Despite the high salaries and lucrative sponsorship deals, it seems that financial stability isn’t a cert when it comes to the world of basketball. Indeed, it’s estimated that almost two-thirds of NBA stars lose, or come close to losing, their fortunes within five years of leaving the franchise. And these 20 famous sportsmen, for example, all managed to somehow fritter away their substantial net worths.
20. Antoine Walker
Former Boston Celtics and Miami Heat hero Antoine Walker filed for bankruptcy in 2010, just two years after quitting the game. Somehow, he’d spent away an astonishing $108 million. However, the three-time All-Star later decided to put his experience to good use by working alongside financial services company Morgan Stanley and ex-NFL linebacker Bart Scott. Specifically, the pair are part of a Morgan Stanley scheme intended to help sporting professionals handle their finances better.
19. Eddy Curry
Ex-NBA center Eddy Curry reportedly earned $70 million during his career with the New York Knicks and the Chicago Bulls. But after squandering his fortune, he eventually fell behind on his mortgage payments to the tune of almost $200,000. And as a result, he lost his luxury mansion in Burr Ridge, Illinois, to foreclosure in 2012.
18. Allen Iverson
Just months after Curry lost his home, another NBA star lost his mansion in Atlanta in the same manner after defaulting on his $1.2 million mortgage. But during a 2015 appearance on daytime TV, Allen Iversen – who earned over $150 million during his career with the Philadelphia 76ers – denied reports that he was completely broke.
17. Dennis Rodman
One of the NBA’s most colorful stars has also found himself in financial trouble due to a combination of substance abuse, poor business investments and child support payments. In 2012, moreover, Dennis Rodman’s attorney told The Los Angeles Times that the former power forward was entirely broke. At that time, Rodman had made the somewhat inadvisable decision to team up with a New York strip club to launch a topless ladies’ basketball team.
16. Robert Swift
Few NBA stars have fallen as hard as Robert Swift. Indeed, while the ex-Seattle SuperSonics center earned $10 million during his relatively brief, injury-blighted career on the court, by 2013 he’d lost his home. By 2014, meanwhile, he was sharing a home with a drug-dealing, firearms-possessing buddy. And by the following year, he was both a heroin addict and in trouble with the law. Life comes at you fast, as they say.
15. Rick Mahorn
Rick Mahorn filed for bankruptcy in 2010 after defaulting on his mortgage, despite earning over $6 million during his career. Indeed, the star was so broke that he was forced to sell the championship ring he’d won with the Detroit Pistons. And, to add insult to injury, he couldn’t even pay the $55 he owed to a nearby library.
14. Kenny Anderson
“I thought it would last and I didn’t know how to say no.” Kenny Anderson’s reasoning for how he managed to go broke in such a short space of time probably echoes that of many of his fellow basketball stars. The NBA journeyman went bankrupt in 2005, despite reportedly earning more than $63 million during his 15-year career.
13. Vin Baker
One of the most famous basketball riches-to-rags tales in recent memory involves four-time All-Star Vin Baker. Baker earned over $100 million during his lengthy career, in which he was widely regarded as one of the NBA’s greatest offensive forwards. But after somehow blowing it all, he eventually ended up managing a Starbucks franchise in a bid to make ends meet. Ouch.
12. Derrick Coleman
The circumstances of Derrick Coleman’s financial difficulties are slightly different to those of his fellow broke pros. That’s because the former New Jersey Nets star actually tried to give something back to his Detroit hometown by investing his money in various development projects. However, the economic downturn that began in 2008 hit the real estate market hard, and Coleman was eventually forced to file for bankruptcy in 2010.
11. Darius Miles
Darius Miles became one of the most recent NBA stars to file for bankruptcy when his time came in 2016. And the details of the former LA Clippers forward’s debt make for uneasy reading; despite having made $62 million over the course of his basketball career, he reportedly owed $20,000 in child support and nearly $300,000 to the IRS at the time. Miles cited legal problems, injuries and poor investments for his lousy financial situation.
10. Stephon Marbury
Money troubles appeared to follow Stephon Marbury around, despite the former New York Knicks star earning nearly $150 million during his NBA career. Indeed, in 2012 he was even taken to court by the U.S. Bank over a seven-figure loan sum he was allegedly liable for. Creditors would go after his home two years later when he reportedly found himself $20 million in debt.
9. Glen Rice
Former Los Angeles and Miami Heat star Glen Rice spent 15 years in the NBA before retiring in 2004. By 2016, however, he had blown through all his $35 million fortune. In fact, Rice became so broke through poor investment decisions and lack of new job opportunities that the court system made the rare move of lowering his child support payments.
8. Christian Laettner
Christian Laettner came dangerously close to bankruptcy in 2016 when investors in a North Carolina redevelopment project, including several former teammates, attempted to force him into liquidation. The NBA veteran also once found himself $30 million in debt due to the 2008 economic crisis. Luckily for Laettner, though, he eventually secured a last-minute repayment deal that saved him from financial disaster.
7. Jason Caffey
Jason Caffey filed for bankruptcy in 2007 in order to remove numerous arrest warrants for non-payment of child support. And although an Alabama judge later dismissed his case, the former Chicago Bulls star – who is father to ten children by no less than eight different women – was reportedly “only” earning $7,000 a month at the time.
6. Shawn Kemp
Child support payments to multiple children by multiple women also proved to be the downfall of Shawn Kemp. In fact, the former Seattle SuperSonics star lost most of his $92 million fortune thanks to fathering seven children with six different women. And his struggle to adapt to a post-NBA lifestyle was also highlighted by arrests for drug possession.
5. Juan Dixon
Ex-Washington Wizards star Juan Dixon filed for bankruptcy along with his ex-wife Robyn in 2013. In 2016, meanwhile, the pair – whose financial troubles were well documented on Bravo show The Real Housewives of Potomac – were forced to put their three-bedroom home on the market. And, most alarmingly, the house was on sale for $10,000 less than they had bought it for in 2002.
4. Cliff Robinson
Former Portland Trail Blazer Cliff Robinson earned upwards of $60 million during his lengthy NBA career. Despite that incredible sum, however, he still ended up declaring bankruptcy in 2009. Failed property investments in Jackson Country and Washington were reportedly to blame for Robinson’s financial woes, and he was subsequently forced him to auction off his 5,900-square-foot mansion in Hillsboro, Oregon.
3. Chris Washburn
Chris Washburn’s fall from financial grace is far more troubling than most of his bankrupt NBA peers. By 2012, moreover, the former Golden State Warrior had become destitute and was living in crack dens and raiding garbage containers for food. And although he later managed to get himself clean, Washburn suffered yet further money worries in 2013. That was when the fried chicken business he opened with his girlfriend closed just a year after opening.
2. Randy Brown
Randy Brown enjoyed stints with the Sacramento Kings as both a player and assistant coach. However, he still ended up in dire financial straits after losing his latter position. Upon declaring bankruptcy in 2009, then, the former guard was forced to auction the three NBA championship rings he had won with his second team the Chicago Bulls.
1. David Harrison
Any Indiana Pacers fans making a trip to McDonald’s in 2013 may well have got the surprise of their life when they stepped up to the counter to make their order. That’s because David Harrison, who spent four years with the NBA team in the mid ’00s, was forced to take a job at the fast-food joint to make ends meet after losing his $4.4 million fortune.