Julius “Dr. J” Erving has been slapped with a $200,000 lawsuit filed by Georgia Primary Bank. According to the suit, he hasn’t paid up on a loan he took out for corporation, The Erving Group, Inc. of Atlanta.
The company was given a $1 million line of credit back in 2009. The balance was due the following year April. Erving used a Gwinnett County home as collateral for the loan.
Even after the line of credit was reduced to $750,000 and collections letters have been sent, the bank hasn’t received the outstanding balance of $205,277. 84.
But that’s not the end of his financial woes.
Erving purchased the Heritage Golf Club in 2008, but it went into foreclosure two years later.
While all of this is festering in Dr. J’s world, some of his most coveted NBA memorabilia items, including his 1983 Philadelphia 76ers championship ring, are being auctioned off on Friday. However, the doctor is denying that it’s tied to the lawsuit. In any event, the starting bids for some items begin at $25,000.
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