Murdered NBA Player’s Ex-Wife Spends Most of $1 Million Ins. in 10 Months
*This could be filed under “Irresponsible with Money.”
Remember our story on NBA player Lorenzen Wright that we filed back in 2010 when he was shot to death and his decomposed body was found in the woods southeast of Memphis?
Well, Sherra Robinson Wright, who was at one point a suspect in the killing and whose divorce from Lorenzen was finalized only a few months before his death, received a $1 million life insurance settlement 14 months after his passing. According to the Memphis Commercial Appeal, it took her only 10 months to spend $973,000 of that.
Here’s how she spent the funds according to the Commercial Appeal:
• $32,000 for a Cadillac Escalade
• $26,000 for a Lexus
• $69,000 on furniture
• $11,750 for a New York trip
• $339,000 for purchase and improvement to a new home
• $7,100 for a pool deposit
• $5,000 for lawn equipment
• $34,000 on legal fees
Yes, it’s her money you could say, but as other family members contend, the proceeds were designated to support the couple’s six children.
The spending report, filed in September but only just now disclosed publicly, caused a judge to begin investigation of the living conditions of Wright’s children, writes Yahoo Sports. The judge also routed other money, the NBA’s $184,000 in death benefits, to Lorenzen Wright’s father Herb to benefit the children. Those assets are, at present, frozen.
However, Sherra Wright says the family remains financially sound, with $1.4 million in “assets on hand.” Much of that is tied up in the new house and three Arkansas investment properties.
But as you can imagine, there’s straight up drama between Herb Wright and Sherra Wright, who “testified Lorenzen Wright distrusted his father and as a result removed his father from any control over his accounts and finances.”
At the time of his death, Wright was operating under a child support order requiring him to pay $16,650 a month in child support and another $10,000 a month in alimony, for a total of $319,000 a year. That plan was concocted in 2009, in what would be the last year of Wright’s NBA career. There was no amended plan filed after Wright left the NBA and his income dramatically declined.
You can read more of this story at Yahoo Sports.
Source: Electronic Urban Report