Warren Sapp has been sued by a bank in North Carolina that is seeking almost $1 million he borrowed to purchase a property in an “exclusive mountain residential development” near Asheville, N.C.
HomeTrust Bank contends in the lawsuit that Sapp has not made any payments since February and that he owes a principle of $989,000 and an additional $70,000 in charges and fees.
Sapp was a seven-time Pro Bowl performer and is considered a strong future candidate for the Pro Football Hall of Fame.
Just like all real estate investors in the current market, Sapp is probably feeling the effects of the financial crisis. Many experienced real estate developers and investors have lost large amounts of money so having a former athlete run into this difficulty is not surprising.