Darren Schield, Donald Sterling's Chief Financial Officer and overseer of The Sterling Family Trust, said that if the controversial billionaire is persistent about not selling the Los Angeles Clippers, he may need to sell a large chunk of his real estate empire to pay his $500 million debt.

Like Us on Facebook

On Monday, Schield testified in court that three banks are ready to recall their loans to Sterling because he made the decision to dissolve the trust in an effort to overturn the sale of the Clippers. Shelley Sterling, Donald's estranged wife, sold the team through the family trust for $2 billion to former Microsoft CEO Steve Ballmer.

Shelly Sterling was listed as a witness, but was not called to the stand on Monday. She is scheduled to return on Tuesday.

Schield insisted that if Donald Sterling continues to persistently fight for ownership of the Clippers and, relinquishes his apartment buildings that total $500 million, the Los Angeles real estate market may go through a major upheaval.

Maxwell Blecher, Donald Sterling's attorney, suggested that it would be a better idea if Sterling just took the company public so he could raise funds.

In a seemingly rhetorical fashion, Pierce O'Donnell, Shelly's attorney, asked Schield if taking the company public was a good idea - given Sterling's reputation.

Schield answered, "There's huge reputation issues. I don't know if anyone would want to go into partnership with him."

Ballmer's lawyer, Adam Streisand, believes that Shelly will win the case and that the sale will be reinstated. However, "if the sale doesn't go through by Sept. 15, the NBA can seize the team and sell it at auction," he said.

After a recording of Donald Sterling's racist statements to his girlfriend V. Stiviano went public, the NBA banned the billionaire for life. Sterling insists that he is not a racist and, he will never sell the team.

TagsDonald Sterling, Shelly Sterling, LA Clippers, V. Stiviano, Los Angeles real estate market