Basketball legend Julius Erving aka Dr. J 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.
Erving has 30 days from the day he is served to answer the lawsuit, Ray Smith, the attorney representing the bank, told the AJC. By Tuesday afternoon, Erving had not yet responded to the suit, Smith said.
On the flip side, many of Dr. J’s basketball memorabilia items, including his 1983 Philadelphia 76ers World Championship ring, will be up for bidding Friday, SCP Auctions said. Other items on the auction block include Erving’s ABA championship rings from 1974 and 1976 with the New York Nets, MVP trophies from both the NBA and the ABA, and jerseys.
The minimum bid is $25,000 for the NBA championship ring, and $20,000 for each ABA title ring and the NBA MVP trophy, the auction house said. In a statement released by the auction house, Erving said he plans to donate a portion of the auction proceeds to the Salvation Army.https://theurbandaily.com”%5D