In a cautionary tale the rich and famous should pay close attention to, ex-$110 million dollar NBA player Antoine Walker has lost it all.
The three-time All Star lost his wealth in a series of bad real-estate investments, giving money away, gambling and living above his means. When he filed for bankruptcy in 2010, he had accumulated over $12 million in debt while only having $4.3 million in assets.
Walker was forced to sell his championship ring for $21,500 in order to help pay for his debts. He currently resides with a D-League teammate in a shared apartment. The former Miami HEAT player isn’t the first to suffer this fate as a famous athlete, nor will he be the last. This situation is rather common among professional athletes, with the end result being the trustee in the case will resort to trying to get funds back from friends and family to help pay for debt.
In Walker’s case, this sum was $560,000 with additional interest demanded from his fiancé.
Photo credit: Scott Strazzante, Chicago Tribune