Professional athletes are among the wealthiest people in America, yet they consistently find ways to flush that money down the proverbial toilet.
Former NBA forward Derrick Coleman is the latest player to fall into financial trouble. According to Yahoo Sports, the No. 1 overall pick in the 1990 draft has followed in the footsteps of former Celtics’ forward Antoine Walker and run up $4.7 million in debt.
Coleman reportedly made a string of poor investments to causes focused on stimulating the struggling economy in Detroit, but the dormant real estate market in the area prevented him from generating any positive returns. Where exactly the $87 million that Coleman made during his 15-year NBA career went, however, is anyone’s guess.
Coleman’s most valuable current assets are his Beverly Hills, Calif., home, a 1997 Bentley convertible and five fur coats. He’ll be fighting to keep the home while facing a lawsuit from Comerica Bank and the threat of foreclosure from his real estate lender.
Unfortunately, none of Coleman’s aforementioned assets figure to gain value anytime soon, so he’ll have to use other means to prove capable of repaying his debts. He has filed for bankruptcy and is seeking a fresh start.
