Latrell Sprewell. Career earnings: $96,622,500. Bankrupt.

[IGGcitable]

Utterly shocking.

JS Online: Sprewell yacht auctioned; home foreclosure suit filed

Latrell Sprewell Statistics - Basketball-Reference.com

[greenbayspartan]

Bet he wishes he did not turn down that "insulting" offer to play for 2 million a few years back.

[Zombie]

Originally Posted by greenbayspartan

Bet he wishes he did not turn down that "insulting" offer to play for 2 million a few years back.

Actually it seems it was 21mil

Milwaukee native Sprewell, 37, once turned down a three-year, $21 million contract extension saying, "I've got my family to feed."

[IGGcitable]

Originally Posted by greenbayspartan

Bet he wishes he did not turn down that "insulting" offer to play for 2 million a few years back.

It was 3 years, $21 million.

What's the difference, he would have pissed it all away anyway

[Go Green Girl]

It appears Spree has been feeding his family a LOT.

[mdm2005]

[quote=IGGcitable;4444286]Utterly shocking.

Not shocking at all. If you live above your means, you'll eventually run out of money, no matter how much you make.

[caspper69]

Originally Posted by IGGcitable

Utterly shocking.

JS Online: Sprewell yacht auctioned; home foreclosure suit filed

Latrell Sprewell Statistics - Basketball-Reference.com

Are you really that surprised?

Not trying to start a racewar, because it would be the same regardless of race, but when you have someone who's ENTIRE LARGE FAMILY is poor, everyone thinks they *deserve* a part of the action. And not wanting to upset aunti so-and-so and cousin what's-his-name, these guys pour all their money into things that do not offer a decent ROI. It has happened to better men than Spreewell (and worse men).

The other thing to remember is that total earnings != cash flow. You don't know what he committed himself to in terms of debt service BEFORE he had that kind of money. It happens all the time.

For further proof, just do a simple Google search on lottery winners that have gone bankrupt. It's a lot more common than you might think.

Such is the way of life. You can take a kid out of the trash, but you can't take the trash out of the kid.

[IGGcitable]

If I were the IRS, or the FBI, or the Bureau of Homeland Security, I'd be VERRRRRRRRRRRRRY interested in finding out EXACTLY where that money went.



You couldn't get rid of $96 million in 12 years if you stood in your living room throwing $100 bills into the fireplace 24/7/365.

[Go Green Girl]

Originally Posted by IGGcitable

If I were the IRS, or the FBI, or the Bureau of Homeland Security, I'd be VERRRRRRRRRRRRRY interested in finding out EXACTLY where that money went.



You couldn't get rid of $96 million in 12 years if you stood in your living room throwing $100 bills into the fireplace 24/7/365.

It's probably much less than 96 mill after taxes, agents and managers. But it was still a HUGE amount of money to lose.

Note to self: Don't hire Spree's financial advisor.

[Zombie]

Originally Posted by IGGcitable

You couldn't get rid of $96 million in 12 years if you stood in your living room throwing $100 bills into the fireplace 24/7/365.

[caspper69]

Originally Posted by IGGcitable

If I were the IRS, or the FBI, or the Bureau of Homeland Security, I'd be VERRRRRRRRRRRRRY interested in finding out EXACTLY where that money went.



You couldn't get rid of $96 million in 12 years if you stood in your living room throwing $100 bills into the fireplace 24/7/365.

BS. He's an NBA player. His wages are withheld for Federal on the 1st and the 15th, and he has withholding from every state he plays in at the same time.

Athletes aren't entrepeneurs. They're salaried employees.

[IGGcitable]

Originally Posted by caspper69

Are you really that surprised?

Not trying to start a racewar, because it would be the same regardless of race, but when you have someone who's ENTIRE LARGE FAMILY is poor, everyone thinks they *deserve* a part of the action. And not wanting to upset aunti so-and-so and cousin what's-his-name, these guys pour all their money into things that do not offer a decent ROI. It has happened to better men than Spreewell (and worse men).

The other thing to remember is that total earnings != cash flow. You don't know what he committed himself to in terms of debt service BEFORE he had that kind of money. It happens all the time.

For further proof, just do a simple Google search on lottery winners that have gone bankrupt. It's a lot more common than you might think.

Such is the way of life. You can take a kid out of the trash, but you can't take the trash out of the kid.

Of course I know all that, but if you read the story, the idiot is getting taken to court over a $440,000 house he bought in 1994. Christ, sometime in the middle of earning that $96 million, why not just write a check and pay off the house?

That's what happens when you have a below-freezing IQ.

[caspper69]

Originally Posted by IGGcitable

Of course I know all that, but if you read the story, the idiot is getting taken to court over a $440,000 house he bought in 1994. Christ, sometime in the middle of earning that $96 million, why not just write a check and pay off the house?

That's what happens when you have a below-freezing IQ.

I'm guessing it's not his primary residence. If it is, you have to think that his money was going out due to "advances" from his managers/agents.

Seriously, it's simple. They loan-sharked the **** out of him, made the max allowable under the usury statutes (to the cent, I bet), and killed his cash flow.

Besides that, most athletes have no idea where their money goes at the end of the day. My father's an attorney for some *very* well known athletes, especially around here, and his checks are cut/printed by a clearinghouse. They're not even allowed to have debit/credit cards. You'd be surprised what some of these scumbag hangers-on do to their clients.

[IGGcitable]

Originally Posted by caspper69

BS. He's an NBA player. His wages are withheld for Federal on the 1st and the 15th, and he has withholding from every state he plays in at the same time.

Athletes aren't entrepeneurs. They're salaried employees.

The highest federal tax rate is 35%. The highest state rate is 13%.

He's wasn't bringing home $96 million -- more like $50 million.

Originally Posted by caspper69

I'm guessing it's not his primary residence. If it is, you have to think that his money was going out due to "advances" from his managers/agents.

Seriously, it's simple. They loan-sharked the **** out of him, made the max allowable under the usury statutes (to the cent, I bet), and killed his cash flow.

Besides that, most athletes have no idea where their money goes at the end of the day. My father's an attorney for some *very* well known athletes, especially around here, and his checks are cut/printed by a clearinghouse. They're not even allowed to have debit/credit cards. You'd be surprised what some of these scumbag hangers-on do to their clients.

Yeah, I know most of all that. (I also know Sprewell is likely not "bankrupt" in the literal sense.) Bottom line still is, Sprewell is a galactic-class idiot.

[greenbayspartan]

Patrick Ewing says--"We make alot of money but we spend alot of money."

[#1]

Cocaine is a hell of a drug.

PS his yacht was named "Milwaukee's Best"

[caspper69]

You guys can laugh all you want, but there's a seriously untapped market out there for people with that kind of money and no real *sound* financial advice.

We've been trying to establish several mutual funds for these guys. Believe me, the business ideas they invest in (and by *they* I mean professional athletes), that have zero, and I mean ZERO chance for a payoff. One NBA player we were dealing with was about to drop $10MM on a home builder, in the MIDDLE of the subprime crisis with a gluttony of unsold homes on the market. The guys that have these athlete's ears are not folks that *should* have their ear.

It kind of makes me sick seeing it from the other side. It's really disgusting how professional athetes are treated because they make a ton on the 1st and 15th of the month.

No joke.

[Gary in Bradenton]

Originally Posted by IGGcitable

If I were the IRS, or the FBI, or the Bureau of Homeland Security, I'd be VERRRRRRRRRRRRRY interested in finding out EXACTLY where that money went.



You couldn't get rid of $96 million in 12 years if you stood in your living room throwing $100 bills into the fireplace 24/7/365.

IRS needn't get involved, they already have about 40% of it right off the top.

As for the rest, its pretty easy to piss it away pretty quick when you are buying yourself and others in your family million dollar homes, a multi-million dollar yacht, most likely numerous expensive cars with the expensive trim, etc. etc.

[GoBlueFromOhio]

Didn't he have a business called sprewell racing or soemthing? Maybe that business sucked up his funds. Maybe he is claiming bankruptcy to get rid of his debt and still has tons of cash socked away?

[Gary in Bradenton]

Originally Posted by caspper69

I'm guessing it's not his primary residence. If it is, you have to think that his money was going out due to "advances" from his managers/agents.

Seriously, it's simple. They loan-sharked the **** out of him, made the max allowable under the usury statutes (to the cent, I bet), and killed his cash flow.

Besides that, most athletes have no idea where their money goes at the end of the day. My father's an attorney for some *very* well known athletes, especially around here, and his checks are cut/printed by a clearinghouse. They're not even allowed to have debit/credit cards. You'd be surprised what some of these scumbag hangers-on do to their clients.

Right on. Not trying to start a racewar with this thing either but many of these players were inner city kids that really had no money growing up and thus neither they nor their parents have much financial know how whatsoever when it comes to the millions these guys are suddenly making. In step in these wonderful human beings (read complete dirtbags) that tell, hey I know how to invest your money for you, how about you hand it on over and they do and before they know it any "investments" have been pissed away while on the other side they are spending money hand over fist to appease all their hanger on friends from their growing up days. Its really a sad situation. These kids really get raped by everyone financially once they make it big more often than not.

[TK421]

ESPN Page 2 - Gallo: Financial tips for Sprewell