These Athletes Have Lost Their Jobs And Their Millions
From Colin Kaepernick and Michael Vick to O.J. Simpson and Evander Holyfield, see the richest athletes in the world who are now broke on The Finance Chatter!
Derrick Coleman – Many Failed Businesses
NJ.com
Derrick Coleman began his professional NBA career after New Jersey Jets drafted him in 1990. Since he earned tens of millions during his 15-year playing career, its hard to imagine Coleman going broke. However, he decided to invest heavily after retirement in real estate and other business ventures in Detroit – a hit hard by the Great Recession. As a result, they almost all backfired.
In 2010, Coleman ended up filing for bankruptcy. In his filing, the NBA star listed $4.7 million worth of debt, with assets of just $1 million. The debt came from stakes in a Detroit hotel, a doughnut shop, and local pizza place. Fortunately, Coleman earns a $90,000 annual pension from the NBA that bankruptcy can’t touch!
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