Lorenzen Wright’s Family Take Money Battle To Court

(Memphis) Murdered NBA player Lorenzen Wright’s family is being torn apart again.

Tuesday, a judge heard arguments why his ex-wife, Sherra Wright, should be in charge of the million dollar life insurance policy taken out for the kids’ future.

Other family members said the money is gone, and the kids didn’t see a dime.

Testimony lasted all afternoon Tuesday and will continue Wednesday morning at 10.

It’s all boiling down to two arguments: if the children’s trust fund was spent wisely and who benefited the most.

Lorenzen Wright’s ex-wife, Sherra Wright, took the stand.

She said her six children are in her best interest, and she’s invested most of the life insurance money, plus some, in real estate.

Lorenzen Wright’s father, Herb Wright, launched the legal battle, saying his former daughter-in-law blew the money on vacations, luxury cars, furniture, a new home and pool, and nothing was set aside for higher education or health insurance.

Documents show Sherra spent $973,000 in the first ten months.

From here on out, he wants the bank to manage the children’s estate.

Wright’s attorney, Ruby Wharton, said there’s only $5.08 left from the life insurance policy, because she was “a runaway train when it came to spending.”

Wharton asked Sherra Wright why she bought a Mercedes, Lexus and Escalade with the life insurance money, Lorenzen Wright took out six months before his death.

Sherra Wright told her the Lexus and Mercedes were for the older children, because their dad promised them the cars. The Mercedes was for the family.

She said she got rid of her old car, because her kids told her they were embarrassed to ride in anything else.

As for the house in East Shelby County, Sherra Wright told Wharton it was in foreclosure when she bought it. The house cost around $325,000, and she spent $100,000 in renovations.

Sherra Wright’s attorney, Christopher Donovan said everything she’s done is for the kids, and while most of the life insurance money is gone, there’s still 95 percent in real estate value from properties in East Shelby County and Arkansas.

Sherra said the family is financially strong listing $1.4 million in assests.

“People were after me. Things were happening [after my husband was murdered]. I was trying to protect my kids,” said Sherra Wright.

The NBA also gave the family $180,000 in death benefits. A judge froze that money until after the court hearing.

The judge is expected to decide if a bank or Sherra Wright will be in control of the money Wednesday afternoon after the defense tells their side.

Sherra Wright said Tuesday she has remarried since Lorenzen Wright’s murder.

Lorenzen Wright’s murder is unsolved.

21 comments

  • dada

    Let’s see big screen tvs every room, sony playstation every room, eat out every night, nightclubs,BMW,Jaguar, did I miss anything gang? What a fool! But its for da children LOL

    • Low Profile

      Kids embarrassed to ride in anything else = spoiled brats that need a smack in the head. Lexus, Mercedes and Escalade = too high and mighty for a Volvo station wagon or a Honda Accord (family cars). These people are living in some kind of fantasy world. This is why I stopped giving money to charities. This whole thing should’ve been done along the lines of trust funds and scholarships. Mama is takin’ care o’ Mama, the rest be damned, and that’s all it is. Her husband chose badly.

  • Joe

    “She said she got rid of her old car, because her kids told her they were embarrassed to ride in anything else.”

    Spank the kids and tell them to get a better & more humble attitude. Stop making excuses Sherra Wright.

  • It's God's Will

    How in the world can people just run through a godawful amount of cash like that? I have seen this same scenario played out over and over again when some folks come into a large amount of money. The often spend themselves right back into poverty. I wonder how many of those cars she bought were used? Most people I know who are well to do NEVER pay at full price for ANYTHING. Nor do they spend their cash frivolously. I bet if some one gave them a million dollars four years ago, there would probably be 3 million in that bank account about now.It seems it’s always the ones that will blow it that always seem to fall into easy money. Oh well, I guess that’s just the way the world works, money for nothing.

  • SLF

    I personally don’t think she should have gotten any of his money his parents should have had total control. I still think she knows what happened to Lorenzen.

  • 1midtownmike

    L Wright made $55 million during his NBA career, yet the family were asking for donations for the childrens trust fund shortly after his death.

    An urban male owes $5000 in property taxes and $5000 in medical expenses, give him $10000 and what does he do?

    Puts rims on his vehicle. The apple doesn’t fall too far from the tree.

    • Memphis Pride

      Stop your lying, the family never asked for a dime from the public. I guess you just had to fit yourself into the conversation with that lie.

  • Aha!

    If my husband dies, I am sole beneficiary on all of his life insurance policies, unless I am dead, too. Not saying she spent the money wisely, but it was hers to spend as she pleased if she was sole beneficiary.

    My kids went to middle school and high school with some of Wright’s kids. While I could have bought them nice cars, my 2 oldest shared a 2001 model modest SUV. My son, who will be a sophomore at a prestigious university, is still driving this car. My daughter, who is a senior in high school, bought her a 2010 model car earlier this spring. She put down a substantial downpayment from her savings (worked several jobs to save for it). I co-signed on the loan for her. Unfortunately, her kids are part of the entitled bunch and believes everything should be given to them instead of earned.

    • Memphis Pride

      She wasn’t. The policy was for the kids. She claimed she was facing hard times and couldn’t take care of the kids because she depended on their father. so the court allowed her to use some of the money for the children needs but she went overboard with it.

  • whitesRdevilsanhypicrites

    Terri you ask about the Alexander murder but were calling them trash and unfit parents. If you so concerned go volunteer your view to the story concerning your relatives being arrested for molest on that poor hone schooled child. Pompus meth head

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