It’s no secret many athletes make boat loads of money.
Despite being held to such high esteem by fans and casual lookers-on alike, they’re not immune to some of the financial troubles the rest of us normal folk go through.
Sure some of these blunders may have been honest mistakes, but others are more of the “I’ve clearly run out of ways to spend my money” variety.
How about some inflatable rafts to protect your furniture during a flood? Sounds like a great idea, no?
Boxer Evander Holyfield squandered his reported $250 million lifetime earnings by purchasing things like a 54,000 square foot, 109-room home that sat on 235 acres.
Former Detroit Red Wings forward Darren McCarty declared for bankruptcy in 2006 with a debt to assets ratio of $6.2 million/$1.9 million. A shady business partner and Vegas casinos were to blame.
Hall of Fame running back Eric Dickerson lost a good chunk of change for investing with, Luigi DiFonzo, a felon who tricked people into thinking he was of Italian nobility.
Former Ohio St. standout defensive back Antoine Winfield's luck ran out as soon as he hit the NFL. Winfield lost well over $1 million by letting his friend/agent take care of all of his money without ever asking what he was up to.
Legendary Denver Broncos quarterback John Elway lost $15 million in a ponzi scheme. He was one of over 60 investors who lost out on $71 million to Denver hedge fund manager Sean Mueller.
Michael Jordan's long time sidekick Scottie Pippen lost $3.5 million on a Chicago real estate deal and another $1 million on a private jet.
Los Angeles Angels All-Star OF Torii Hunter once put $70K in a company that made inflatable rafts to protect your furniture during a flood. He stopped investing after he was asked to put in another $500K.
Dog fighting convictions alone would've probably done Michael Vick in, but failed investments in an Indiana car rental company and a Georgia wine shop, among others, translated into filing for Chapter 11.
One of the best NFL receivers of all-time lost $50,000 in a fake shoe company investment. Art Monk was fooled by his friend and teammate Terry Orr, who used the money to pay off his personal debts.
Terrell Owens, along with a bunch of other NFL players saw no returns on their investment in an Alabama electronic bingo operation. T.O. lost $2 million, alone.
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