PNC Bank in Lexington has sued former Duke and NBA player Bobby Hurley and his Devil Eleven Stables for defaulting on a $1 million loan.
According to the suit, Hurley and his wife, Leslie, and their stable owe at least $946,961.58 in principal and interest. A call to Hurley's attorney, bankruptcy specialist Brian Rich of Berger Singerman in Tallahassee, Fla., on Friday was not immediately returned.
Following a motion by the bank, the court on Wednesday ordered the seizure of Hurley's 12 shares in the stallion Songandaprayer, by Unbridled's Song, which were collateral for the loan.
Hurley paid $1 million for Songandaprayer as a 2-year-old. The colt then won the 2001 Fountain of Youth Stakes at Gulfstream Park, finished second in the Toyota Blue Grass Stakes and went on to finish 13th in the Kentucky Derby, which was won by Monarchos.
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The stallion is syndicated, and total value of the Hurleys' shares, according to PNC's suit, is approximately $1 million.
Songandaprayer stands at Walmac Farm in Lexington for $12,500 in 2010.
The suit also seeks proceeds from the shares.
According to the suit, the Oct. 30, 2008, loan from PNC was to be repaid in monthly installments of principal and accrued interest beginning Nov. 30, 2008, and ending with a final installment on Aug. 30, 2009.
The Hurleys, Devil Eleven Stables and Devil Eleven Farms defaulted when they failed to make an April 30 payment and all payments afterward, according to the court documents.
A point guard for Duke University's men's basketball team from 1989 to 1993, Hurley started on the Blue Devils' 1991 and 1992 national championship teams. His stable is named for his Duke jersey number.