Vince Young, who played six years in the NFL after a highly successful college career, has filed for bankruptcy, according to David Barron of the Houston Chronicle.
Young was the third pick of the 2006 draft and made $US35.5 million in his career with the Tennessee Titans and Philadelphia Eagles.
He is now the latest cautionary tale of a wealthy athlete who filed for bankruptcy after making millions during his career.
In addition to lavish spending that supposedly included $5,000-$6,000 per month for a limo driver, Young’s downfall may have been precipitated by a loan he took out during the NFL’s lockout in 2011.
According to the report, Young took out a $US1.9 million loan at 20% interest. Young defaulted on the loan according to KHOU in Houston and last year, the lender obtained a $US1.7 million judgement against Young.
Earlier, Young’s former financial advisor testified under oath that the loan was taken out in part because Young wanted to throw himself a $US300,000 birthday party and “was running low on funds” according to an AP report.
Despite being just 30 years old and having two Pro Bowl appearances on his resume, Young has not played in the NFL the last two seasons, failing to make the Bills roster in 2012 and the Packers roster in 2013.
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