Basketball legend Julius “Dr. J” Erving is learning a life lesson on the greens of Atlanta, Ga., which is a far cry from the lessons he taught on the hardwoods of Philadelphia, Pa., throughout much of the late 1970s and 1980s.
The original creator or the “slam” dunk appears to have been hoodwinked in a real estate investment gone bad.
Atlanta Journal Constitution reports that the Hall of Famer trusted his friend and former partner to assume an $11 million loan in 2007 to purchase and operate the Heritage Golf Club in Tucker, which the pair later re-named Celebrity Golf Club International.
Unfortunately, the 27-hole, 20-acre course is only worth about $2 million today. And it’s unable to generate the $75,000 monthly loan obligation.
Foreclosure is, therefore, likely imminent. However, the good doctor, who lost about $5 million on the deal, is apparently taking it all in stride.
His attorney, Dorna Taylor, reveals that Erving will cut his losses and focus on other projects instead.
In fact, he intends to “develop seven courses throughout the world.”
Rock the baby!