Former Basketball Stars Who Are Surprisingly Poor Now

Former Basketball Stars Who Are Surprisingly Poor Now


Basketball stars get ridiculously rich.
It’s the American way.
But some players have struggled with their
obnoxiously huge wads of cash in ways that
most people could’ve easily seen coming.
Latrell Sprewell was one of the bigger hotheads
of the NBA, and in the end it severely affected
his finances.
He managed to earn a whopping $100 million
over the course of his career, but he’s lost
virtually all of it, thanks to some bad decisions
that started in 1997.
He was infamous for getting into fights; Sprewell
once got so mad at something that his coach
PJ Carlesimo said to him during practice that
he attacked him.
This led to his $24 million contract being
voided.
He managed to get it back in the end, but
it proved that when he was angry, he wasn’t
thinking clearly.
This continued when Sprewell was offered a
contract extension from the Minnesota Timberwolves
that would’ve earned him up to $30 million.
He spit on the offer, saying it wasn’t enough
money because he had, quote, “a family to
feed.”
Either that’s one huge family or they eat
a ridiculous amount of food.
In the end, he only played one more year and
earned significantly less.
Everything went downhill once he stopped playing.
He racked up legal fees, lost his yacht and
both of his mansions, and failed to pay $3
million in taxes.
Out of that fortune of $100 million, it is
estimated Sprewell is now worth $50,000 and
lives in a rental property.
Antoine Walker made $110 million during his
NBA career.
With even the tiniest bit of foresight, that
would set most people up for life, but Walker
managed to blow it all away.
He was drafted at age 19 and suddenly had
more money than he’d ever seen in his life,
so he did the right thing and got himself
a financial adviser.
Then, he completely ignored him.
“I would travel with eight to ten people with
me and pay for their flights, hotel rooms,
eating on the road.
So you add up those combinations of things,
you know, we used to have real big bills at
the end of those trips.”
For one thing, Walker was supporting his extended
family, which is a lovely thing to do, but
it was also expensive, especially when he
built all of them multimillion-dollar homes.
But not all of his expenditures were so selfless;
he bought himself numerous fancy cars, including
a $350,000 Maybach.
His wardrobe choice was designer suits, and
he couldn’t wear the same suit twice.
He tried to invest by buying 140 different
properties, but then the real estate bubble
burst, and he lost everything.
In 2010, he had to file for bankruptcy and
sold his championship ring.
Now he’s just trying to save enough so he
can retire one day.
Vin Baker lost nearly $100 million, but he
doesn’t want you to feel sorry for him.
He told the Providence Journal losing all
that money was just a life lesson and he’s
perfectly fine now, even if that means that
he was training to become manager of a Starbucks
in 2015 to support his family.
Baker’s problems started with alcoholism.
At one point during his career, he began binge
drinking and ended up getting suspended from
paying three times.
Then, the Boston Celtics terminated his contract
with $35 million to go.
He ended up getting some of it back, but things
kept getting worse.
“A hundred million dollars or a hundred dollars
with a disease is zero no matter how you add
it up.”
Two years after Baker stopped playing, his
$3 million house was foreclosed because he
couldn’t pay the mortgage.
Then, a restaurant that he was a partner in
went out of business.
He found out his accountant was screwing him
over and took him to court.
He eventually had to auction off the Olympic
gold medal he won in 2000.
These days Baker is full of advice.
He says it’s important to know where every
cent goes, whether you’re a rookie earning
$50 million or a Starbucks barista.
He also says he’s just happy to be alive and
not in jail; today, Baker has returned to
basketball and works with the Milwaukee Bucks.
Derrick Coleman was a number one draft pick
and 1991’s rookie of the year, and his salary
reflected that.
Some say he never totally lived up to his
potential, but he still managed to rake in
$87 million while playing.
But then, he filed for bankruptcy in 2010.
Coleman isn’t like most of the players on
this list.
He didn’t blow away his money away at a casino
or buy himself 40 Rolexes.
Instead he tried to give back to the community;
specifically, Detroit.
He knew the local economy was in more trouble
than the rest of America and wanted to do
what he could to help.
Unfortunately, he just did it at the wrong
time and lost everything because of it.
Coleman’s ideas were good.
He invested in real estate, including a mall
in one of the city’s worst-off neighborhoods,
in order to create jobs and foster more business
opportunities.
But in 2009, just a year after the economy
crashed, he defaulted on the loans for the
mall.
His bankruptcy attorney blamed both the economy
and the failing real estate market, and Coleman
ended up owing his creditors almost $4.7 million.
But not all was completely lost; despite losing
virtually everything, Coleman still has access
to his NBA pension.
Most of these ballers lost all their money
after they stopped playing and the paychecks
weren’t coming in anymore.
But Eddy Curry managed to top them all: he
was millions in the hole while he was still
in the NBA.
He lost some of it tragically, like when he
was held up at gunpoint and robbed of $10,000
in cash and jewelry.
But he only has himself to blame for losing
most of it.
Nine years into his playing career, after
he had already earned $57 million, Curry was
$2 million in debt and defaulted on a $585,000
loan.
His logic on that one was interesting: he
said that he shouldn’t have to pay it back
because he already had too many expenses.
It emerged that those outgoings included $30,000
a month on “household expenses,” giving $17,000
a month to his relatives, and, for some reason,
$350,000 to another NBA player.
Then there was his $6.2 million mansion which
he bought in 2006; he’d fallen $220,000 behind
on the mortgage by 2009.
The house was foreclosed and auctioned off,
all this despite Curry earning $70 million
by the time he was done playing.
As a WNBA player, Sheryl Swoopes’ chances
of getting as rich as her male colleagues
were relatively slim.
But she was so good that she managed to do
what only a few male athletes do: she got
her own sneaker line, known as “Nike Air Swoopes.”
The shoes made her a ton of money, and at
one point, her fortune was estimated at over
$50 million.
Somehow, it all disappeared.
For one thing, Swoopes is alleged to have
made some really bad investments, but some
of it wasn’t really her fault, as lawyers
and agents may have completely screwed her
over.
In 2004, she filed for bankruptcy, and five
years later, she still hadn’t fully recovered.
She was 37 and couldn’t afford rent, nor could
she pay the $300 per month she owed on a storage
unit housing some of her most prized possessions,
so mementos of her college, Olympic, and professional
careers were auctioned off.
It was a hard fall for one of the best female
athletes of all time.
Darius Miles was drafted straight out of high
school, so he was probably too young to know
what to do with his money.
In 2000, he signed a $9 million contract and
had plenty of other income streams as well.
Michael Jordan gave him an endorsement deal
with his athletic brand, and he even dipped
his toes in Hollywood, acting in movies alongside
Scarlett Johansson and Ryan Reynolds.
But by 2016, the money was gone, and he filed
for bankruptcy.
Some of his expenses were understandable,
like when he bought his mother a house.
He seemed to like property, because his bankruptcy
filing revealed he owned 13 homes, but they
either weren’t paid off or they weren’t worth
much because he listed only $460,385 in assets
against $1.57 million in liabilities.
In 2010, Miles was sued for child support,
and four years later he had to sell one of
his homes.
He may also have been a bit too willing to
help out someone in need.
Wherever the money went, creditors wanted
to recoup their losses, so his stuff was auctioned
off.
The haul included a waffle iron, karaoke machines,
game consoles, and tons of signed memorabilia.
It’s not clear where all of Delonte West’s
money went, but we do know that by the time
of the 2011 NBA lockout he was crying poverty.
According to ESPN, he had lost the $14 million
he had earned in his career up until that
point.
He couldn’t bide his time off during the lockout
by signing to a foreign team, as he was on
probation for weapons charges.
Instead, he applied for a job at Home Depot.
A month later, he posted a photo of himself
in a delivery van, having gotten a job with
a furniture store.
He had also reportedly sold most of his cars
and jewelry to try and stay afloat.
Even once Delonte started playing ball again,
things didn’t go so well.
He could only afford to live in a rental,
but landlords don’t like to rent to people
with gun charges, so he ended up sleeping
in his car or the locker room.
He earned another $2 million, but that seemed
to go away, too.
In 2016, a fan saw him wandering shoeless
in a Jack in the Box parking lot.
When asked if he was Delonte West, he replied,
“I used to be, but I’m not about that life
anymore.”
Jason Caffey could be the poster boy for how
to very stupidly lose $29 millions as a basketball
star.
But maybe since he was busy winning championships
with the Chicago Bulls, he didn’t have time
to think about planned parenthood.
Instead, he found himself broke.
Caffey has so many kids that there doesn’t
seem to be a consensus on the actual number.
He may not even know how many are out there.
By 2016, he had at least ten children by eight
different women, and those women expected
child support.
When Caffey stopped playing and the checks
stopped coming in, the parental expenses basically
bankrupted him.
He filed for bankruptcy protection in 2007,
but a judge turned down his petition, allowing
the mothers of his children to sue him for
back payments.
Overall, he had debts of $1.9 million and
only $1.15 million in assets.
Chris Washburn was drafted in 1986 and made
numerous millions during his three years in
the NBA, but the thing that cut his playing
career so short would be the same thing that
caused him to blow all his money: his drug
habit.
He was still only 24 when he was sacked from
the league after failing three drug tests
in three years.
He had to sell his house and soon was in dire
straits, living on the streets or staying
with friends, begging for food or even sometimes
eating out of garbage cans.
A friend said he looked dirty and would call
people up to ask for money.
He reportedly hung out in crack houses and
had some run-ins with the law.
Eventually he went to jail, where he was invited
to play for the prison basketball team.
“You’re looking at the only person in the
NBA history that is banned for life.”
Washburn seemed to have turned his life around
by 2012.
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100 thoughts on “Former Basketball Stars Who Are Surprisingly Poor Now”

  1. Almost two-thirds of NBA players money goes to taxes, agents and NBA dues . LeBron James make 34 million a year, out of 34 million dollars LeBron James brings home 14 million dollars. This is why most athletes go bankrupt. Just because you are rich does not mean you're wealthy. Wealth is sustainable. Riches come and go.

  2. Hey sprewell is $50,000 enough to feed your family now? I never. did like you cause of your stinking attitude you worthless punk

  3. I feel sorry these unlucky black boys: they go stupid and forget where they are: this system is not yours! It's made to fail you and jail you! They should be smart and don't trust any one! No one is white, think about that!

  4. Spreewell is just a bad person. Hopefully the guy grew up…if not screw him. His comment on how he will feed his family, is a mockery to all us hard working Americans.

  5. What’s interesting is most NBA and NFL players who “bet on themselves” when it comes to contract negotiations rarely ever win in the end. Some do and that’s all you hear about. But I think about Nerlens Noel extention offer from Dallas that he turned down or KCP’s offer he turned down from Detroit. Sure the Lakers signed him to 3 big one year deals because of his Lebron affiliations, but I think Detroit offered him 70 or 80. I remember George Hill opted out of a huge offer from I think Sacramento. All in all if teams are offering you big and you ain’t a superstar. Take it

  6. Idk why more pro sports players don't invest more… I would invest like crazy if I had the money to do it. I wonder why their agents don't tell them about that, the ones that do that probably already had a little common sense from the beginning.

  7. When you have been poor and lived in the inner city mostly all your life, then out of nowhere millions of dollars is in your bank account, what do you expect those young players are gonna do and react

  8. Good grief this shit is depressing. It’s sad to see all of these athletes fall short, & lose the majority of their money. Being an African American man myself makes it sting even more. God bless every athlete featured in this video. 🙏🏿

  9. Spreewell the man who once said, "I can't feed my family for $20 million dollars!"
    I wonder how he feeding his family now with $50k

  10. Somebody told me a long time ago it not how much money you make it how much you keep we all need to do better with our finances you don't have to be a NBA star to go broke.

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  12. This players need to as soon as they get their big money, the first year COntract year old, maybe its $5 million, use that to buy a House 2 cars, help your family, They years 2-5 save, And live off commercials and outside money pay your taxes and live happy.

  13. Why are people surprised drop out of high school and go into the NBA duh I'm a pro athlete criminal

  14. I remember playing nba lived before and always using timberwolves and Latrell sprewell from down town to shoot threes.

  15. Am i the only 1 who noticed everyone on this list was black.
    Fuck up some comas
    Fuck up some comas yeah
    Fuck up some comas
    Fuck up some comas yeah……🖕🤣🖕

  16. Young black 18 year olds with no prior financial knowledge given millions of dollars what you expect? No guidance

  17. This red face devil is telling lies. He gave fact about his career. He has nothing on his personal life. I don't believe red face people that has blue eyes anyway. Period! They are the father of the lie. Right, cain? Or do you prefer esau?

  18. When I saw that Latrelle Sprewell was the first one I stopped. There is no worse human being
    on the planet. That includes murderers, molesters and just plain rotten individuals.

  19. Is it a coincidence that all the Men in the video are Black Men?🧐…Or am I being a racist 🐒🤦🏽‍♂️

  20. Be happy he had basketball to keep him out of trouble. In the real world, Sprewell would have been dead or spending life in prison. He was just an out of control time bomb. Hard to feel sorry for him. I've always applauded Eddie D., the prior owner of the 49'ers. He provided rookies with mandatory money management courses to keep them from going broke.

  21. They are STUCK ON STUPID. I guarantee you I won't lose mine. Funk friends. My mother and family members are the ones. Those who going to school or engage in extracurricular activities like the olympics, boxing etc. You ain't doing nothing FUNK you, that means family members tooooo.

  22. 0:54 “a family to feed” Are you feeding your family bricks of gold or something? 30 million can literally set you for life if you know how to spend it properly.

  23. Like I tell my son – always invest in yourself: get something no one can take away…an education.

  24. All the players look great in my long basketball shorts that I designed that turned the NBA around in other sports organizations….. the name of the company power fashion … out of Durham North Carolina… everybody in my hometown was wearing them when I first put them on the sportswear Market and there's still top. today.. and my name is mr. Irving T.Taborn. businessman and architect.. Builder, sportswear designer.. entrepreneur. Pastor of God's power and rainbow people ministry.. God's power in Covenant Church also another entity

  25. Derrick Coleman did great things for his old neighborhood in Detroit. Mad respect. I see a common theme of bad investment advice from lawyers.

  26. NBA players are really no different (on average) than a typically 18-26 year old. I mean a relatively high percent of 18-26 year olds are going spend all of their income and not focus on saving for the future. But in a traditional career that doesn't hurt you as much as those are lower earning years and you still have a 30-40 working years ahead of you. For most NBA players there are going to earn basically ALL of the money they will ever earn in their life during those years. So it is obviously far harder for them to recover if they squander the money.

  27. Yea Yea These people are idiots but lets not pretend that America is not part of the problem… America is a country that makes it easy to become poor if you are not smart because of high cost of living even for the poor, crazy taxes on the rich, a pro lawsuit society,a culture that glorifies expensive living and not business acumen, and most importantly if you come from a poor background and everyone you know is poor you can easily blow through money trying to help your relatives.

  28. So, why the hell would you have a mortgage if you were so rich. Just pay the house off. There's got to be endorsement money involved too. Oh and I thought Sprewell had a line of car rims too.

  29. I need someone to make it make sense. How…HOW SWAY!? I cannot wrap my mind around people having access to wealth and blowing it so foolishly in a short amount of time. But I suppose, this is why education, or at the very least financial education is important. This is unfortunate.

  30. THIS IS NOT SURPRISING….Tax deductions alone on these athlete's salaries brings those big numbers down considerably before the paychecks are handed out !…Trusting these independent financial advisors is the second half of the fall. They are ONLY as good as their last transaction…Throw in the fancy toys, bling, home(s), At least one bad investment, The baby moma(s), The monthly cost of living bills, The fiscal tax bracket and it's a rap before they can say "WTF JUST HAPPENED"!!!…Roughly the same shit just ordinary everyday working-class people go through, Just on a finer scale !!!!

  31. All I can say is most of these cats thought they were going to be able to live like kings forever. That just shows a serious lack of understanding of the fundamentals of money. No amount of money can fix that amount of stupid.

  32. Trying to keep up with the 'greed eat it' for the most part. A simple jar of instant coffee should be fine. Bless 'em all! Going forward…

  33. If you retire living a celebrities lifestyle, you will go broke very quickly.  Hopefully you made good investments.

  34. Antoine is a good guy. I never knew much about him personally until I met him at a wedding 6 years ago. Had some rough times and was naive but he seemed like he was humbled by everything. No one preparess them for the millions and how to handle financial decisions. At 18-21 I wouldn't have been all too smart with that much dough.

  35. Swopes probably got screwed by folks looking to take advantage of her as a woman. Very sad, she shouldn't have lost all of that, and her memorabilia…crazy.

  36. How in the fat fuck are u broke from $100 million to bankruptcy?? I don’t feel bad for Caffey at all, dude can’t keep his nuts in his pants

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