7 rich athletes who lost their fortunes

[BayGBM]

Seven costly pro athlete screw-ups
By Mark Riddix

Almost 80 percent of National Football League players are flirting with bankruptcy two years after they retire, according to Sports Illustrated. NBA players aren’t faring much better. 60 percent of former National Basketball Association players end up broke within five years of retirement. Athletes squander millions of dollars due to bad decisions, lavish spending and poor financial planning. Here is a list of athletes that have lost their fortunes through some of the biggest financial blunders of all time.

Scottie Pippen
Known more for his on court defense than his off court business sense, former Chicago Bulls star Scottie Pippen lost $120 million in career earnings due to poor financial planning and bad business ideas. Air Jordan’s sidekick blew $27 million on bad investments and spent $4.3 million on a Gulfstream II corporate jet.

Evander Holyfield
Four-time boxing champ Evander “The Real Deal” Holyfield reportedly made over $250 million in cash during his boxing career, but despite this he reportedly is flat broke. Holyfield lost all his money by making “smart” business decisions look really foolish. You thought buying a house was a smart move? It normally is, but not when you buy a house the size of Rhode Island. Holyfield bought a $20 million house with over 54,000 square feet and 109 rooms. The house has 11 bedrooms, 17 bathrooms, a movie theater, a bowling alley and an Olympic-size swimming pool. Imagine how much it must cost to cut the grass on all 235 acres! You could buy a Range Rover with the electric bill payment alone.

Lenny Dykstra
Former New York Mets and Philadelphia Phillies star Lenny “Nails” Dykstra was a success on the baseball diamond, but in the business field Dykstra has struck out. Dykstra’s failed businesses include car washes, a magazine company, real estate investing and a stock trading website. According to Dykstra’s July 2009 bankruptcy filing, he owed more than $30 million to creditors, including his $18.5 million purchase of Wayne Gretzky’s home. The amazing part is that after two foreclosed homes and numerous failed businesses Dykstra is offering the investment advice that led him into bankruptcy for a mere $899 a year! In the investment world, it is often said that past history does not dictate future performance. Nevertheless, it’s pretty clear Dykstra isn’t the guy to go to for advice.

Latrell Sprewell
Look up the word “shortsighted” in the dictionary and you will see a picture of Latrell Sprewell. He famously turned down a $21 million contract because he said it wasn’t enough money to feed his family. Sprewell, who made over $96 million during his career, lost his $1.5 million dollar Italian yacht, named “Milwaukee’s Best”, in 2007. According to MSNBC, a U.S. marshal seized the yacht after Sprewell defaulted on his mortgage. His $5.4 million house went into foreclosure in May 2008. Don’t blame Sprewell for turning down the three-year, $21 million contract though. I mean really, who could live off a measly $7 million a year?

John Daly
Two-time PGA major champ John Daly gambled away between $50 and $60 million in career earnings, according to his 2006 autobiography. Daly once lost $1.65 million in five hours playing the slot machines at a casino. If you think that’s impressive, there’s more. Daly blew $1.2 million in a mere two hours and 30 minutes at a casino in Las Vegas. He just had his $1.6 million house foreclosed on. Did Daly quit gambling after blowing so much cash at the casino tables? Not by a long shot. Instead, he decided to downgrade from the $5,000 slot machines to the $100 and $500 machines. It looks in John Daly’s world, that is considered sound financial planning.

Jack Clark
Former professional baseball slugger Jack Clark was driven into bankruptcy in 1992 by his appetite for luxury cars. According to his bankruptcy filing, he owned 18 luxury automobiles, including a $700,000 Ferrari and a Rolls Royce. Clark was trying to pay 17 car notes simultaneously, and whenever he got bored with a car he would get rid of it and just buy another one. He ended up losing million-dollar homes and his drag-racing business because of his extravagant spending habits, but despite one of the most publicized bankruptcies in baseball, Clark reportedly got back on his feet in the late ’90s.

Mike Tyson
The king of them all is boxer Mike Tyson, who squandered a $350 million to $400 million dollar fortune. So what did “Iron” Mike spend his fortune on? Everything. He dropped half a million dollars on a 420-horsepower Bentley Continental SC with lamb’s wool rugs, a phone and a removable glass roof. It is one of only 73 Bentley Continental SCs ever built. The sad part is that’s not even the only Bentley that Tyson owned! He spent over $4.5 million dollars on cars alone. Throw in a $2 million dollar bathtub and $140,000 for two Bengal tigers and you can see why Tyson’s fortune is down for the count. He filed for bankruptcy in 2003.

[Dos Equis]

Sad.  The people around them made plenty of money, especially the Tyson leeches. 

Whitney should probably be on here. 

[UPINTHEMGUTS]

John Daly is still making big bucks, though. He's the only person on that list that is still professionally active. He's a golfer, so he'll continue to play and make money until he's in his 60's.


Everyone else on that list is pathetic to have squandered so many millions. Scottie Pippen, especially. He was one of my favorite NBA players back in the day. I know he wasn't as marketable as Michael Jordan(who was?) but you would think that some of Jordan's business prowess would have rubbed off on Pippen. They played together for over 10 years.

[powerpack]

That is sad

[YoungBlood]

Latrell Latrell Latrell....

Man says he can't feed his family on $21 million....I bet he's eating his foot over that one now...and has been for a few years!

[Dos Equis]

Sad.  The people around them made plenty of money, especially the Tyson leeches. 

Whitney should probably be on here. 

Oops.  Not Whitney.   

[Doug_Steele]

Latrell Sprewell
Look up the word “shortsighted” in the dictionary and you will see a picture of Latrell Sprewell. He famously turned down a $21 million contract because he said it wasn’t enough money to feed his family. Sprewell, who made over $96 million during his career, lost his $1.5 million dollar Italian yacht, named “Milwaukee’s Best”, in 2007. According to MSNBC, a U.S. marshal seized the yacht after Sprewell defaulted on his mortgage. His $5.4 million house went into foreclosure in May 2008. Don’t blame Sprewell for turning down the three-year, $21 million contract though. I mean really, who could live off a measly $7 million a year?


I always wondered what happened to him and him saying that he could not feed his family on 21 Million.

What a MORON and in every sense of the word. 

[regmac]

Sigh...... ::)I didn't see Vince Commerford or Jackie Paisley in that bunch!!!!

[CalvinH]

My father sat at a table next to Evander at a casino in Aruba.he couldn't believe how much money Evander lost gambling.
my father was thinking to himself "Doesn't he know that this isn't the U.S. and that the game could be rigged"
but no he just kept dropping cash.my father guessed he lost somewhere in the 100s of thousands!

[BayGBM]

Former NBA star in the poorhouse
Derrick Coleman spent every penny of the $87 million he made during his 15-year career
By Trey Kerby

It's not a good time to be a hyper-skilled forward who never really made the most of their considerable talent. First, it was Antoine Walker(notes), his casino debts, and a short stint in Puerto Rico. Now, it's Derrick Coleman, failed business investments, and fur coats.

According to the Wall Street Journal's Bankruptcy Beat, Coleman has filed for bankruptcy and owes creditors $4.7 million, most of which he lost in failed attempts to stimulate Detroit's struggling local economy. His lawyer Mark B. Berke explained the reasons for Coleman's financial struggles.

"Mr. Coleman was focused on investing in various communities throughout the city of Detroit by developing real estate, creating jobs and revitalizing business opportunities," Berke said. "Due to the state of the economy, including the decline in the real estate market, Mr. Coleman's investments could not be sustained."

According to Basketball Reference, Coleman made more than $87 million during his 15 year career with the Nets, 76ers, Hornets, and Pistons. But now he has only about $1 million in assets, including a 1997 Bentley convertible, five fur coats, and $3,000 in jewelry. Not exactly appreciating assets.

Coleman's biggest debt comes from a $1.3 million lawsuit brought against him by Comerica Bank and a $1 million real estate loan from Thornburg Mortgage Home Loans. He also owes $50,000 to NBA Hall of Famer, and current Detroit mayor, Dave Bing.

Despite the filing, Coleman will be trying to keep both his Beverly Hills home, and the home that he bought for his mother, also located in Beverly Hills. Berke says that Coleman is "just hoping to get rid of that debt and make a fresh start."

They say that two is a coincidence, and three is a trend — someone needs to check on Billy Owens to make sure he's doing OK.

[Mr Nobody]

Sigh...... ::)I didn't see Vince Commerford or Jackie Paisley in that bunch!!!!

Where the hell is Vince Commerford now Reg?

[OneBigMan]

To try and summarize a long story that is sometimes cliched, I once believed that the subject in this topic was part of a trend that was not surprising based on the materialistic glorification or the multi-millionaire magnification of having the ends to spend recycled dollars on whatever you want to because being wealthy looks like a copy cat lifestyle that your personal level of livelihood allowed you to be a customer of any amount of expensive hardware that you own.

Just by addressing the very 1st post in this subject, it appears that the examples such as the seven that are named might also have not been beneficiaries of the advice that their agents and financial advisors should have given them repeatedly.

I say that because when you look up the examples set by those who have actually suited up and played in the N.F.L. they are each a small part of a entire enterprise that is probably the most team oriented game as well as one of the most individually blue-collar ways of using your physical talents to be a tug of war type of gladiator in a risk versus reward ability to be one of the very best at your position while minimizing the amount of exposure to any diagnosed bodily injury that can keep hurting you if you don't know how to train yourself to heal from them.

One other aspect of the entire enterprise is the amount of people who have titles that are associated with that sport who are in line to collect and sell a good amount of authenticated memorabilia that often comes from the current and former players themselves in actual game used footballs, player jerseys, and team helmets that usually are designed with insignia that are made to reveal when a particular season's worth of games have emblems that stand for a anniversary, a milestone, a record breaking individual performance, or a championship when footballs, jerseys, helmets along with sideline jackets and hats can be visibly seen especially if you are lucky enough to have good seats where spectators sit in the stands or when the TV camera's allow you to inadvertantly see what's on any game used piece of football gear I already named.

Think about the times in your past when you have seen a sports merchandise store at a retail mall or anywhere else on it's own. Go inside and see what is enclosed on a secure see through shelf or look through the display windows outside the store to see what type of memorabilia comes from pro football or any other pro sports that have famous players attached to the history of that major sports league. Look at what is valued as a collectors item that is worth a lot. Then you will realized that rookie trading cards and old issues of brand name sports magazines from previous years of great significance have close to the same value as what I already mentioned  about what comes from game used authenticly worn jersey's and other displayed portions of a player's team uniform.      

 

[Quickerblade]

To try and summarize a long story that is sometimes cliched, I once believed that the subject in this topic was part of a trend that was not surprising based on the materialistic glorification or the multi-millionaire magnification of having the ends to spend recycled dollars on whatever you want to because being wealthy looks like a copy cat lifestyle that your personal level of livelihood allowed you to be a customer of any amount of expensive hardware that you own.

Just by addressing the very 1st post in this subject, it appears that the examples such as the seven that are named might also have not been beneficiaries of the advice that their agents and financial advisors should have given them repeatedly.

I say that because when you look up the examples set by those who have actually suited up and played in the N.F.L. they are each a small part of a entire enterprise that is probably the most team oriented game as well as one of the most individually blue-collar ways of using your physical talents to be a tug of war type of gladiator in a risk versus reward ability to be one of the very best at your position while minimizing the amount of exposure to any diagnosed bodily injury that can keep hurting you if you don't know how to train yourself to heal from them.

One other aspect of the entire enterprise is the amount of people who have titles that are associated with that sport who are in line to collect and sell a good amount of authenticated memorabilia that often comes from the current and former players themselves in actual game used footballs, player jerseys, and team helmets that usually are designed with insignia that are made to reveal when a particular season's worth of games have emblems that stand for a anniversary, a milestone, a record breaking individual performance, or a championship when footballs, jerseys, helmets along with sideline jackets and hats can be visibly seen especially if you are lucky enough to have good seats where spectators sit in the stands or when the TV camera's allow you to inadvertantly see what's on any game used piece of football gear I already named.

Think about the times in your past when you have seen a sports merchandise store at a retail mall or anywhere else on it's own. Go inside and see what is enclosed on a secure see through shelf or look through the display windows outside the store to see what type of memorabilia comes from pro football or any other pro sports that have famous players attached to the history of that major sports league. Look at what is valued as a collectors item that is worth a lot. Then you will realized that rookie trading cards and old issues of brand name sports magazines from previous years of great significance have close to the same value as what I already mentioned  about what comes from game used authenticly worn jersey's and other displayed portions of a player's team uniform.      

 

WTF is this bullshit.

[OneBigMan]

Start by trying to re-read the very last paragraph again.

After you do that, try and go to any mall where there is a SPORTS MEMORABILIA SHOP. If you do that, then you will see what they have on display and then look at what is sold at what price and what is very valuable sports memorabilia from the NFL, NBA, and other sports leagues.

[regmac]

Not to put him down.....becasue I hate Washington ,but years ago, I heard Dexter Manley was found in the sad parts of downtown LA.   Which is sad   he was a great player who just made bad decisions.   

[Mr Nobody]

Not to put him down.....becasue I hate Washington ,but years ago, I heard Dexter Manley was found in the sad parts of downtown LA.   Which is sad   he was a great player who just made bad decisions.   

Dexter was a sad case is he still alive reg?

[BayGBM]

Not to put him down.....becasue I hate Washington ,but years ago, I heard Dexter Manley was found in the sad parts of downtown LA.   Which is sad   he was a great player who just made bad decisions.   

Did he ever learn to read?

[regmac]

Did he ever learn to read?

Why bother?   Kidding    I don't know    but it was sad when he admitted it...but that also took guts.   He read qb's real well!

[UPINTHEMGUTS]

There's an old urban legend story about Dexter Manley. Apparently, while playing in a high school game in the 70's....he was dominating the game to such a level that he became bored. He then proceeded to take his helmet off and put it on his head backwards and played three plays that way until he was told to put his helmet back on straight.


Dexter was absolute animal in his prime. But he loved that crack cocaine and his white hookers.

[Mr Nobody]

There's an old urban legend story about Dexter Manley. Apparently, while playing in a high school game in the 70's....he was dominating the game to such a level that he became bored. He then proceeded to take his helmet off and put it on his head backwards and played three plays that way until he was told to put his helmet back on straight.


Dexter was absolute animal in his prime. But he loved that crack cocaine and his white hookers.

He was a tough mofo in the day, even though a redskin

[regmac]

There's an old urban legend story about Dexter Manley. Apparently, while playing in a high school game in the 70's....he was dominating the game to such a level that he became bored. He then proceeded to take his helmet off and put it on his head backwards and played three plays that way until he was told to put his helmet back on straight.


Dexter was absolute animal in his prime. But he loved that crack cocaine and his white hookers.

Well he was once conciderred the Mayer of D.C.   ...kidding   and white hookers aren't that bad...they are marketable.   ooops

[regmac]

He was a tough mofo in the day, even though a redskin

He was part of the Skins when they were great.   But Charles Mann was overlooked from all of Dexters drama.

[Mr Nobody]

He was part of the Skins when they were great.   But Charles Mann was overlooked from all of Dexters drama.

Charles Mann damn good memory reg.

[regmac]

Charles Mann damn good memory reg.

Those memories are actually nightmares!   Theisman, Riggins, Monk , Sanders, Clarke, Jacoby, Butz, Manley , Mann, Green  etc  etc!

[Mr Nobody]

Those memories are actually nightmares!   Theisman, Riggins, Monk , Sanders, Clarke, Jacoby, Butz, Manley , Mann, Green  etc  etc!

You forgot Riggins bro