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Thread: 7 pro athletes who pissed away a fortune

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    Elite Member kingcap72's Avatar
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    Default 7 pro athletes who pissed away a fortune

    Seven costly pro athlete screw-ups

    By Mark Riddix, Investopedia.com




    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.
    7 rich athletes who lost their fortunes

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    Elite Member celeb_2006's Avatar
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    It just boggles the mind.

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    Elite Member *DIVA!'s Avatar
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    Huh?
    $2 million dollar bathtub
    What the fuck did it do? For 2 million, it should just meet me at the front door or by my bed when I need it...
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    I don''t know if she really fucked the board though. Maybe just put the tip in. -Mrs. Dark

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    Elite Member kingcap72's Avatar
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    Quote Originally Posted by *DIVA! View Post
    Huh?
    What the fuck did it do? For 2 million, it should just meet me at the front door or by my bed when I need it...
    Hell, for $2 million dollars it should tuck you into bed, cook & clean.

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    Elite Member *DIVA!'s Avatar
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    Quote Originally Posted by kingcap72 View Post
    Hell, for $2 million dollars it should tuck you into bed, cook & clean.
    It should also be a bed! Shit, turn into a Bentley! I'm dumbfucked over all this opulence...
    Baltimore O's ​Fan!

    I don''t know if she really fucked the board though. Maybe just put the tip in. -Mrs. Dark

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    Elite Member kingcap72's Avatar
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    Quote Originally Posted by *DIVA! View Post
    It should also be a bed! Shit, turn into a Bentley! I'm dumbfucked over all this opulence...
    Same here. Stupid people with too much money. Tyson still amazes me with the amount of money he pissed away. He makes the rest of these guys look like financial wizards.

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    Elite Member Penny Lane's Avatar
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    This is just the universe compensating for paying idiotic athletes ridiculously huge amounts of money to begin with.

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    Elite Member *DIVA!'s Avatar
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    Quote Originally Posted by kingcap72 View Post
    Same here. Stupid people with too much money. Tyson still amazes me with the amount of money he pissed away. He makes the rest of these guys look like financial wizards.
    King, is that Biggie or the guy who played him in the movie? A lot of people was still loving him this week, not just Faith and Kim..lol
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    I don''t know if she really fucked the board though. Maybe just put the tip in. -Mrs. Dark

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    Elite Member kingcap72's Avatar
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    Quote Originally Posted by *DIVA! View Post
    King, is that Biggie or the guy who played him in the movie? A lot of people was still loving him this week, not just Faith and Kim..lol
    Nah, that's the guy that played Biggie. I thought it was Biggie at first, too. I was listening to the Ready to Die album and that inspired the avatar.

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    Quote Originally Posted by kingcap72 View Post
    Nah, that's the guy that played Biggie. I thought it was Biggie at first, too. I was listening to the Ready to Die album and that inspired the avatar.
    Ready to Die was the best, not even Puffy could fuck it up.. Think I will listen to "Gimme The Loot" before I go to bed.
    Baltimore O's ​Fan!

    I don''t know if she really fucked the board though. Maybe just put the tip in. -Mrs. Dark

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    Elite Member kingcap72's Avatar
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    Quote Originally Posted by *DIVA! View Post
    Ready to Die was the best, not even Puffy could fuck it up.. Think I will listen to "Gimme The Loot" before I go to bed.
    Ain't that the truth.

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    Elite Member msdeb's Avatar
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    The one that really surprises me is Jack Clark. I just never got the impression he was like that.
    Basic rule of Gossip Rocks: Don't be a dick.Tati
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    What a waste. Don't feel sorry for any of them.

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    I thought something similar happened to Sugar Ray Robinson...I remember a big deal being made out of the fact he was debt free at one time, then not 2 or 3 years later he was bankrupt.

    I am going strictly by memory, and I've slept since then, so I could definitely be mistaken.

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