The former NBCA player Dennis Rodman was in court this week and faces up to 20 days in jail for failure to pay $860,000 in spousal and child support. The former Chicago Bulls power forward is just the latest in a long string of pro athletes who have squandered their fortunes.
Antoine Walker (Miami #8) made more than $110 million in his NBA career, which included a championship with the Miami Heat in 2006. But in March, he sold his championship ring for $21,500 to help pay back his creditors, according to celebrity gossip web site TMZ. He filed for bankruptcy in 2010, citing total assets of $4.28 million and liabilities of $12.74 million.
During Julius Erving’s 16-year NBA career, he was one of the highest-paid basketball players and one of the first players to earn over $1 million per year. He owned a 6,500-square-foot home in Utah that included five bedrooms and, of course, a basketball court. It was listed for sale in January 2010 for $2.5 million. But in December 2010 Erving defaulted on the $2.23 million home after failing to find a buyer.
Olympic gold medal ice skater Dorothy Hamill was one of the earliest icons of figure skating and was the first female athlete to sign a $1-million-a-year contract, which was with the Ice Capades. However, her wealth didn’t last. She filed for bankruptcy in 1996 and lost her ownership of the Ice Capades company. Despite her financial issues, in 2000 she was inducted to the World Figure Skating Hall of Fame.
Michael Vick used to be the highest-paid NFL player on the Atlanta Falcons with a 10-year contract worth $130 million. But in 2007, he went to prison for an illegal dog-fighting ring, which cost him his salary, contract and endorsements. He filed for Chapter 11 bankruptcy from prison in 2008. After his release in 2009, Vick signed with the Philadelphia Eagles initially for two years on a contract worth over $6 million, and signed again with them in 2011 for a six-year, $100 million contract.
John Daly earned between $50 and $60 million during his career as a two-time PGA Major champion. But he gambled most of it away, according to his autobiography. Daly also once lost $1.65 million in five hours playing slot machines. His $1.6 million house was foreclosed on in early 2009. The 7,671-square-foot home had four bedrooms and sat on 2.11 acres.
Former NBA player Allen Iverson holds the sixth regular-season career scoring average of all time and the playoffs average that’s second only to Michael Jordan. However, Iverson’s mansion in Cherry Hills, Colo., went into foreclosure in March 2011. He bought the 6,848-square-foot six-bedroom home for $3.88 million in January 2008. He quit paying the mortgage prior to the foreclosure and owed more than $2.5 million, according to The Denver Post.
Marion Jones won three gold and two bronze medals in the 2000 Summer Olympics in Australia. But in 2007 she forfeited her medals and prizes when she admitted to using performance-enhancing drugs and lying about it. Jones was sentenced to a six-month jail term. She then lost $1 million in endorsements and her $2.5 million North Carolina home went into foreclosure. She later played in the WNBA for the Tulsa Shock in 2010 and 2011.
WOW…WHEN SIGNING THOSE HUGE DEALS, THEY ALSO SHOULD’VE SIGNED A GREAT FINACIAL PLANNER. WE CAN’T EXPECT THOSE WHO AREN’T USED TO THAT AMOUNT OF MONEY TO SAVE IT WISELY! MESSAGE!!!