One of these days I’ll have to dig in and find the worst contract rejections in the history of sports. I’m thinking Jody Reed for baseball–remember that? And now, you’ve totally got to add Latrell Sprewell’s refusal to sign a $21 million extension from the Timberwolves in 2004. From ESPN:

Former NBA star Latrell Sprewell‘s home is up for foreclosure and his yacht sold at auction to help pay off the $1.3 million he owes on the boat, according to court filings.

Sprewell, who once turned down a three-year,$21 million contract extension saying, “I’ve got my family to feed,” has apparently fallen on tough times.

RBS Citizens NA, or Citizens Bank, filed a foreclosure suit last week in Milwaukee County for the $405,000 home Sprewell bought in the Milwaukee suburb of River Hills in 1994.

In court documents, the bank said Sprewell owed $295,138 in outstanding payments plus interest.

Sprewell failed to make his mortgage payments of $2,593 per month from September 2007 to January 2008, the documents said.

Hard to believe he hasn’t gone overseas to play. He could definitely make some money there, at least for a year or two.