Latrell Sprewell falls on tough times -- Loses his yacht!

Former NBA superstar Latrell Sprewell has fallen on hard times financially since retiring from basketball at the end of the 2005-2005 season.

His home is up for foreclosure, and his yacht has been sold at auction because he hasn't kept up with the payments. This comes from a guy who once turned down a $21-million contract he deemed not rich enough on the grounds that he had a "family to feed." As they say, pride comes before the fall.

Luckily he's had some good news lately ... er, sort of: New York prosecutors indicated they would drop their case against him stemming from allegations that he had assaulted his wife in front of their children.

It's been a tough time for Sprewell, who gained infamy in 1997 when he choked his coach. Legal and financial woes have dogged him, making a possible NBA comeback seem increasingly likely for the 35-year old.