Former Duke Star Christian Laettner Faces Bankruptcy After Owing Creditors $14 Million, Report Says

DURHAM, N.C. (CBSNewYork) -- Former Duke University basketball star Christian Laettner might not have a last-second shot in him to pull out a win over Chapter 7 bankruptcy.

The News & Observer reported Laettner owes $14 million to five creditors and that they have started involuntary bankruptcy proceedings against him.

Two of those creditors include former NFL linebacker Ernest Sims and Carolina Panthers running back Jonathan Stewart. Stewart is reportedly owed $3.6 million, while Sims is owed nearly $1.5 million.

The involuntary bankruptcy proceedings come five months after a West Village housing and commercial project in Durham, North Carolina, sold for $187 million. The News & Observer reported that Fuller Street Development, one of the businesses that received over $28 million in the sale, lists Laettner as a partner.

"We are optimistic that the funds from the sale of the West Village can be used to reach a global resolution with all of Christian's creditors," Hassan Zavareei, the former basketball player's lawyer, told The News & Observer. "As such, the negotiations are ongoing."

According to The News & Observer, the West Village project was developed by Blue Devil Ventures, which was started by Laettner and former Duke teammate Brian Davis.

This was not the first time Laettner was sued by professional athletes. Basketball Hall of Famer Scottie Pippen and others reportedly sued Laettner for $30 million. Former NFL linebacker Shawne Merriman also had to take Laettner to court for money he loaned him. According to ESPN, Laettner's real estate firm had to pay $3.7 million back to Merriman and $2.5 million back to Pippen.

Laettner was served foreclosure papers on his multi-million dollar mansion in Ponte Vedra Beach, Florida, last year.

Laettner earned more than $61 million during his NBA career.