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Despite Earning More Than $87 Million During His Career Derrick Coleman Files For Bankruptcy

Posted by Media Outrage on April 15, 2010

What is it with Athletes and bad money management?  Former NBA player Derrick Coleman is up to his eyeballs in debt and has been forced to file for bankruptcy…

Via Yahoo:

It’s not a good time to be a hyper-skilled forward who never really made the most of their considerable talent. First, it was Antoine Walker, his casino debts, and a short stint in Puerto Rico. Now, it’s Derrick Coleman, failed business investments, and fur coats.

According to the Wall Street Journal’s Bankruptcy Beat, Coleman has filed for bankruptcy and owes creditors $4.7 million, most of which he lost in failed attempts to stimulate Detroit’s struggling local economy. His lawyer Mark B. Berke explained the reasons for Coleman’s financial struggles.

“Mr. Coleman was focused on investing in various communities throughout the city of Detroit by developing real estate, creating jobs and revitalizing business opportunities,” Berke said. “Due to the state of the economy, including the decline in the real estate market, Mr. Coleman’s investments could not be sustained.”

 

According to Basketball Reference, Coleman made more than $87 million during his 15 year career with the Nets, 76ers, Hornets, and Pistons. But now he has only about $1 million in assets, including a 1997 Bentley convertible, five fur coats, and $3,000 in jewelry. Not exactly appreciating assets.

Coleman’s biggest debt comes from a $1.3 million lawsuit brought against him by Comerica Bank and a $1 million real estate loan from Thornburg Mortgage Home Loans. He also owes $50,000 to NBA Hall of Famer, and current Detroit mayor, Dave Bing.

Despite the filing, Coleman will be trying to keep both his Beverly Hills home, and the home that he bought for his mother, also located in Beverly Hills. Berke says that Coleman is “just hoping to get rid of that debt and make a fresh start.”

17 Responses to “Despite Earning More Than $87 Million During His Career Derrick Coleman Files For Bankruptcy”

  1. Sumarrain said

    That is crazy when will these celebrities and sport figure realize they don’t need to spend their earnings on materialist things. They should be saving and investing for your their retirement

  2. Yeah I Said It said

    87 million dude, for real????? You don’t have shit to show for it? Kill yourself.

  3. Jolie said

    IDIOT!

  4. Cut Up said

    LMAO @ YISI -You don’t have shit to show for it? Kill yourself.

    Damn!! definitely some shit I would’ve said.

  5. BadBadKitty0727 said

    Let me see if I can help myself understand.
    $87M over 15 years = $5.8M/year minus:
    Agent fee 15%(?) – $87,000 year
    Taxes 1/3(?) – $1,980,000 *rounded income up to $6M to keep it simple*
    Surely he had some type of CPA or Accounting Firm keeping track of his finances, so we’ll give them 10% – $$580,000/year
    Lawyer on retainer: $250,000(?)
    Balance $2,903,000 FREE AND CLEAR – not including interest income.
    With that kind of money, WHY
    – don’t you OWN YOU AND YOUR MOTHER’S HOME?
    – don’t you OWN ANYTHING other than materialistic B.S.?
    – didn’t your financial advisors tell you that ONE MAN CANNOT SAVE DETROIT?
    I know a few people from Detroit and I’m tellin’ you – as long as they look good, are wearing the latest “it” designer, driving a nice car and live in a McMansion, they think they got it goin’ on. Now, it might not be no food in that Viking fridge, no furniture in the house, no cable or satellite TV on the 60″ flatscreen with the Bose surround sound system, but as long as they think they are “keepin’ up with the Joneses” that’s all that matters.

  6. Lio said

    moron

  7. PsychNurse said

    ok….why is his broke azz smiling in this picture?! He needs his ass whooped all up and down the basketball court! That’sa lot of damn $$$$!!!

  8. Yvonne said

    *sigh*

  9. sexy lady said

    I would kill myself 2 be rich and lose it all to play captain save a city! Hell no donate 2 some charities keep it simple u aint bill gates! Hell with 87 million u aint OPHRA!! (MY SHERO BY THE WAY:))

  10. cecil said

    Can’t fault the man for trying to revitalize his community.

  11. MissTX said

    WHO?!!

    Shaking my head either way.

  12. currvalicious said

    The homes for both he & his mom should have been bought outright. What about an IRA, money market anything. Did he invest in real estate? I mean these athletes need to really capitalize on their “basketball scholarships” & actually learn something other than winning an NCAA championship. Why is he trying to live in Beverly Hills, 90210 sounds abit unaffordable for him & his moms @ this time.

    • brynnrock said

      Talk about it, invest invest invest in money making avenues, and it is a risk cuz you can get played or make a hellava lot of money. Must have a smart buziness mind

  13. Kanyade said

    “Who in the hell is Renee Zellweger?”
    😆 😛

    And while I’m askskin’, who is this dude?
    😐

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