Loans Face Default If Clippers Sale Doesn’t Proceed, Attorneys Argue

Local News

Los Angeles Clippers owner Donald Sterling attends the NBA playoff game between the Clippers and the Golden State Warriors, April 21, 2014 at Staples Center. (Credit: Getty Images)

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

The Sterling Family Trust could default on $480 million in loans if the sale of the Clippers doesn’t proceed, attorneys for Shelly Sterling argued in court Monday.

Darren Schield, the longtime chief financial officer and controller for Beverly Hills Properties, which runs the Sterlings’ real estate empire, testified that Donald Sterling’s revocation of the trust last month could lead to “severe consequences.”

If the Clippers’ sale isn’t completed, Schield said, the Sterlings would have to sell off almost $500 million of their properties to satisfy loans held by three banks.

“I don’t think we could sell that many properties that quickly,” Schield said.

Click here to read the full story on

Most Popular

Latest News

More News

KTLA on Instagram


KTLA on Facebook

KTLA on Twitter