: Well MediaTakeOut.com has some BAD NEWS to report, Dr. J just took A MAJOR L. You know that FANCY golf course he opened up in Atlanta - well it's now in foreclosure.
According to his lawyer, the golf course just didn't bring in enough people. And worse, Dr J may have been SWINDLED by the person who sold it to him. Here's how the Atlanta Journal Constitution is reporting it:
"From day one, the business could not support the expenses," attorney Taylor said.It's sad to see, but hey that's business. Besides, we hear that Dr J got MAJOR PAPER tied up in other business ventures.What Erving didn't know was that the previous owner's mortgage on the property was in default, Taylor said.
The golf course, which Erving renamed Celebrity Golf Club International was not worth the $11 million loan Ervin assumed, Taylor said. Even worse, Erving's former friend knew the property wouldn't appraise for the loan amount, she said.
“The numbers were misrepresented," Taylor said.
Erving moved to Atlanta in 2008 and went to work trying to turn things around the golf course, Taylor said. But the monthly mortgage of $75,000 was just to steep, she said. He's now out about $5 million. The property is worth about $2 million, Taylor said.
"Mr. Erving never took a salary," Taylor said. "He never recouped any of his investment."
A real savvy business person would have had that crap appraised before assuming a loan. He or she would have also had a lawyer look into any possible liens or outstanding debts to avoid being caught in something like this. Getting screwed over by a friend is foul. I would kick that so called friend to the curb.
