Hall of Famer Julius "Dr. J" Erving is auctioning off his personal basketball memorabilia collection but denies it's connected to a lawsuit filed against him by a Georgia bank.
The lawsuit was first reported Tuesday by the Atlanta Journal-Constitution.
Erving told The Associated Press that he plans to donate a portion of the auction proceeds to the Salvation Army. The collection includes his 1983 NBA championship ring, a pair of ABA championship rings and MVP trophies from each league, the AP said.
The lawsuit was reported hours after SCP Auctions announced that bidding would be open to registered bidders on Friday. The timing of Tuesday's announcements led to speculation that Erving was selling his collection because he needed cash.
But Erving said there is no connection.
"That irony actually gave me a sleepless night last night," he said. "I had to laugh at it and cringe at it that these stories would run concurrent with one another."
He said the auction was part of a long-planned celebration of his career. He told AP that most of his cherished possessions were in storage and that he rarely looked at his collection. He said he occasionally wore his 1983 ring and never his ABA rings. Erving said he will keep his Hall of Fame ring. His induction into the Hall of Fame came in 1993.
"My family is 100 percent behind it," he said. "We decided to do it a long time ago. To claim it's a firesale or to clear up some debt, I don't think so. You don't do an auction overnight. This has been long planned. We had 4,000 catalogs that have been mailed already to people who buy this kind of stuff," Erving told AP
The items available at the SCP Auctions website.
According to the lawsuit, filed in Fulton Superior Court, Erving owes more than $200,000 on a loan with Georgia Primary Bank.
The bank filed a lawsuit Oct. 18 against Erving, 61, and his corporation, The Erving Group Inc. of Atlanta.
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.
Erving has 30 days from the day he is served to answer the lawsuit, Ray Smith, the attorney representing the bank, told the AJC. By Tuesday afternoon, Erving had not yet responded to the suit, Smith said.
Calls to Erving's attorney were not returned.
The Associated Press contributed to this article.
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