With last weekend’s very public announcement of a Derrick Coleman Estate (!) Sale, “the Internet went wild with rumors that he squandered all his money” writes the Detroit Free Press’ Chris Lau.  Trouble is, the former NBA vet / Syracuse PF insists he’s far from broke.

“All the attention irked Coleman (above), the No. 1 pick in the 1990 NBA draft. He told the Free Press on Monday that the sale was for furniture from a Franklin Lakes, N.J., house he bought in 2001, when he played for the 76ers. Coleman said the furniture had been in storage since he moved back to Michigan.

“Here I am, trying to do something positive,” Coleman said, referring to his business ventures, “and people spend all day calling my phone about a liquidation.”

Only adding to the buzz of Coleman’s financial situation was a Free Press article last week in which he talked about his latest venture, a Tim Hortons restaurant in the Millender Center downtown. It opened Monday, making it the 125th Tim Hortons in Michigan and 500th in the country.

“I’m about trying to help revitalize the city,” Coleman said in the article, “and bring a recognized brand downtown.”

Coleman said he recently decided to sell his furniture because his Beverly Hills home was furnished and he got tired of paying for storage. Sherwood Studios, from which he bought the furniture, will hold another sale — which it billed as “75% off” for “many custom pieces … plus stunning accessories” — on Jan. 24-25.

“These are items he doesn’t need anymore,” said owner Mark Morganroth.