Times are tough for business owners both big and small in 2011, and Basketball Hall of Famer Julius Erving is no exception. The former Philadelphia 76ers legend is being sued for nearly a quarter of a million dollars after an investment in a golf club went belly-up.

The AJC has the breakdown:

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.

That’s just all sorts of unfortunate. Erving has taken in plenty of post-playing work since retiring from the NBA in 1987, including stints as an an**yst on NBC and a gig with the Orlando Magic as an advisor. It’s not clear what his role in the failed golf club was, but he’s certainly on the hook here.

In what the AJC is calling an “unrelated” event, a litany of Dr. J’s personal memorabilia has gone up for auction, through the SCP Auctions company. It’s a pretty significant list of swag, available here:
Some of the marquis items from the collection include Dr. J’s 1974 and 1976 New York Nets ABA World Championship ring; 1983 Philadelphia 76ers World Championship ring; 1996 NBA’s 50 Greatest Players ring; MVP trophies from 1975-76 (ABA) and 1980-81 (NBA); 1977 and 1983 NBA All-Star game MVP trophies; 1979, 1981 and 1985 Eastern Conference All-Star game-worn uniforms, 1982-83 Philadelphia 76ers game-worn road uniform; and his final game-worn jersey from Game 5 of the 1987 Eastern Conference playoffs.

That’s not just some of his memorabilia — that’s all his memorabilia. Championship rings? MVP trophies? His jersey from his final game as a Sixer? It’s a cool stash, but it’s also more than a little depressing.

  • Big AL

    Thats fucced up. I heard he worked for coca cola after his hoop career tho. Every nba player and fan need to see this so they can know exactly what the nbapa is fighting for now. Cant play ball forever

  • Red(G.I.C.)

    Damn That’s Fucked Up when you have to get rid of the things That was apart of your life.

    whoeva get this items are getting a big part of NBA history

  • 614

    He’ll be sure to get the money from half of that. If not less, he shouldn’t offer it to the public though because it cheapens it. I would’ve held some big auction somewhere.

  • I met this man at the NBA all star game in Charlotte NC years ago. There was the old timers game at the time.. Met him along with Dave Bing and others. Dr. J is a class act. Nice man and sorry to see him with these troubles….

  • It’s no wonder why he’s auctioning off all of his memoribilia, being that he’s being sued for such a large amount of money, he has no choice. Thinking about all of the money that he must’ve made back in his day, this is kind of sad though. PEACE!!!

  • presto

    thats beat up but….presto doesnt feel bad for rich folk that cant afford their Bently’s and mansions anymore….live a regular life like the rest of us….and it still would be a comfortable life for the pampered compared to the reggies(regular ppl) of the world….buy a fukin 4 bedroom and a Kia…lmao!…life goes on…

  • Mo

    The Nets should give him a job after all the only championship banner they got was back in the ABA.

  • jamar

    another black man played for a sucker in a white mans world….live a simple comfortable life…..let the white man keep his bull$h!t.

  • Sean Coonery

    dont NBA pay pension to retirees/hall of famers

    • Isn’t that on ice during the lockouts?

      • Sean Coonery


  • erik

    Damn gotta feel sorry for this nicca, ain’t nobody safe out here

  • ParishT

    he should move in with javale mcgee’s mother http://www.youtube.com/watch?v=GNPs2aL9LGw&feature=player_embedded

  • Red

    That’s our legend.

  • 2cents

    Oh well i can see it now “Rise of A Legend- A Dr. J story” Starring Denzel Washington

  • That just goes to show u how bad NBA or athletes are bad in investment and financing. These guys really should learn a thing or to about being a business man.

  • Southwestern

    I would expect someone to step forward and help The Doc out (near-billionaires Magic and Michael?). $200,00 to them is like us lending a friend $100 for rent. I know it’s a cold, lonely world for a grown man in these types of situations, but the NBA Fraternity can’t let this man sell off ALL his s&@t.

    • moorfedayeen

      We’ll see.

  • KnowDTruth2011

    Well, Sad story but don’t feel too sorry for him.. I guess trading in the 1st wife after messing her over for the “trophy” wife can get to be very expensive…. Retired means no more mega-contracts……

  • Bill

    Damn, guess the royalties from The Fish That Saved Pittsburgh can’t save Julius…