Armed with an order from U.S. Magistrate Judge William E. Callahan Jr., a federal marshal seized the $1.5-million, Italian-built vessel in Manitowoc, Wisc., where it sat in storage, Milwaukee’s Journal Sentinel reported. A New York bank is claiming the yacht’s owner, a company run by Sprewell, 36, has defaulted on a mortgage loan.

The firm, LSF Marine Holdings, hasn’t made monthly payments of $10,322 on time and hasn’t maintained the necessary insurance on the 6-year-old vessel, North Fork Bank alleges. It wants the yacht, “Milwaukee’s Best,” sold to pay off the $1.3 million it says is remaining on the loan. Sprewell has guaranteed the loan personally, a contract filed with the court shows. He could not be reached for comment on the repossession, the newspaper reported.

Sprewell played 13 National Basketball Association seasons. He last appeared in 2004-’05 for the Minnesota Timberwolves and at the beginning of that season rejected a three-year, $21-million contract extension. In the midst of negotiations, Sprewell scoffed at the idea of playing out the season and then becoming a free agent.

“Why would I want to help them win a title?” he said. “They’re not doing anything for me. I’m at risk. I have a lot of risk here. I got my family to feed. Anything could happen.”