clock menu more-arrow no yes mobile

Filed under:

NBA Star Dwyane Wade's Suburban Home Facing Foreclosure

New, 7 comments

The former suburban Chicago home of Miami Heat guard Dwyane Wade is currently facing foreclosure. According to TMZ, the NBA superstar is worth approximately $100 million, and brings in roughly $30 million a year, so what's going on? Wade lived in the 7,800 square foot South Holland home with his wife and children until 2007, when the couple divorced. Last year Wade finally settled with his ex-wife, paying out $5 million and relinquishing ownership of the home.

Wade has also been on the hook for $25,000 a month for spousal support. After being awarded the house last year, Wade's ex-wife stopped paying the mortgage, and on August 11, the bank filed a foreclosure notice for the $225,000 balance. Since Wade signed the original mortgage papers, the bank is asking him to pay up, but Wade's lawyer has stated that the NBA star has no further payment obligations on the home.

The six bedroom, seven bathroom home is currently listed for sale for $1.2 million. Sitting on a 3.2 acre lot, the home sports a theater room, an exercise room, a sauna, a pool and includes a two bedroom guest house. The listing also mentions that "some custom furniture may be for sale by the owner".

UPDATE: We've received a message from Dwyane Wade's representative, who forwarded a message from Wade's lawyer Jim Pritikin regarding the South Holland home foreclosure situation:

Dwyane Wade and his ex-wife Siohvaughn Funches reached a financial settlement in July 2013, which included Ms. Funches being awarded the Chicago home in which she resides. Mr. Wade had provided a very generous settlement to Ms. Funches to continue to live a wonderful lifestyle and maintain the home mortgage payments he previously paid before the settlement was reached. As the sole homeowner, Ms. Funches defaulted on the mortgage and the home is now under foreclosure with the bank. We will take the necessary measures to affirm Mr. Wade is not responsible for the home's foreclosure since he was absolved of all financial responsibility when Ms. Funches was awarded the house. ·Dwyane Wade Chicago can be cold foreclosure imminent [TMZ]
·Dwyane Wade Faces Foreclosure on His Chicago Property [International Business Times]
·1614 E 158th St South Holland, IL [Redfin]