These NBA Players Need an Intervention or Sumthin!

Former Celtics star Antoine Walker is broke and in debt

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.

That's right, during the last several months, the once multi-millionaire athlete has been pursued by multiple financial institutions for unpaid debts.

In fact, according to The Boston Globe, "Employee No. 8" owes more than $4 million to his creditors and is facing felony check fraud charges in Las Vegas. All of this at the age of 33. Wild.

Now I know what you're thinking: How in the world does somebody — not named Montgomery Brewster — even begin to blow through that amount of money?

The answer: fairly easily.

"[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."

Condos, luxury cars, watches ... I guess that'll eventually force you into bankruptcy. Especially when you're not investing any money or collecting $200 with every fifth or sixth roll of the die.

But Walker's lavish lifestyle wasn't all "me-me-me." He was also a generous friend and teammate who had custom suits made for coaches, routinely picked up giant team dinner tabs and, when there were funds to spare, gave to underprivileged youngsters. He was basically spending money like it was going out of style.

And it did.

I guess Biggie was right after all: mo' money, mo' problems.

You don't need directions and you don't need cash. From your Jimmy Choos to your Ultralash. ~ Prince
And when the groove is dead and gone, you know that Love survives so we can rock FOREVER. ~ RIP MJ

Not "Montgomer Brewster"

You don't need directions and you don't need cash. From your Jimmy Choos to your Ultralash. ~ Prince
And when the groove is dead and gone, you know that Love survives so we can rock FOREVER. ~ RIP MJ

STUUUUUPPPPPIIDDDDD!!!!!

can you say business saavy??

I have no sympathy for these fools who have no respect for money - good for his dumb ass.

I still remember the days when Magic Johnson and Kareem Abdul Jabbar were merely making 1.5 million dollars a year.

"Forty Million Dollar Slaves: The Rise, Fall, and Redemption of the Black Athlete" by William C. Rhoden

http://www.amazon.com/For...0609601202

uPtoWnNY said:

Thats some straight bull right there

Magic City.....with 2 handfuls of $$$$$ on the regular.

I wanna KNOW who is advising these nuts to finance homes and cars when they can pay cash??? Dumb fuckas!

You don't need directions and you don't need cash. From your Jimmy Choos to your Ultralash. ~ Prince
And when the groove is dead and gone, you know that Love survives so we can rock FOREVER. ~ RIP MJ

while I'm a big believer that everyone is responsible for their own actions, it seems like these professional sports leagues would offer some sort of financial training to their athletes...alot of these guys from near nothing and obviously have no grasp of serious financial matters...stories like this never cease to amaze me...

SCNDLS said:

I wanna KNOW who is advising these nuts to finance homes and cars when they can pay cash??? Dumb fuckas!

JerseyKRS said:

SCNDLS said:

I wanna KNOW who is advising these nuts to finance homes and cars when they can pay cash??? Dumb fuckas!

I'm pretty sure the NBA and Stern advise the entire league. It's in their best interst to do so. Unfortunately, the advice seems like it is seldom taken. It's a shame, these guys should never have any money problems...EVER.

Living beyond your means is a nationwide epidemic that affects the poor right on up to the super wealthy.

You don't need directions and you don't need cash. From your Jimmy Choos to your Ultralash. ~ Prince
And when the groove is dead and gone, you know that Love survives so we can rock FOREVER. ~ RIP MJ

SCNDLS said:

They do get financial advice from the league. But you ain't gotta be Warren muthafuckin' Buffet to know that paying a mortgage or car loan will add 25-50% more cost vs paying cash for some shit.

SCNDLS said:

JerseyKRS said:

I'm pretty sure the NBA and Stern advise the entire league. It's in their best interst to do so. Unfortunately, the advice seems like it is seldom taken. It's a shame, these guys should never have any money problems...EVER.

Living beyond your means is a nationwide epidemic that affects the poor right on up to the super wealthy.

They do get financial advice from the league. But you ain't gotta be Warren muthafuckin' Buffet to know that paying a mortgage or car loan will add 25-50% more cost vs paying cash for some shit.

JerseyKRS said:

SCNDLS said:

They do get financial advice from the league. But you ain't gotta be Warren muthafuckin' Buffet to know that paying a mortgage or car loan will add 25-50% more cost vs paying cash for some shit.

Can't he just shimmy his shoulders to reduce that debt?

You don't need directions and you don't need cash. From your Jimmy Choos to your Ultralash. ~ Prince
And when the groove is dead and gone, you know that Love survives so we can rock FOREVER. ~ RIP MJ

SCNDLS said:

roodboi said:

Graycap23 said:

Yeah, I saw this on yahoo yesterday. Tragic. I feel so sad for him.

He probably burned through his signing bonus when he built his mother a mansion, bought stuff for his entourage, and spent his $$$$ on expensive cars and jewelery. He then had to finance the rest of his lifestyle through loans and mortgages, probably thinking that he would be making Michael Jordan/LeBron James type money as his career advanced. Instead, he lost a step or two and had to sign at just over the veteran salary cap exemption.

If I remember correctly, he got robbed and/or kidnapped a couple of years ago by a bunch of thugs who had scoped out his residence, and they robbed Eddy Curry as well.

KoolEaze said:

I still remember the days when Magic Johnson and Kareem Abdul Jabbar were merely making 1.5 million dollars a year.

It is sad. Mike Tyson blew through something like $300-$400 million!!! That is just insane.

uPtoWnNY said:

It seems that the problem is more than just money, but that these young guys go through life learning nothing but the sport they play and being treated as if they are somehow better than other people.

They think they're above the law (sometimes meaning the legal system, and sometimes meaning the laws nature).

another analogy might be how so many high school athletes end up fat later in life. While you play your sport it's fine to eat a lot, but when you stop exercising you need to cut back or you'll gain weight.

Similarly, when you are a pro athlete you can spend like a crazy person, but your career doesn't last forever, and the paychecks stop, too.

JellyBean said:

728huey said: