forget that athletes in that era didn't have the earning potential of today. Maybe this story should be something that the NBAPA and NBA Owners should ready and realize how much more Dr. J deserves their millions and billions than they do.



Since: Jun 13, 2007
Posted on: October 26, 2011 2:00 am
 

Dr. J sued by bank, auctions NBA title ring

$200,000?  That would be couch change for Kobe Bryant.  Kobe grew up in Philly and he should help out the icon of Philadelphia basketball by offering Dr J $300 K for all the memorabilia.  With that kind gesture, the players could win back the fans.  On the other hand, Dr J could get a job like the rest of us.  Basketball hall of famers with jobs include Larry Bird, Earvin Johnson, Kevin McHale..., well you get the picture.  Dr J could do analysis or color commentary for the 76ers or Magic.  He could also be one of those giggling in studio guys that seem to say nothing and it starts a round of laughter.  Well, Greg Anthony is the exception, but he is also an attorney.  David Stern could offer Dr J a job as an ambassador or whatever positions they give to former players who blew up their nest eggs.  I imagine he has other outstanding debts other than this bank note.  Who knows what credit card debt, unsecured loans and delinquent mortgage payments, repossessed cars he has out there.  I feel bad for Mr Erving, but I think he could have avoided being down and out.



Since: Jun 25, 2009
Posted on: October 26, 2011 12:36 am
 

Dr. J sued by bank, auctions NBA title ring

Apparently this was just an investment gone bad and as a player out of the league for close to 25 years (way before the crazy money) got in over his head.  I hope he can recover and I hate to hear he is losing all that precious memorabilia.  

I loved Dr J as a player, but don't feel sorry for him or make excuses for him.  Dr J made a TON of money in his day, many many millions of dollars.  As for your comment saying he retired well before contracts got crazy, you're only partially right.  In 1971 Dr J signed a contract with Virginia, a 4 year deal for 500 thousand dollars.  He easily took home 75 thousand dollars per season after taxes.   If he would have done the right things just in those 4 years alone he would have been set for life...... how you say?  I'll give you an example.  I know somebody that in the mid to late 70's sold a New York city apartment he owned for 40 thousand dollars, moved to Clearwater Beach Florida and bought an huge house, right on the beach.  That has today is worth 3 million dollars... there are thousands of examples like that for the very small percentage of people that had that kind of money those days.  He could have bought a property like that every year in his first 4 years, lived comfortably and saved money...  and God knows what he made in the NBA, but he made millions.  And endorsements... made plenty there as well.  

Loved him as a player and from what I saw as a person.. still remember the day he retired and the ovation he recieved.. but for Dr J to be broke is a crime.... ridiculous.  These athletes are greedy... that's all.  They make stupid investments trying to make more money then they'll ever need in life, only to lose in the end.... just stupid, stupid, stupid.





Since: Oct 25, 2011
Posted on: October 25, 2011 11:35 pm
 

Dr. J sued by bank, auctions NBA title ring

It's very sad to hear this story, but it was clearly an investment gone very bad.  However, to say that Dr. J is an afterthought just shows ignorance of his talent and the history of the game.  I was very lucky to have seen both players in their prime, having lived in Denver the last years of the ABA and in Chicago all through the Jordan years.  I attended the last ABA All-Star Game, at which the original slam dunk contest was held -- you know, the one with the famous Dr. J dunk from the foul line -- the one that Jordan imitated years later?  Jordan is the best that ever played, but Erving indisputably held the crown before him.  While I am a huge fan of Jordan and don't believe for a minute he ruined the game, Jordan's style would not have existed had it not been for Dr. J.  And Erving is a class individual, I daresay more so than Jordan, with his gambling and other vices.

The problem with most fans today is that they never saw the ABA players, so they play them down and think they were unimportant.  Fact is, they changed the NBA game.  If you look at a list of the NBA all-time scoring leaders, Dr. J is way down the list.  However, add in ABA points and he is #5!  The merger came a few years too late for him; he was already in his prime.  You can scoff and say the ABA was a run-and-gun league, which it was, but there's only two other ABA players in the top 10: Moses Malone, who only played 2 years in the ABA, and Dan Issel (George Gervin is #14.  I now live in San Antonio and ran into him at the airport one day).  You can say that Dr. J couldn't dominate and win by himself in the NBA, but that is also true of Jordan and any other dominating player you want to name - Bird, Magic, Kareem, Russell.  You don't remember the two years of losses to Detroit when he had no supporting cast?  It wasn't until he got Pippen, Grant and Cartwright that he won.



Since: Aug 16, 2006
Posted on: October 25, 2011 10:45 pm
 

Dr. J sued by bank, auctions NBA title ring

While I'm sad to hear about Dr. J's troubles as I always liked and respected him. But how dare you say that MJ ruined the game? Jordan put the NBA on the map, he made the NBA. No single person, player whatever did more for the game than Jordan. Compared to Jordan..... Erving was and is just an afterthought.




Since: Dec 3, 2007
Posted on: October 25, 2011 9:57 pm
 

Dr. J sued by bank, auctions NBA title ring

Wow, I am saddened to read this about Dr. J.  He was the star when I was kid in the 70's & 80's (before MJ came along and ruined the game) and always thought he was a class act (way before thugville came along to dominate the NBA).  Apparently this was just an investment gone bad and as a player out of the league for close to 25 years (way before the crazy money) got in over his head.  I hope he can recover and I hate to hear he is losing all that precious memorabilia.   



Since: Oct 5, 2010
Posted on: October 25, 2011 9:55 pm
 

Dr. J sued by bank, auctions NBA title ring

This is another sad story of an african american athlete that is broke!!!!


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