Posted on 10/28/2009 11:25:12 AM PDT by Michael.SF.
In 12 years, Antoine Walker(notes) made more than $110 million playing professional basketball moderately well. Take away taxes, throw in some adidas endorsement money and a "NBA Live 99" cover, and he's left with, what, $60-to-65 million?
Whatever the details, it was a big chunk of change, which, amazingly, wasn't enough.
"[Walker] liked to move in an outsized entourage; his mother estimates that, during his playing days, he was supporting 70 friends and family members in one way or another. And speaking of his mother, he built her a mansion in the Chicago suburbs, complete with an indoor pool, 10 bathrooms, and a full-size basketball court. [...]
Living at the Bishops Forest condominium complex in Waltham during the Celtics season, Walker turned the pavement surrounding his home into a virtual luxury car lot — two Bentleys, two Mercedes, a Range Rover, a Cadillac Escalade, a bright red Hummer. Often, the vehicles were tricked out with custom paint jobs, rims, and sound systems at considerable added expense. He also collected top-line watches — Rolexes and diamond-encrusted Cartiers."
(Excerpt) Read more at sports.yahoo.com ...
Not having a good accountant or agent might have been his biggest mistake.
Also, having a large entourage like many NBA players possess could have bled him dry.
What’s this “NBA”?
Jerk.
I wonder if the NBA shouldn’t have the court appoint a conservator for every draftee.
A fool and his money............
Ben Coates had children by eight different women, all of whom were collecting. Even though he kept up on payments, one of them came banging on the door of his pad at 3:00 AM demanding money. Someone has to tell these guys that some women think they’re ATMs with penises.
“Well, maybe he can move back in with Mom.”
...we had one like that here in North Carolina...David Thompson....when he was in the chips he bought his mother a nice house...after his money was all gone he had a place to go to that was paid for.
Chris Rock has a great take in his act on the difference between being rich and having wealth. He uses NBA players as examples of being rich. He uses the Rockefellers et.al. as having wealth.
Walker missed the opportunity to go from being rich to being wealthy.
Nothing But A$$holes
Multiple child support judgments has a way of eating into ones assets real fast.
(Maybe Congress can move back in with Parliment when the US goes broke.)
Why does anyone care about this?
**Sarcasm On***David Stern is a racist for exploiting these African Americans. He should of known better that these underpriviledged persons would blow their money. We need a government oversight bureaucracy to make sure this does not happen again.***Sarcasm Off***
(In refernce to ACORN and their ilk criticising banks for lending money, which ACORN wanted, to minorities then surprise surprise many of them could not pay.)
I have a feeling, Charles Barkley might someday be moving in with old Antoine. Charles has never met a craps or blackjack table he didn't want to spend the night with, allegedly.
“I wonder if the NBA shouldn’t have the court appoint a conservator for every draftee.”
....the NFL got concerned about broke football players and mandated that every team would have mandatory financial counceling available....in the case of the Ravens, two of the top guys from Merrill Lynch volunteered to run a free weekly seminar at the team’s practice facility....only two Ravens showed up....one of which was Johnathan Ogden btw....a 10 time pro-bowler AND a UCLA graduate...a guy who made a career out of making good decisions.
After what his mom said to the media after he got robbed? LOL, I’d be surprised if he is even talking to her.’
“Oooooooh, my poooor baaaaabyyyy. He called me up and he was soooo scarrrrrreddddd! He was crying, and bawling, telling me how frightened he was of those robbers! My poor baby boy was sooo scared!!”
What jungle reference are you refering to? I made none.
It’s the hardwood, unpadded version of Thugball. The padded, turf and grass version can be seen (if you have absolutely *nothing* else to do, like practice torture endurance techniques) on Sundays in the fall and early winter.
But you seemed to care enough to post that no one should care about this.
Some peopel just lose their minds with a little money don’t they? I can say definately that I could live out the rest of my life on 60-65 million and probably leave more than 3/4’s of it to all heirs.
Or never listened.....
This is an old story...and has happened thousands of times before........
Well, except maybe for that decision to play football at UCLA.
;)
Who cares?
Why did you post if you don’t care?
Besides, the point is that making a lot of money doesn’t equate with wealth. Most wealthy people will tell you that spending more than you make is not a good idea, whether you make $30K/yr or $30million/yr. We have 4 kids and we live on an income of $50K/yr (gross). That includes sending 3 of them to Catholic school. We aren’t living high on the hog, but we have what we need and we are squirreling away what is extra ‘just in case.’
Though it’s hardly $110 million, it’s worth noting that after 12 years in the league, Walker is fully invested in the league’s pension plan. IIRC, it works out to around $400/month for every year played, or around 50 grand a year in Walker’s case. Not enough to keep the mansions and the Bentley, but more than enough to live on in relative comfort.
May be we need a conservator for the TOTUS’ reader.
Er, addendum: enough to live on if Walker smartens up about his situation.
I would think that a very comfortable life could be lived just on the interest of $60,000,000.
After taxes that woulb be, what maybe 2 to 2.5 million.
I could live on that, course I'd have to make a few cut backs.
;)
Broke and in debt?! Welcome to the real world, Antoine.
Does he have to wait until a certain age before he can draw that money?
ONE million. That’s all I ask. ONE Million. I would pay off my upside down house, all my credit cards, Pay off my car. Give a nice big contribution to the USO. Have a few bucks left over. I’m not greedy. I would not even quit my job.
And yes, I have been ROBBED. Burglerized, AND mugged. I I didn’t go crying to my mother.
And I’m a GIRL!
NBA=Next broke athlete
I don’t know, to be honest. I do know that a player is fully vested after 3 years in the league, and also that there is an option to take a lump sum at age 45 instead of the monthly payment. My *guess* would be that players taking the monthly payments would get them upon retirement from the league regardless of age. But that is only a guess.
Garth Brooks said that his grandchildren's grangchildren couldn't spend all the money he made. Which tells me he vastly underestimates the spending prowess of heirs.
Very true and most likely I’d be very close to the original 65 million to leave behind. Of course I’d want a nice piece of land with a nice house on it and a few nice cars so that might take a little more than just the interest. ;)
What we need is for congress to appoint a systemic risk czar to oversee the compensation packages that draftees and current players get, with them also having to submit monthly expense reports. Any player or draftee being found to engage in too much risk will be shut down and kicked out.
Hmm, I’d need about 85k to pay off the house.
Maybe another 20k to pay off fiancee’s student loans. Another 20k for her truck.
To not have to work again, I’d need about 600k at 5 percent a year. So I’d do with 750k.
I read one time that most family fortunes are squandered within three generations.
Michael Jordan —”Republicans buy sneakers too. .”
Or in the case of VP Joe Biden, his father was able to do it in 1.
Not to go all horological geek on the writer but those are not "top-line watches". Those are blinged out overpriced middle of the road watches. Not that I would expect an NBA player to wear a Patek Philippe or a Vacheron Constantin or a Blancpain however...
Look at how much it is costing taxpayers to support Obama and his entourage of 100 million.
“Garth Brooks said that his grandchildren’s grandchildren couldn’t spend all the money he made.”
Maybe he can adopt Antoine!
My grandmother’s grandfather once owned half of a small city. After my grandfather died in 1939 at age 39, she remarried well or she would have had to move in with her mother.
It was a nice ride while it lasted, right Ant-oine?
A $ 100 mil just doesn’t spend like it used to I guess.
Maybe you can get a bailout from Barama?
or has it locked up in an ironclad trust.
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