Antoine Walker Faces Foreclosure in Miami

Antoine Walker faces foreclosure in MiamiFormer NBA star Antoine Walker is still trying to unload his biggest asset -- his 2004-built Miami home that is threatened with foreclosure. The price has dropped to $3 million, down from $3.4 million when it went up for sale this summer.

Walker filed for personal bankruptcy protection in May, but his mortgage lender, SunTrust Bank, was granted a relief from stay in Walker's Chapter 7 case and is suing to foreclose on his home in Miami's Coconut Grove neighborhood.

The five-bedroom, 5.5-bath home (pictured below) has 7,111 square feet, a lap pool and zen garden, several covered outdoor patios, a mother-in-law suite, separate maid's quarters, and two separate gated entrances. Walker -- who played for the Boston Celtics and the Dallas Mavericks, and finally for the Miami Heat -- purchased the home on Wood Ave. for $3.1 million in 2005. The listing can be seen on the website of real estate agent Andre Shambley of the ERA Herman Group.

The kind of real estate woes that Walker has are not all that uncommon among professional athletes, as HousingWatch examined in "Sports Stars: From Homebuyers to Renters?" (which highlights the real estate troubles of Kevin Martin, Derrick Coleman and Walker, as well as looks at current listings of Adrian Beltre, Ted Lilly, and others).
Walker's bankruptcy filing listed four pieces of real estate including this Miami home, which is underwater with a mortgage of $3.5 million, and three other properties in Chicago, one listed for $1.4 million.

Walker, who reportedly earned more than $110 million during his 13-year NBA career and says he is now unemployed, retired from the NBA in 2008 and briefly played professional basketball this year for Puerto Rico's Guaynabo Mets.

Walker invested $10 million in Chicago real estate with an "old friend named Fred Billings" and soon became known as a slumlord for the uninhabitable conditions in some of the apartments, he told ESPN in an interview about his finances.

In response to a Chicago Tribune investigation into his Chicago properties last November, Walker apologized to his tenants, blaming his various problems on the bad economy and "a lot of financial mistakes throughout my career."

Walker said in a Tribune interview that he wanted to start a real estate venture that would help him ease into post-NBA retirement. He focused on his native South Side community, he said, out of hope that he could help revive some long-struggling neighborhoods.

"I wanted to be part of restoring the neighborhood. I've always been passionate about the South Side," he said. He also expressed regret that he did not wait to invest until after he retired and "had more time to be directly involved in the company."

On of his other real estate deals gone bad resulted in a $2.3-million foreclosure lawsuit on a mansion in Chicago's south suburban Tinley Park that he bought for his mother, reported Crain's Chicago Business.

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