Former NBA champion Antoine Walker recently opened up about a series of financial mistakes that wiped out the $110M fortune he made during his 13-year career in the NBA.
Retired NBA player Antoine Walker (whose former fiancee Evelyn Lozada was accused of helping him go broke) appeared on the ESPN documentary series “30 For 30: Broke” recently where athletes reveal their financial struggles and how they lost their millions.
Antoine, who had a storied NBA career as a three-time all-star, opened up about how the real estate market, gambling debts, and frivolous spending wiped out his $110M fortune. He was forced him to declare bankruptcy in May 2010, two years after retiring from the NBA.
So what happened? He shared,
‘Personally, I was involved in a lot of real estate projects with the banks where I was the personal guarantor of the loans. And when the recession hit back in 2007 and 2008, the banks went really hard after the money. There’s probably like 7 to eight banks that we had loans with. And it kind of hit me all at once. I had to pay back the money.’
He added, “You create a lifestyle for yourself. You’re spending a lot of money as you’re living through a 13-year NBA career.”
Backruptcy docs also revealed that Antoine’s gambling debts, getting robbed twice and spending $2M on friends also contributed to his $12.7M in debts…and left him with $4.3M from his fortune. Which is still livable for most Americans–but not at the lifestyle Antoine became accustomed to.
Watch the interview here:
Via:TheYBF.com
