Former Duke University basketball star Bobby Hurley is leaving the horse business after PNC Bank foreclosed on his 140-acre Devil Eleven Farm in Ocala, Fla.
PNC is scheduled to auction the farm, named for Hurley's college jersey number, on Oct. 5 to pay off about $3.3 million debt.
"He and his family have decided to get out of the horse business, and we've reached a settlement with the bank, and the sale of the farm is part of the settlement with the bank," said Brian Rich, Hurley's attorney in Tallahassee, Fla.
Rich said he can't comment on terms of the confidential settlement with PNC, which initiated foreclosure in April against Hurley and his wife, Leslie.
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The bank also sued Hurley and his stable in Lexington, seeking to seize 12 shares in the stallion Songandaprayer to pay off a $900,000 loan. Rich said the settlement includes the Fayette County case, but he could not comment on what is happening to the shares.
"They worked real hard to reach a resolution with the bank, and this is all part of it," Rich said.
PNC Bank does not comment on litigation. A call to Walmac Farm, where Songandaprayer stands, was not immediately returned.
According to a report last week, the Hurleys stopped making payments on the farm mortgage and a credit line in spring 2009 and agreed last month not to fight the foreclosure.
In 2000, Bobby Hurley paid $1 million for the then 2-year-old Songandaprayer, who was an early Kentucky Derby contender after winning the 2001 Fountain of Youth Stakes. The horse finished 13th in the 2001 Derby and entered stud in 2002.
Hurley, who was in a serious car accident in his rookie season in the NBA, came back to play five years before retiring. In April, he was hired onto the coaching staff of Staten Island's Wagner College, where his brother, Dan Hurley, is head coach.