7 athletes that lost it all... - Sitcoms Online Message Boards

Brian Damage · 03-13-2010, 10:38 PM

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.

http://sports.yahoo.com/top/news?slu...yhoo&type=lgns

bandito · 03-14-2010, 02:41 PM

My heart just pumps piss for all of them.

TVFactFan · 03-14-2010, 06:47 PM

Quote:

Originally Posted by bandito

My heart just pumps piss for all of them.

LOL-LOL

No sympathy from me

isiahthomas · 03-21-2010, 01:19 PM

I remember Latrell Sprewell saying he couldn't feed his family with the money he was making in the NBA hahahahahahahahahahahahahahahaha. I wonder what job he has now LOL. He's probably bagging groceries or working at McDonald's hahahahahahahahahahahahahahaha. When a athlete says something stupid like Latrell said, he's a idiot. There are people that got low paying jobs and got a family and they can't feed their family. I've never understood celebrities who buy big houses and a lot of cars. That's stupid to do that because you never know how long your career is gonna last. How many cars does one person need? You can only drive one of them LOL.

ComedyGuy · 03-30-2010, 05:19 PM

No sympathy from me either

ThomasE · 03-30-2010, 07:26 PM

Quote:

Originally Posted by isiahthomas

I remember Latrell Sprewell saying he couldn't feed his family with the money he was making in the NBA hahahahahahahahahahahahahahahaha. I wonder what job he has now LOL. He's probably bagging groceries or working at McDonald's hahahahahahahahahahahahahahaha. When a athlete says something stupid like Latrell said, he's a idiot. There are people that got low paying jobs and got a family and they can't feed their family.

He should have gotten off of his high horse. Now he is probably desperate to ride cotails. People get cocky and seriously lack wisdom.

catlover79 · 03-30-2010, 09:38 PM

My heart bleeds.

isiahthomas · 04-03-2010, 02:37 PM

Ya'll forgot about former boxer Riddick Bowe. He used to live in Fort Washington, Maryland when i lived there. He lived in a nice neighborhood not too far from where my parents went to church. I used to go to high school with his niece and nephew. He's broke now. Last i read about him, he was living in a country town. I don't know what he's doing to make money.

03-13-2010, 10:38 PM	#1
Brian Damage I'm Rich Bitch Forum Icon Join Date: Feb 03, 2002 Location: What Ain't No Country I Ever Heard Of...They Speak English in What? Posts: 63,107	7 athletes that lost it all... 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. http://sports.yahoo.com/top/news?slu...yhoo&type=lgns
	__________________ The Key to the Kingdom of Heaven: John 3:3 *Money Doesn't Buy Happiness...But I'd Rather Cry in My Private Jet*

03-14-2010, 02:41 PM	#2
bandito Going Topless Forum Veteran Join Date: Sep 28, 2002 Location: The Steel City Posts: 6,320	My heart just pumps piss for all of them.
	__________________ bandito

03-30-2010, 05:19 PM	#5
ComedyGuy King Of TV Trivia Senior Member Join Date: Sep 17, 2007 Location: Eastlake Ohio Posts: 1,255	No sympathy from me either
	__________________ Classic TV, the way life ought to be

03-30-2010, 09:38 PM	#7
catlover79 God Bless Val Forum Addict Join Date: May 29, 2006 Location: Bewitched in Ohio Posts: 70,392	My heart bleeds.
	__________________ "Jesus loves you and He approves this message." "I'm alive. I'm feeling good. I'm trying to live every moment as much as I can." - Valerie Harper, March 2013

03-21-2010, 01:19 PM	#4
isiahthomas Member Forum Fanatic Join Date: Aug 20, 2002 Location: Cleveland, Ohio Posts: 10,704	I remember Latrell Sprewell saying he couldn't feed his family with the money he was making in the NBA hahahahahahahahahahahahahahahaha. I wonder what job he has now LOL. He's probably bagging groceries or working at McDonald's hahahahahahahahahahahahahahaha. When a athlete says something stupid like Latrell said, he's a idiot. There are people that got low paying jobs and got a family and they can't feed their family. I've never understood celebrities who buy big houses and a lot of cars. That's stupid to do that because you never know how long your career is gonna last. How many cars does one person need? You can only drive one of them LOL.

04-03-2010, 02:37 PM	#8
isiahthomas Member Forum Fanatic Join Date: Aug 20, 2002 Location: Cleveland, Ohio Posts: 10,704	Ya'll forgot about former boxer Riddick Bowe. He used to live in Fort Washington, Maryland when i lived there. He lived in a nice neighborhood not too far from where my parents went to church. I used to go to high school with his niece and nephew. He's broke now. Last i read about him, he was living in a country town. I don't know what he's doing to make money.