5 Athletes Worth More than $100 Million Who Went Bankrupt
Athletes have known to both earn and blow inconceivable amounts of money. Here are five the most drastic cases.
In 2004, Vick signed a 10 year $130 million dollar contract, making him the highest paid player in the NFL.
However, after being caught for his notorious involvement in organized dog fighting in 2007, Vick went to jail and eventually filed for bankruptcy.
Since then, Vick has been doing well, playing three seasons for the Philadelphia Eagles on a $100 million dollar contract and just recently signing with his 3rd NFL team, the New York Jets.
Just under a year ago, reports also emerged that Vick was set to emerge from bankruptcy by paying the last of nearly 20 million in debt.
Walker made an estimated $110 million throughout his NBA career, which he blew and subsequently had to file for bankruptcy just two years after he retired from the NBA in 2008.
What happened to him?
Walker’s gambling problems have been well documented.
In 2009, Walker was arrested at the Harrah’s Casino in South Lake, Nevada. Walker reportedly owed $822,500 in gambling debts and faced felony counts for writing bad checks to three different casinos.
In a conversation with ESPN1stTake, Walker also admits to living a lavish lifestyle — a ‘high life’ lifestyle that he also provided to 10-15 friends as well as family members.
However, Walker gives “bad real estate investments” as the primary reason for his financial collapse.
“When the recession hit back in 2007/2008, the banks went really hard after the money, and I was the personal guarantor of them. There was probably like seven or eight banks that we had loans with and they kinda hit me all at once,” said Walker.
Coined “The Baddest Man on the Planet”, the renowned heavyweight champion was worth over $300 million at one point.
However, Tyson faced a slew of problems outside of the ring, including divorce and the death of a father-figure trainer.
All along, Tyson had also been oft-arrested for various crimes, including DUI, drug possession, assault and battery, and his infamous rape of Miss Black Rhode Island in 1991.
Tyson’s financial problems have been longstanding.
In an affidavit, Tyson said “I have been in financial distress since 1998.”
The smoking gun provides documents of over a dozen of Tyson’s creditors, most prominently $13 million owed to the Internal Revenue Service.
Parts of Tyson’s lavish style are reflected in his debts to a limousine company, Las Vegas Jeweler, and Ferrari of Beverly Hills.
In Spring 2013, Tyson took to Broadway to tell his complete life story through the one man show Mike Tyson: Undisputed Truth.
A boxing great who infamously lost part of his ear in a clash with Tyson during the ‘Bite Fight’ of 1997, Holyfield was estimated to be worth $250 million.
His financial woes include foreclosure of his 109 room mansion, and owing child support to 12 children conceived from 6 different women, according to Dailymail.
The 76ers legend was estimated to have earned over $200 million during his 15 year career.
As to how he lost this money, Iverson’s errors come from the same page as many of the athletes mentioned above.
Like Walker, Iverson lived very lavishly.
He often traveled in entourages of 50, all the while showering the group with various extravagances, according to a report by Yahoo Sports.
Iverson was also an obsessive gambler and had several of his mansions foreclosed.
And like Tyson, Iverson owed a myriad of debts to jewelers, mortgage payments, and other creditors.