There has been a huge increase in celebrities going through financial woes after peaking years of success and athletes are at the top of the leader board. Earlier this year we’ve seen former NFL player, Terell Owens deplete 80 million dollar net worth on the material items [which he can’t even show at this time]. Former NBA player, Allen Iverson Atlanta mansion was recently, auctioned for sale due to frivolous luxury spending and unpaid taxes to the IRS, and were witnessing the financial downward spiral of Chad Johnson/Ochocinco recently lost his multi-million dollar contract with the Miami Dolphins and endorsement deals [this past summer] following a public domestic incident he encountered with his former wife Evelyn Lozado.
So why are we seeing more and more athletes heading to bankruptcy court?
Former NBA player Antoine Walker [who was also in a 10-year relationship with BBW star Evelyn Lozado prior] and Real Housewives of Atlanta star, Sheree Whifield [ex-wife of Bob NFL star Bob Whitfield], John Salley appeared on BET’s TJ Holmes “Don’t Sleep” show to talk about some of their own pitfalls of money and fame and why athletes end up broke after acquiring millions of dollars. Mr. Walker [2x Boston Celtics Champion] is currently in the process of bankruptcy after squandering 110 million of net worth and says that most of his losses resulted from bad real estate investments and the ” economic recession” of 2007-2008. Walker also noted that during his courtship with Evelyn he blew through a “couple million[s]”. Take a listen to the interview below: