(Memphis) Wednesday, murdered NBA star Lorenzen Wright’s ex-wife, Sherra Wright, explained where all the money went in her children’s trust fund.
Family members, including Lorenzen Wright’s father Herb Wright, accuse her of blowing the money on a luxurious lifestyle.
The trust included a $1 million life insurance policy Lorenzen Wright took out six months before he was killed and a settlement from a lawsuit with the Germantown Police Department.
Documents show Sherra Wright spent $973,000 within ten months.
Herb Wright’s attorney, Ruby Wharton, said $5.05 is all that’s left from the life insurance money.
The ex-wife and mother of six defended herself and every purchase for more than six hours.
“We used trust funds to do that,” said Sherra Wright. “I’ve done everything for my kids. These were the children’s monies. Everything I spent on the children was for the children. These were the children’s monies, and I bought a house for the children.”
She said she used her children’s trust to buy a foreclosed East Shelby County home, renovations, furniture and luxury cars for the family and oldest children, but Wednesday, WREG learned nothing was put aside for their college education.
“Do you have any money in their account for the kid’s education?” one attorney asked.
“Not in my name,” replied Sherra Wright.
Herb Wright claims the children’s trust was spent carelessly. He launched a legal battle demanding the bank be in charge of the children’s estate from here on out.
Testimony will continue throughout the week and likely into next week. It could be even longer before a judge makes her decision.
“We are in trial until we get finished. Tomorrow, Monday and even until next July,” said the judge.
Once Sherra Wright’s attorney, Christopher Donovan, tells his side of the story, he said the judge will find out she’s invested most of the money in real estate in Tennessee and Arkansas.
The property deeds are in her children’s names and are part of the trust. Their value totals between $950,00 and $1.2 million.
Wright was shot to death in 2010 in a deserted area in Southeast Memphis. His murder is unsolved.