15 Of The Dumbest Purchases Ever Made By Athletes
We all know that athletes make a ton of money. It doesn’t matter if they are a star player or a bench warmer, their contracts are worth more than most of our salaries times ten. With all that money they can make most of their dreams come true, by getting whatever their hearts desire. A lot of times athletes have never seen that much money at one time before and don’t know what to do with it. Some guys just made bad investments, others just didn’t have people to say, “hey, that’s stupid.” Whatever the reason, I’m pretty sure all of these athletes smacked them selves on the forehead for making these dumb purchases.
Vince Young – A Plane Ride Vince Young was one of the most promising quarterbacks to be drafted into the NFL in 2006. Unfortunately he could not deliver on than promise. Once a star, playing for the Texas Longhorns, his NFL quarterback career has been a huge letdown. He was still able to secure a $26 million paycheck from his rookie contract with the Tennessee Titans. Like most young, naive athletes, Vince blew threw his millions without hesitation. It was reported that in 2007, he brought 120 flight ticket on for the same flight so he could be the only one on the plane for privacy. The flight was only two hours long and the price of that stunt cost $22,000. Young is now bankrupt.
Latrell Sprewell- Yacht Latrell Sprewell is a former basketball player. His skills on the court have been overshadowed by an incident in practice when he choked his coach, and by his frivolous spending (remember the spinning rims). Sprewell has not been the best decision maker. In 2004, he was offered a 3-year, $21 million contract extension from the Minnesota Timberwolves. Sprewell said that he was offended by the low ball offer and famously said, “I have a family to feed.” That led to his unforeseen retirement. Latrell later decided to purchase a $1.5 million yacht. Of that $1.5 million, he was only able to pay for $200,000 of it until he started defaulting on the payments. Long story short, the yacht was repossessed and his home was later foreclosed. I bet he regrets not taking that contract now.
Mike Tyson- Bengal Tigers Mike Tyson is a legendary boxer. He was furious, unrelenting and spared no one in the ring. Mike in his prime, was on top of the world, he couldn’t lose a fight and had career earnings of over $300 million. That all took a turn for the worst when his outrageous spending habits caught up with him. One of his most questionable purchases was of the two Bengal tigers. That was a $140,000 purchase minus the money it takes to take care of them, is $8,000 a month to feed them, $2,000 a month for animal insurance, and he hired a trainer for $125,000 a year. IRS debts led to bankruptcy, which led to giving up the tigers. If you ever come into a significant amount of money, don’t buy tigers.
Gilbert Arenas- Pool Gilbert Arenas had a decent basketball career in the NBA until it all just went left field for him. A gun violation and injuries, led his to being moved from team to team, until he landed in China with the Shanghai Sharks. During his time in the NBA Arenas was not the most frugal person. He spent well over $1 million on the construction of one of the largest residential pools in the U.S. It has a giant mountain like structure that has a fully functional waterfall going into the pool. This was made entirely of imported stones and cost upwards of $500,000. He then decided to attach an underwater entertainment complex to the pool that includes a bar, TV, and 3 giant fish tanks. This cost him another $500,000, not including the expensive fish and sharks he purchased and the cost to take care of the fish tanks.
Terrell Owens- Gambling Complex The rise and fall of Terrell Owens is one of the most publicized. A very talented, but uncompromising person, TO’s bad attitude led him to an early retirement. Before leaving the NFL Owen’s invested in a Bingo Hall in Alabama. It was actually an entertainment complex that also included electronic bingo machines. It seemed like a great investment but it was considered an illegal gambling operation in the state of Alabama. Owens didn’t get all the necessary licenses to run the center and was forced to shut it down, losing $2 million along the way. Owning a gambling establishment is also against NFL policy and Terrell was punished for that as well.
Scotti Pippen Scottie Pippen is known as the basketball wing man to Michael Jordan, but was good in his own right. Scotti Pippen’s financial situation has never been questionable until that one time he bought a $4.3 million Gulfstream jet back in 2002. Scottie retired in 2004, but left the Bulls in 1999, where he made most of his money. The purchase wouldn’t have been that bad if the jet worked. Pippen had to pay an extra $1 million in repairs just to get the jet off the ground. Word of advice, when buying a jet, make sure that it works.
Tiger Woods – Mansion Tiger Woods was once on top of the world. Herald as one of the greatest golfers in the world, he was not a great spouse. His affairs were headlined in media outlets for weeks and his divorce from his ex-wife Elin Nordegren just capped it all off. After the divorce he bought a $60 million mansion. That wasn’t even the ridiculous part. What was insane was that he put an extra $20 million in renovations to the property which includes 4 full golf holes and stretches 2 waterfronts. Spending $80 million is not the smartest thing when you just lost all your endorsement deals.
Marquis Daniels – Necklace Marquis Daniels. Does that name sound familiar? Probably not, because he is a career bench-warmer and has played for 4 different teams in his 9 year NBA career. He was making less than $1 million a year playing in the NBA, but still decided to buy an expensive and gaudy chain. He commissioned a jeweler to use 3-D laser technology to design a necklace that resembled his head. The piece was made entirely of 14k gold and diamonds, even the hair was made of black diamonds. The price of the necklace is officially unknown but for the 1300 grams (just under 3 lbs) of gold and diamonds plus the cost of labor and price markup puts the estimated cost at around $100,000.
Curt Schilling – Video Game Studio Curt was a long time pitcher for the Boston Red Sox and is probably best known for pitching 7 innings of an ALCS game with a bloody sock to help the Red Sox tie the series at 3-3. After retiring Curt invested a boatload of money in a video game firm, 38 Studios, thinking that he would be able to create titles that rivaled long time competitors like EA Sports and Activision. He fell short, very short. Like stepping to the plate calling a home run and grounding it to the pitcher short. The company was forced to fire all of its employees and close operations. Curt lost all $50 million he invested.
Eddy Curry – A Loan & Cable Eddy Curry is a former NBA player. He did something really stupid with his money. He borrowed $575,000 from a loan company, and agreed to accept the 85% interest rate. That loan quickly increased to $1.2 million that he was not able to pay back. The company that loaned him the money took him to court. Curry try to reason that he didn’t pay back the loan because his other bills and expenses were too high. The expenses cited included a cable television bill that totaled over $1,000 a month. What channels were he getting?
Jack Clark – Ferrari F-40 Jack Clark is a former baseball player who had played with five team throughout his career. Before ending his career with the Red Sox, Clark bough a Ferrari F-40. The price for this car alone was $700,000. The thing was that one car was not enough for him. Jack Clark had a car collection that he could not manage. His collection of 18 luxury automobiles forced him into bankruptcy. He no longer has the Ferrari or any other car.
Jarrett Jack – Sneakers Sneaker culture is a real thing. People who enjoy wearing, buying, trading and selling sneakers can be found any where, especially in the NBA. Some people may think it is a foolish thing to spend money on, but if you have the funds to do so, why not? There is a such thing as going to far. Brooklyn Nets guard, Jarrett Jack, has more than 1,500 pairs of sneakers and that’s too much. You can only were one pair at a time. How does one keep up with that many sneakers?
Chad Johnson – Semi Truck Chad Johnson, who currently goes by the name Chad Ocho Cinco, is as reckless as they come. Chad is a former NFL wide receiver who is notorious for outlandish touchdown celebrations and headbutting his girl friend. Chad is an ostentatious person and to prove it he bought a semi-truck. There is no good reason for him to get this, but he dropped six figures on it. I bet he regrets getting it now because two years after he bought, no team in the NFL wanted him.
Bernie Kosar – Cell Phone Bills Bernie Kosar is a prime example of generosity going wrong. A former NFL quarterback, Bernie was a fan favorite in Cleveland where he played for most of his career. Bernie thought it would be nice to take on some of his fans phone bills. Cell phones became a thing in the 90’s and so were the bills. Bernie decided to pay his bill and 59 others. On top of the large financial burden of paying 60 different phone bills, he went through a nasty divorce, costing $19 million, and then he had a number of bad real estate investments. To add insult to injury, Bernie graduated from the University of Miami with a double major in finance and economics.
Rollie Fingers – Pistachio Farms Roland “Rollie” Fingers retired from pitching in the MLB in 1985 with three World Series championships and millions of dollars in career earnings. Less than five years later he was listing only $50,000 in assets, and filing for bankruptcy. How could that be possible you ask? Rollie invested a lot of his money into pistachio farms. Obviously pistachios aren’t that popular enough to get a return on investment.