Posted on 03/05/2011 6:16:04 AM PST by STONEWALLS
JaMarcus Russell's return to greatness isn't going as well as planned.
The former No. 1 pick of the Oakland Raiders, famous for wearing mink coats and taxing a heavy toll on the team's bench, needs to find a job soon.
Foreclosure proceedings have started on Russell's Oakland mansion, according to TMZ. If the former LSU star can't come up with $195,512.05 in backed mortgage payments in the next three months, his house will be auctioned off.
Russell purchased the house in 2007 for $3 million before he even signed his contract with the Raiders.
The 5,800-square-foot has six bedrooms, six full bathrooms and two half bathrooms, a four-car garage, four fireplaces and bay views.
Russell returned to his native Alabama after being released by the Raiders in 2009. His attempts to return to the NFL have been slowed down by charges that Russell was illegally sipping "purple drank."
The Raiders signed Russell to a six-year contract worth up to $68 million, with $31.5 million guaranteed. But in true Al Davis fashion, the team is trying to recoup some of the signing bonus.
"Purple Drank is an illegal recreational drink popular in the Southern United States rap community, whose main ingredients originally consisted of prescription strength cough syrup, containing codeine and promethazine, and either a carbonated soft drink (generally Sprite) or fruit juice. The purple-ish hue of Purple Drank comes from the dyes in the cough syrup."
Fo’Shizzle-Eric “my people”Holder!
...and btw, I think I read somewhere that the average NFL player is dead broke within 2 years out of the league...with the league about to enter negotiations with the players union, I expect more to come out about this type of thing.
Purple Drank isn’t illegal if you have a prescription for cough medicine. Are people presumed innocent until proven guilty in a court of law, or does the Raiders want to hold its players to a much higher standard? (How well do the other players meet that standard?)
Russell was promises $31,000,000 guaranteed under terms of his first deal. He stopped playing football after he signed it and now Oakland is suing to get it all back..
That said, why did he take out a mortgage when he obviously had the money?
Normal people do not make prescription drugs into recreational beverages. And since many derivatives of this are made from codeine, it is very easy to conclude that most of its usage would be in violation of most workplace anti-drug policies.
Who?
Oakland and mansion don’t seem to quite belong together in my expsosure. I guess there must be nicer areas there somewhere, but it’s always been sort of a west coast Detroit in miniature, in my mind.
I'd like to know why the lender made the loan when this guy had no money.
Because he had just signed a contract with $31 million guaranteed. Probably seemed like a safe bet at the time.
Conventional wisdom among a certain set of financial "advisors" was to mortgage any real estate to the hilt and "invest" capital for a better return elsewhere.
So long as rates were low, houses were appreciating and the income stream continued uninterrupted, it worked during those few years. I'd imagine a lot of the higher end residential RE in foreclosure was once "owned" by people who were thusly "advised," though.
It's just human nature to assume how things are now are how things always will be. That can work to the bad, for the unobservant, and to the good, for the observant.
And then, there are the financially clueless who are suddenly vaulted into wealth due to musical talent, athletic ability or winning the lottery. It gets p*ssed away far more often than not.
Normal people don’t join professional sports teams either. Either you have a prescription for the medication, or you don’t. If you do, and your workplace decides to test you and you show up positive for the controlled substance, produce the prescription and that’s that. Some medications instruct you to take them “with food.” Well, how about with fruit juice? Others say it doesn’t matter whether you do or don’t take them with food.
You have to remember...these guys get approached by agents in college and they really aren’t that smart about the game, the finances, or the future. This guy will likely never play another game in the NFL and in ten years...you will likely see him as shift manager of some pizza shop. He just didn’t have the skills that he advertised.
Because the lender could turn right around and sell it to the taxpayers, ie Fannie and Freddie, for a profit.
There’s some truth to the concept but not at this level.
However, if an average person has a 100k mortgage and 100k in savings, they *could* pay off their house, but then they’d be BROKE. They’d have a paid-for house, but zero savings.
Granted, in that scenario, they could then save a lot of cash rather quickly no longer having that payment, but most advisors would tell the person in my example NOT to pay off their mortgage at least not yet.
Things went downhill for Vader too after the death star blew up:
Chad Vader - Day shift manager
http://www.youtube.com/watch?v=opplsYSrIHc
Posted yesterday...
=8-)
Crocker Highlands and Montclair are two of the nicer areas of Oakland. Plenty of expensive homes.
I'm not too sure that this guy is up to being shift manager of a pizza shop. Even the janitor has to be able to follow directions and push a broom.
And one could safely bet that anyone whose name starts with La or Ja or Da has been doomed to this category because his mother didn't pick a better name for him.
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