7 Wealthy Athletes Who Went Broke

1.​​ Mike​​ Tyson earned more than $400 million​​ during his boxing career. Yet Tyson declared bankruptcy even before he retired in 2003. ​​​​ Where did all the money go? A 2003 New York Times article claims​​ jewelry and limousines​​ and​​ Siberian tigers​​ took up a huge chunk of his cash.​​ ​​ The series of expensive homes also took its toll on his pocketbook.​​ 


2.​​ Allen Iverson, former shooting guard and one-time league MVP, was once one of the highest paid basketball players in the world. ​​ During his 2008-9 season with the Detroit Pistons, his salary was just under $21 million.  ​​​​ But when his wife filed for divorce in 2010, his finances looked very different. ​​ Iverson reportedly shouted at his wife that he couldn't even afford a cheeseburger.  ​​​​ But the future is still shiney: he has a 'rainy day' trust fund set up by Reebok worth $30 million, which he becomes entitled to in 2030.​​ 


3.​​ NBA champion​​ Antoine Walker earned​​ over $108 million in the thirteen years of his career – but he also liked to spend huge sums. ​​ He never worse the same suit twice, and he said he was supporting up to 70 family and friends at the height of his career. ​​ In 2009 he was arrested for writing over $1 million in bad checks to casinos in Las Vegas.  ​​​​ Walker filed bankruptcy in 2010. ​​ He's created a documentary, "Gone In An Instant", about his financial problems.​​ 


4.​​ Lenny Dykstra's MLB career ended on a high note​​ and he seemed to sail along just fine for a decade. ​​ In 2007 , he snapped up a mansion in Thousand Oaks, California and listed his net worth as $58 million. ​​ But in 2009, Dykstra said he was a victim of mortgage fraud. ​​ The bank foreclosed on his house, and he filed for bankruptcy, citing $50,000 in assets and up to $50 million in liabilities. ​​ In 2012, he was sentenced to six and a half months to prison for bankruptcy fraud, concealing his assets, and money​​ laundering.​​ 


5.​​ Kenny Anderson, an NBA All-Star, earned over $60 million in 14 years. ​​ He spent his money lavishly, on an estate in Beverly Hills, and an apartment in New York,​​ ​​ eight​​ luxury cars including a Porsche, Mercedes, Range Rover, and Lexus, three divorces (the first one cost half his assets), and paying child support for seven kids. ​​ 


6.​​ Evander​​ Holyfield​​ made a stunning $250 million during his career, not only for boxing but also for movies and tv deals, grills, video games, and sodas. ​​ But wild spending and providing for eleven kids took its toll, and in 2008, the bank foreclosed his $10 million mansion in suburban Atlanta.​​ 


7.​​ NBA player​​ Latrell Sprewell​​ made over $100 million​​ by the time he began to act like a heathen off the court, getting into brawls and generally being a belligerent fool. ​​ In 2000, he was given a $62 million, 5-year contact with the Knicks, and in 2004, he was traded to the Minnesota Timberwolves. ​​ When the Timberwolves offered a $14.6 million extension that would have earned him up to $30 million over the next few years. ​​ But instead of being grateful for his good fortune, he snapped, "I have a family to feed."  ​​​​ His career began to dwindle after that. ​​ His yacht was eventually repossessed, and his houses in Milwaukee and Westchester were foreclosed.  ​​​​ He also had to pay $3 million in back taxes as well. ​​ 












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