Broke Athletes: Vince Young and 5 Other Athletes Who Went Bankrupt
by Karl Utermohlen | January 23, 2014 12:06 pm
It’s always startling when we hear about broke athletes like Vince Young who just filed for bankruptcy. The NFL star lived a life of partying and spending that eventually caught up to him despite the fact that he made $34 million in six NFL seasons. Vince Young did it everything from spending $5,000 in the Cheesecake Factory a week to doing $600 shots of Remy Martin after games and even throwing a $300,000 party once. Click on the next slide to read about other broke athletes.
It’s hard to believe that a star like Allen Iverson went broke once but apparently he did. The 11-time NBA All-Star star blew $154 million in earnings before filing for bankruptcy. Iverson lived an extravagant lifestyle that included a traveling entourage of dozens of pals and over 50 folks to home basketball games. He brought a hair stylist with him on the road and even owed a jeweler $860,000 once. Allen Iverson is proof that you can spend any amount of money.
Warren Sapp had to file for bankruptcy in 2012 after owing more than $6 million. The seven-time Pro Bowl defensive tackle owed about $6.7 million to creditors and family after making some odd purchases. He spent $2,250 on a watch and $1,200 on a lion skin rug, but the oddest of his purchases has to be the 2,400 pairs of Jordan shoes. Sapp had a successful and controversial career that included titles at the collegiate and pro level as well as multiple run-ins with teammates.
Terrell Owens is another star athlete who blew millions of dollars and went broke in 2012. In 15 NFL seasons, Owens made at least $80 million but it all disappeared after a series of poor investments. On top of that, he bought several houses and condos that put him in more debt including a $2 million entertainment complex in Alabama. Owens claims that he was steered the wrong way by his investors.
Michael Vick owed $20 million in debt to dozens in creditors but it appears he’s on his way to settling these debts. Vick lost millions in salary, endorsements, playing time and did prison time on dog fighting charges. The Philadelphia Eagles quarterback had to file for bankruptcy before going to prison but at least he’s still making money. Vick made $7 million this season as well as an undisclosed amount with a Nike endorsement deal plus other endorsement deals.
Perhaps the most successful star on our list is Scottie Pippen who won six NBA championships with the Chicago Bulls. Back in 2007, Pippen attempted to make a comeback after going broke following some bad investments that cost him about $27 million. Other than the poor investing, his biggest mistake might have been not hiring a lawyer to help him recoup some of that money.
More Celebrity Bankruptcies
- 10 Ugliest Celebrity Bankruptcies in History
- 10 Most Embarrassing Celebrity Bankruptcies of All Time
- caught up to him: http://investorplace.com/2014/01/vince-young-broke-former-nfl-star-files-bankruptcy/#.UuFDrKjTmIU
- blew $154 million: http://investorplace.com/2012/02/allen-iverson-celebrity-bankruptcy/#.UuFFuKjTmIU
- [Image]: http://investorplace.com/wp-content/uploads/2014/01/Warren-Sapp.jpg
- Flickr: http://www.flickr.com/photos/nflravens/2806766943/sizes/l/
- owed about $6.7 million: http://investorplace.com/2012/04/former-nfl-great-sapp-files-for-bankruptcy-lists-200-pairs-of-jordans-as-assets/#.UuFHDqjTmIU
- [Image]: http://investorplace.com/wp-content/uploads/2014/01/Terrell-Owens.png
- Flickr: http://www.flickr.com/photos/top10queensocial/4407463411/sizes/o/
- a series of poor investments: http://thebiglead.com/2012/01/24/terrell-owens-is-broke-after-playing-15-years-and-making-80-million/
- settling these debts: http://www.sportingnews.com/nfl/story/2013-09-04/michael-vick-repays-bankruptcy-debt-20-million-prison-eagles-endorsements
- [Image]: http://investorplace.com/wp-content/uploads/2014/01/Scottie-Pippen.jpg
- Flickr: http://www.flickr.com/photos/marketamerica/5416620061/sizes/l/
- going broke: http://thebiglead.com/2007/02/23/scottie-pippen-needs-to-hit-up-pacman-jones-for-a-loan/
- 10 Ugliest Celebrity Bankruptcies in History: http://investorplace.com/2012/07/10-ugliest-celebrity-bankruptcies-in-history/#.UuFLuKjTmIU
- 10 Most Embarrassing Celebrity Bankruptcies of All Time: http://investorplace.com/2012/02/10-most-embarrassing-celebrity-bankruptcies-of-all-time/#.UuFLuqjTmIU
Source URL: http://investorplace.com/2014/01/broke-athletes-vince-young/
Short URL: http://invstplc.com/1fsfoMS
Copyright ©2016 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.