10. John Arne Riis
CARL DE SOUZA/AFP/Getty Images
Fullback footballer for Liverpool; last played for Roma
Estimated lifetime earnings: $20+ million
Despite earnings topping $75,000 per week, this Liverpool soccer star declared bankruptcy in 2007 for unpaid debts. Embroiled in a dispute with his financial advisors and former agent, Einar Baardsen, over how his fortunes have been invested, the court has found evidence to link his case to a $4 million fraud investigation in Norway.
9. Kenny Anderson
NBA all-star, last played for the LA Clippers
Estimated lifetime earnings: $60 Million
Ringing up nearly $41,000 in monthly expenses, including child support to eight kids and his mother’s house payment, former NBA guard Kenny Anderson filed for bankruptcy in October 2005. How did his estimated $60 million dwindle to nothing? Easy. He kept 8 cars in the garage of his five-bedroom Beverly Hills home. He gave himself a monthly allowance of $10,000 that he dubbed “hanging out money.” He regularly handed out $3,000 to $5,000 to friends and relatives. Finally, he lost $5.8 million in a prenup agreement. Anderson, it seems, could not hold a dollar if it was taped to his forehead.
8. Scottie Pippen
6 NBA championships with Michael Jordan, forward for the Chicago Bulls
Estimated lifetime earnings: $120 Million
Pippen unsuccessfully sued his former law firm for losing $27 million of his money through poor investments. (He had earned about $110 million in salary alone over a 17-year career.) In February 2007—around the same time as Pippen’s failed NBA comeback attempt—the Missouri Court of Appeals upheld a ruling that the player owed U.S. Bank more than $5 million in principal, interest and attorneys’ fees from a dispute regarding a Grumman Gulfstream II corporate jet that he’d purchased in 2001. Speculation has been that Pippen cannot withstand the lawsuits financially and needs to play again to make his bills.
Maybe he should gamble with Jordan? No, that’s a bad idea, too!
7. Muhsin Muhammad
2-time Pro Bowl champ, Superbowl record-holder, touchdown dance pioneer, Carolina Panthers wide receiver
Estimated lifetime earnings: $20 million
Baylo Entertainment, Muhammed’s music company, is being sued by Wachovia Bank for allegedly failing to pay back $24,603.24 on a Visa Business Rewards credit card. Muhammad’s 8,200-square-foot lakeside estate, which boasts a custom spa and the “largest residential aquarium in the Southeast,” can now be had on eBay for $1.95 million, $800,000 less than he initially asked for.
6. Marion Jones
3-time Olympic gold medalist
Estimated earnings: $7 million per year
As the song goes, Ms. Jones had a thing goin’ on…with steroids, check counterfeiting, check forging, committing perjury to the IRS, money laundering and more illegal drugs. The fastest woman in the world certainly ran a lot of scams. After being indicted, she lost all her medals, went bankrupt, and served 6 months in the big house. She will stay on probation for a long time.
5. Latrell Sprewell
Four-time NBA All Star; last played for the Timberwolves
Estimated lifetime earnings: $50 million
This 13-year NBA veteran turned down the Timberwolves’ $21 million offer to extend his contract for three years because the sum was too low. A mere three years later, federal agents repossessed Sprewell’s yacht, on which he still owed $1.3 million. That was just the beginning. In early 2008, Sprewell defaulted on a $1.5 million mortgage, lost his home to foreclosure, stopped paying his motorsports’ company’s bills, and then defaulted on another home loan, this one worth $10 million.
4. Michael Vick
#1 overall pick NFL Draft, 3x Pro Bowl QB for the Atlanta Falcons
Estimated lifetime earnings: More than $130 million
Yes, the NFL pays well, but so do Nike, Coca Cola and the countless other companies Vick shilled for. At one time he was reportedly one of the 10 richest athletes in the world, scoring a spot on the Forbes 100 list.
Within two years of making that list, Vick found himself pleading guilty to being a “key figure” in an unlawful dog-fighting ring for more 5 years. He filed for bankruptcy. His two homes are now for sale. Vick will complete his federal prison sentence on July 20th, 2009, just in time for summer NFL camps.
3. Dick “Night Train” Lane
14 yr NFL vet, Hall of Famer, Oakland Raiders defensive back
Estimated earnings: $5 million
Once married to Dinah Washington, Lane lived the high life, complete with drugs and booze. Investments in real estate, the music business and overseas scams took what little money he had left over from after binges. After losing his fortune, he survived on $800/month pension checks, crippled by old NFL injuries. He spent his final years in an assisted living facility without any help or care from his three sons or ex-wives. A man he met on a golf course took care of him until he died, penniless, in 2002.
2. George Best
Euro Cup winner with Manchester United, one of the UK’s first celebrity footballers
Estimated lifetime earnings: $100 Million
A stunning 21-year career made George Best was one of soccer’s worldwide heroes. After the spotlight lifted, he fell so deeply into the drink that he eventually needed a liver replacement. He served 3 months in prison for drunk driving and assaulting a police officer. Then he did the same thing again, resulting in another prison sentence.
While recovering from his transplant, he appeared on the BBC, where he openly swore. When asked about his losses, he said, “I spent a lot of money on booze, [women], and fast cars. The rest I just squandered.”
1. Mike Tyson
Undisputed heavyweight boxing champion of the world, youngest man to ever win the WBC, WBA and IBF Heavyweight Titles. First man to win 12 of his first 19 fights in the first round by KO.
Estimated lifetime earnings: $300-400 million
Ring Magazine ranked Mike Tyson the #16th greatest fighter of all time–after he served 3 years in prison for rape. Once known as “The Baddest Man on the Planet” (he still might be), Tyson’s fall from grace included a sordid 20/20 interview in which his then-wife accused him of domestic violence, the death of his father-figure trainer, a nasty divorce, that federal rape charge, felony possession of drugs, a DUI, and a bloody ear incident.
At one point, Tyson was worth less that $700 dollars. But his situation has improved. He appears to be doing well in recovery for drug and alcohol problems. A movie about his life scheduled for release in 2009.
ABOUT THE AUTHOR
Drea Knufken is a freelance writer, editor, ghostwriter and content strategist. Her work has appeared in national publications including WIRED, Computerworld, National Geographic, Minyanville, Backpacker Magazine and others. For more information, please visit www.DreaKnufken.com. You can also find Drea via her blog, Facebook, LinkedIn and Twitter.
How could you guys leave off Lenny K. Dykstra. Check google and espn Lenny D squandered it all. He had to borrow gas money from his mother. Come on.
That is not Darren McCarty…..I believe the picture you have is Kris Draper.
That sir is Darren McCarty in the picture.
Gee! I am so surprised that Dennis Rodman was not on the list and Joe Lewis. I also thought that
Tommie Hearnes lost a lot of money as well.
Now, tell me of one pro bodybuilder who has every became rich.
The current Governator of California.
BRY, the “one pro bodybuilder” who has become rich left the sport to become a multi-million-dollar MOVIE STAR and is now the GOVERNOR of the state of CALIFORNIA. His name is ARNOLD SCHWARTZENEGGER! DUH!
All these athletes are so fu**ing dumb. All these guys made over $20M over their lifetime. I dont want to go and rant about financial decisions, but here is a list of things any person with that kind of money should do. 1st and foremost you go ahead and PAY OFF YOUR HOUSE or HOMES!! Worst come to worst situation you have a roof over your head.
You atleast save a few years of salary, put in a money market CD, savings acct or an over-seas acct to give you 10% interest on your money. Lets say you just leave $3m in the bank… today they would get $300k annually. Put it some mutual funds, open up an IRA and stop having 8 kids.
I dont feel sorry for any 1 of these stupid athletes.
Sprewells house went into foreclosure?? PAY THAT SH*T off when you buy it.
If Tyson, Pippen, Sprewell and others who made more than $40M, would have just kept $10m in the bank they would been sitting HOME making $1M a year.. rather than being BROKE.
Thank God I just read about a rookie who bought a small house and an inexpensive car. Invest that damn money. Hell, most of these athletes are on the road half the year anyway. And Did anyone hear of condemns. Quit taking lessons from the Sean Kemp guide to Romance and Finances. It’s okay if these athlete’s want to read a financial book or two. I promise I won’t tell anyone.
a fool and his money shall soon part
never trust anyone when it comes to money. that’s the lesson
and definitely, one should enrol himself in finance management classes constantly. or say take a business course in college.
avoid debts. pay things right away. and don’t live well within your means. an athlete’s life is short, so you’ll never know how much your earning power is in a few years time.
First off all I do not feel sorry for these athletes for the simple fact they made the money and blew it making bad decisions for those athletes that have eight and nine kids you should have invested in a condom company. Secondly a lot of athletes came straight out of high school and didn’t think to go back and get a degree and that’s where they made there first mistake because how can u manage money without any since of business next time invest in a business class.
It is really a shame that these individuals train so hard, mentally and physically, to perform at levels most of us only dream about… and when they are handsomely rewarded, either by being ripped off by those whom they trusted, or by their own stupidity, piss fortunes away in a matter of years.
It is truly amazing that this still happens today. Shame on their “player agents” for being selfish… they are the most influential person in their lives… you’d think they would care more what happens to those they “feed” off of.
Luckily, my son who aspires to play in the NFL has learned from what my years of working with wealthy people (especially the kids who inherit such fortunes) has taught us… no matter what, the individual is responsible for making good and bad decisions… but who they get advise from is germane to the degree of success (or failure)!
Hi..
Ahnold was broke when he filmed T2 in LA. He had a Gulfstream Jet (why?!…), and even Linda Hamilton said she’d lend him $5 million (back in ’91), but that it still wouldnt be enough to get him solvent….
I really feel bad for those brothers, but not sad like I would for some poor kid in Haiti who has no home. I am on the frugle side myself and I know plenty of people who has spent every dime they have made; thus I will withhold judgement. I will leave with some kind words of advice, “The richness of a man is determined by cost of his pleasures”!
Peace and blessings to the world!
My email address is corrected.
i bet Latrell wished he had taken that offer now since everything has been taken from him by the MAN!!!
and…JOHN….Arnold wasnt broke when he filmed T2, you obviously got your info wrong. that man was way rich beyond your wildest dreams even before then……he was like Magic Johnson and invested his money very well. go back n do your research better. Linda Hamilton said that as a JOKE….the only reason she woulda had the money to lend him was cause of who she was married to, lmmfao.
Tari – no CD or any safe investments guarantees a 10% annual return. 80% of lottery winners end up broke within 5 yrs. that’s just how ppl are. I bet the same will happen to the majority of the ppl posting here if they ever come across that kind of money. especially for athletes and rappers, everyone around them, relatives, churches, mobs, etc would know they have money and would take advantage of them.
did dennis rodman make more money than pippen?
Your list misssed boxers like Evander Holyfield, Tommy Hearns, and Robert Duran and many other fighter past and present. Lenny Dykstra,GOODEN, AND, STRAWBERRY.
What is unfortunate in a number of ways is that a lot of people don’t realize that there is a difference between ignorance and stupidity. A lot of these athletes grew up poor and what some of you don’t realize is that they don’t ever learn what to do with money. Yeah, it’s hard to have sympathy for people that have gone through millions, but it’s also easy to say that when you’ve had the privilege to learn about what to do with money. A lot of middle to upper class people learn about money from their parents or other successful people around them. The only people around some of these athletes are people hungry for their money. In addition, a lot of people that grow up poor people inherit habits from their upbringing. It’s sad but true. Most schools don’t teach you about money and how to invest and certainly not the inner city schools that a lot of these athletes grew up in. It’s so easy to call someone dumb, but a lot of people take learning about money for granted.
@Tari, yeah you’ve given some reasonable statements, but where did you learn that from? Honest question. I bet you didn’t grow up in the hood going to inner city schools, and then go to a college that let you coast through without learning a thing. People take learning about money for granted…and it’s usually people that have had someone in their life that was successful at investing. Americans all across the country have problems with their money, but it’s because we don’t teach it as a fundamental lesson in school.
I dont feel sorry for people who HAD a chance of a lifetime and through it away ……owell Most of America work 9 to 5 anyway so grab your Time Card !
Only a businessman who accumulated his millions through wise investments and flipping his money in his business knows how to keep a million.(In most cases) I came into a large sum of money and invested in what I thought were trust worthy individuals and all of them burned me but one. I learned in the future to invest my money MYSELF with proven bank investors with a percentage sitting in low interest FDIC account. Bottom line is like the market maker said most people (80%) will lose all their wealth. Now My ex-wife nephew plays for the Chicago Bulls and all I ask him was tickets to see him play and he looked at me like I was crazy! I even offered to PAY for the tickets. I won’t mention his name but this is my daughters blood cousin and he NEVERRED offered to give her tickets to see him play and he used to say my wife was his favorite aunt. Hopefully he won’t be broke when he retires.
Cruyff!
Failed as a farmer in Canada and had to return to football.
you mean to tell me that nobody told any of these athletes to slow down with the spending or spend wisely…this is what happens when u you a bunch of bums and clowns around that can’t give u any guidance…it’s disgraceful..
I wonder if LeBron James will make it to this list someday???
I would love to see a list of famous celebrities (entertainers) that blew through their fortunes. It is astounding to imagine that someone could blow multiple millions, but if you don’t know how to manage money, it will happen to you, too. Especially as a 20 something who suddenly becomes a multi-millionaire. Given that it also happens to regular joes who become lottery winners, nobody on these blogs should get too self-righteous. The part that blows me away is that the athletes don’t learn from each others’ mistakes, like trying to be businessmen when they’ve already got it made. If regular joes fail at starting businesses far more often than not, how much more often will these athletes who totally aren’t groomed for it.
This is really sad, while no one hsould have to babysite these guys – it should be MANDATORY that all athletes, until they retire, put HALF of their salaries into a high yield savings account. While they might not be happy at first… later on in life they will thank the league. Additonally – having all of these babies with all of these women does not help… let’s face it.. Once you “get rich” it is not just your payday… everyone around you and those trying to get in tend to see it as their pay day… KEEP God first, Fear Him, Do Justice in ALL things, and Love your fellow man….. Oh yeah and – Stop being Stupid… THINK!
Being an athlete and given all that money almost guarantees that you will have that lottery kind of money, but the downfall is that you think your better than anyone and people judge you on how much money you have, being an athlete doesn’t guarantee that you have common sense, everyone is telling you how great you are and people read the papers about what your making and try to take advantage of you, I don’t feel sorry for them, they could have retired in there early 20′s of they did it right. There is a threat that all the sports will go bankrupt because they build them up to much!!
I’m not gonna rant about these peoples poor decisions as you envious lot have so clearly done. I just want to second the whole Lenny Dykstra thing. Although, I would allow for the fact that much of his wealth was made and lost after his sports career.
This article is prejudice. What’s so wrong with the brotha man keepin it real? He just gonna show up at da welfare office in his BMW with gold chains and gold toofis’s.
You don’t work for your money.You let your money work for you.By doing so,your money can go very far.
Im a Financial Advisor and a Tax accountant. Two main things ppl have to know is that 1. More money doesn’t make you smart or fiscally responsibile 2. When someone “earns” a million its not a million it’s $500,0000. So you have to always cut that big # in half. Over the yrs I have seen ppl “worth” millions go broke or appear to be rich but they are really broke….the main culprit is ignorance and living well beyond their means!! Who needs a house with 10 rooms and 9 bathrooms…they don’t think long-term about the ongoing cost! I have clients that have made modest incomes and they are doing much better than the ones that have made a million or more…if you want to become rich or stay rich you have to avoid certain things…like buying multiple new cars, mega mansions, a ton of clothes and avoid “gold diggers”!! Diversify investments…rental property and/or commerical property, stocks, bonds, mutual funds, muni bonds, etc!! It really sad to see! Read the book the millionaire next door…excellent study of millionaires in America! It’s a little dated now but u will learn a lot about what successful millionaires do to keep their fortunes!
How could you leave out Kenny Powers? He was once “Fu$%in’ In, now he’s Fu$%in’ out”!!
How about Lenny Dykstra, Dwight Gooden, Jose Canseco and Will Clark?
Unfortunately, leagues (MLB, MBA, etc) implement their educational programs on financial management too late in the development of players. A good suggesting would be to implement such programs the minute the players get their signing bonuses.
Athlete who is at there pick in the game should sign for contact to own part of the team,if most athlete follow this mathematical formula will never be broke,take inconsideration that no athlete can predict a injure the lost game could be lost one,remember that mason it still got to get pay,I believe if you have the money buy it all cash.and pay your taxes and leave your money in a bank that insure it,
Man, I didn’t know that Scottie Pippen went broke. Damn. I liked him!