Embattled New York Knicks Center Eddy Curry is facing foreclosure on his $3.7 million Chicago-area home, according to the Chicago Sun Times.

The report indicates that Bayview Loan Servicing recently filed notice in Cook County Circuit Court against Curry and his wife, Patrice, revealing that the couple is about eight months (more than $217,000) behind on their mortgage payments.

Curry — who was selected fourth overall by the Chicago Bulls straight out of Thornwood High School in South Holland, Ill., in the 2001 NBA draft — has earned an estimated $34 million since 2005.

However, financial mismanagement could be to blame — Curry is suing his former business manager for a “thorough accounting” of the 26-year-old’s finances during the last three years.

It could also be the reason Curry has been the target of five separate nonpayment-related lawsuits over the last 18 months. His former chauffeur, David Kuchinsky, earlier this year also accused Curry of sexual harassment in an outrageous case that is still pending.

Around the same time, Curry’s ex girlfriend and nine-month-old daughter, Ava, were murdered in Chicago.

Curry is not the only NBA star to fall into foreclosure — former All Star Latrell Sprewell captured national headlines in early 2008 when he defaulted on his half-million dollar home in River Hills, Wisconsin. For more on celebrity foreclosures check out our archive right here.

Here’s Ed McMahon talking to Larry King on CNN about what happened in his life to allow his California home to go into foreclosure:

McMahon died on June 23, 2009, at the age of 86. Rest in peace.

Finally … some good news about a relatively rich and semi-famous “celebrity” buying a foreclosure and not ending up in it like several others we have written about right here.

Milwaukee Brewers outfielder Ryan Braun — the National League Rookie of the Year in 2007 — recently purchased a five-bedroom, seven-bathroom foreclosure home in Malibu, Calif., for $4.85 million, according the Los Angeles Times.

It’s a quite a distance (and climate change) from blustery Wisconsin; however, it seems that the price was right — the report indicates that Mediterranean-inspired home was “listed at a high of $8.9 million in 2007 and had been marketed at $5,299,900 since the fall.”

That’s a handsome savings, especially when you consider luxurious amenities like this:

“The gated [home] has ocean views and sits on more than an acre with a swimming pool, spa and built-in barbecue. The interiors include three fireplaces and travertine and hardwood flooring. There is a two-bedroom, one-bathroom guesthouse and a movie theater.”

“The Hebrew Hammer” grew up in Granada Hills, which is about an hour east of the ritzy coastal enclave. His father immigrated to the United State from Israel at age seven.

We know that most folks aren’t high-rolling Major League Baseball All Stars, but if you want to check out other foreclosed homes in the Malibu area click here.

NBA stars present and past, Dwyane Wade and Alonzo Mourning, recently joined the foreclosure fight in South Florida, taking part in a roundtable discussion and bus tour that highlighted the growing foreclosure issue and how it’s affecting Miami communities.

HOPE NOW Alliance sponsored the Neighborhood Housing Services of South Florida (NHSSF) event, which was designed to raise awareness of the housing crisis that has gripped the region, as well as promote the free foreclosure assistance resources that are currently available to cash-strapped homeowners.

Here’s a snip from Wade via the Miami Herald:

“It hurts my heart. I know it hurts everyone’s heart in here. I’m here to help bring awareness to this and to let everyone know that there is an opportunity for them, and that there is hope.”

Wade plays professional basketball for the local Miami Heat and is currently among the top talents in the league. Mourning — who played for the Heat on-and-off for about 10 seasons — retired in 2008 and is the only player to have his number retired by the organization.

Their collective star power and celebrity undoubtedly helped garner much-needed attention for a problem that needs fixing fast to reduce the amount of residents in the area losing their homes.

In addition to the roundtable discussion, Wade and Mourning participated in a bus tour, visiting distressed homeowners and educating them about their options such as renegotiating the terms of their loans. The pair, naturally, also posed for photos and signed autographs for fans at each stop.

According to the report, “Miami was the third stop on HOPE NOW’s nationwide ‘Bringing Hope Home’ bus tour. Earlier this year, the caravan rolled through Newark, New Jersey, with Queen Latifah and Wyclef Jean, and Atlanta, featuring Mary J. Blige and Big Boi.”

Keep the wheels on that foreclosure bus turning round and round ….

“The King of Pop,” Michael Jackson, suddenly died today at the age of 50 as a result of cardiac arrest. His passing has and will unearth myriad issues throughout his successful — albeit checkered — career in the days, months and years ahead.

One topic that has been popular around here has been his real estate portfolio, including his sprawling Neverland Ranch estate located in Los Olivos, Calif., which he nearly lost to foreclosure in 2008.

Despite his tremendous success for nearly a half-century, during which he amassed a jaw-dropping personal fortune that most rich people can’t even fathom, Jackson was reportedly $500 million in debt.

He was a big spender.

And he poured countless dollars into Neverland, which he purchased for $19.5 million in 1987, to turn it into a giant playground, featuring “two railway lines, two helicopter pads, its own fire department, a zoo and a plethora of amusement-style rides,” according to MSN Money.

When all was said and done the property cost an estimated $10 million or more per year to maintain.

It was eventually too much to handle and Jackson defaulted on a $24.5 million loan. He avoided foreclosure by selling Neverland to a real estate investment company, Colony Capital, that entered into a joint venture with Jackson to renovate and re-sell it.

Talk about an incredible investment — Neverland will more than likely now fetch a tremendous return with Jackson’s passing. Unless, of course, it is turned into a museum to honor his memory.

Whatever happens … all eyes will eventually shift toward co-owner Colony Capital to see what the investors plan to do with the property as the many layers of this story get peeled back over time.