DAMN: Former NBA Baller Antoine Walker Reveals How He LOST His $110 Million FORTUNE!

Oct 03 | by _YBF

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. Find out how you blow $110M inside.....

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:

Categories:

Broke Asses

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Comments

WANT YOUR OWN AVATAR? GET IT HERE.

I agree with all of the posts

I agree with all of the posts on here! This guy is a 'loser' and an ignorant one. Why are you going on television and telling your sob story for the world! Shut your mouth! You see Oprah surrounding herself with the 'pro of finance' and also Tyler Perry who came from living in a car and being destitute now earning millions and millions yet he gives back to the Black Community by his film studio and hiring black actors/actresses. Speaking of Oprah her family came to her with their hands out begging and she didn't give them one penny also her boyfriend supposedly is not even on her Will and he makes his own money and don't sponge off Oprah. Smh this it so disgusting it make me want to vomit in my mouth!

by Kim N. Ulmer
8:32 pm - Oct 3, '12

That ring for starters....

by Toure Coffey
6:12 pm - Oct 3, '12

We here about lottery winners

We here about lottery winners with millions going broke everyday and we know they are not all BLACK majority are WHITE. Let's also remember a lot of black athletes not all, come from POVERTY and a single parent home. So if you were never taught how to invest and diversify then where are you suppose to learn that from? A fool and his money will soon part.....

by not having it
4:16 pm - Oct 3, '12

If it were some regular Joe

If it were some regular Joe on the street then you would be right, but these are athletes, they can use their resources. If anything it's really not that hard to put money in the bank, keep most of it in the bank, and set a decent budget for yourself.

by Crazy Sexy Cool
6:16 pm - Oct 3, '12

If U don't seek help (and all

If U don't seek help (and all professional sports leagues provide u with help for FREE) then U learn the HARD WAY. ......... stop making EXCUSES for dumb people who think they already know it all.

by LisaRaye's Subc...
5:14 pm - Oct 3, '12

Agreed.....

by LetsGetIt
4:43 pm - Oct 3, '12

LMAO, that's ALL you got to

LMAO, that's ALL you got to say about this clown?? We were ALL waiting for you to spin this story, and blame BLACK FEMALES for his carelessness, and STUPIDITY! I bet you're still trying to though smh!!

by tori
4:55 pm - Oct 3, '12

Well if you read what this

Well if you read what this person just said, she pretty much on point i don't get why you guys are so mad.

by LetsGetIt
5:53 pm - Oct 3, '12

WOMP

by star
5:34 pm - Oct 3, '12

Last time I checked, athletes

Last time I checked, athletes EARNED their money, therefore they should be more careful with it! Lottery winners get a ton of money handed to them, and go bonkers because they haven't WORKED for it! Maybe BLACK athletes can learn how to "invest & diversify" their money when you learn the difference between HERE and HEAR!!

by tori
4:31 pm - Oct 3, '12

i'm so sick of athletes,

i'm so sick of athletes, celebrities, etc. acting like punk a** juveniles when they get money. instead of investing in assets, they invest in liabilities. We see this 'ish play out day in and day out, so when you come into some money, why not get some Finance/Business classes to insure you understand how to keep and grow your money? All they want to do is get as much a** as they can and buy up a bunch of cars and b/s. They are an embarrassment to our race. Here they are in a position to do positive progressive meaningful things for themselves and their communities but instead they behave like the ignorant little boys they are (((ugh))). 4Real Black men, wake the F*** up. You've been lulled to sleep for many years. You've been conspired against, spat upon, lied on, destroyed and killed...doesn't that make you angry? doesn't that make you want to do things differently? doesn't that make you want to man the F*** up? doesn't it make you want to build an empire, leave a legacy? Geez you dumb a**MF'ers make me SICK!!!!! Throwing away $110 million dollars, you're the only dumb f***s that do that. Sh*t, Black women are the ones that need to be running to other races cause ya'll MF'ers are DUMB BEYOND WORDS. I swear I hate to say this, I really do.

by Reign
4:06 pm - Oct 3, '12

He looks a lil zesty and

He looks a lil zesty and looks like he needs a bath right here. Anyways... EXCUSES EXCUSES EXCUSES!! These negroes really make me LAUGH! Black folks seem to be the only ones you see that will make millions of dollars only to lose it within months, it's just SAD! These imbeciles work so hard to get out of the ghetto only to end right back where they started. Spending on all these unnecessary cars, mansions, jewelry, etc. What happened to investing your money intelligently or putting a lump sum in a savings account? I will NEVER feel sympathy for such reckless behavior! Especially when there are people struggling everyday just to put food on the table and these idiots spend more money in a day than most people make in a year. Just plain foolery!

by Crazy Sexy Cool
3:54 pm - Oct 3, '12

Just shaking my damn head!!!!

Just shaking my damn head!!!! Unbelievable!!!!!!

by Dianthe Jamison
3:29 pm - Oct 3, '12

I written the word Asshole at

I written the word Asshole at least seven times today on this website, ok this makes number 8...

by lifeisgood
3:27 pm - Oct 3, '12

YOU BIG DUMMY!! I wish

YOU BIG DUMMY!! I wish BLACK YOU BIG DUMMY!! I wish BLACK athletes would enroll in community college during the OFF SEASON, and take some BUSINESS CLASSES (as well as SPEECH) to AVOID situations like this! Making it "rain" in the club until UNCLE SAM comes knocking at your door REPOSSESSING EVERYTHING from your HOUSE, CARS, CLOTHES, JEWELRY, WHITE WOMAN...EVERYTHING!!

by Marissa Francois
3:00 pm - Oct 3, '12

WTF ...WHAT ARE YOU A

WTF ...WHAT ARE YOU A PARAKEET....I CLEARLY POSTED THAT COMMENT BELOW!! ARE WE COPYING & PASTING COMMENTS??

by tori
3:26 pm - Oct 3, '12

LMAO.... I know. I'm looking

LMAO.... I know. I'm looking like WTF is going on. That shit is hilarious.

by Ms.Thangfromthe...
3:27 pm - Oct 3, '12

lol @ gtng your white woman

lol @ gtng your white woman repossessed. that chick would probably help them pack up your shit and then yell out "im readdddyyyyy". and on that note--everybody watch how letsgetit wont say a dam thing about this fool ass negro in this post.

by shuga
3:07 pm - Oct 3, '12

Please don't encourage folks

Please don't encourage folks who COPY & PASTE other peoples (MY) comments!!

by tori
3:32 pm - Oct 3, '12

I watched the special and was

I watched the special and was really struck how most of the athletes did not take responsibility for themselves. They blamed family, wives, girlfriends, baby mommas, friends, financial advisors, agents and everyone else for their demise. Umm, I believe all checks were made out to YOU. Everything that was done they knew about it. Why would you let your momma or daddy who can barely count to 100,000 be in charge of MILLIONS?! Most athletes are not smart in college, only pass because of their athleticism so how are they expected to be smart after? Being self aware and surrounding yourself with the right people is key. Take some damn classes on finance, etc. I'm so sick of the same damn story being repeated generation after generation. For every athlete that is going bankrupt there are those that do better after they retire. Magic and Michael. It's a damn shame there aren't more like them.

by PacificGirl
2:52 pm - Oct 3, '12

This consistently happens to

This consistently happens to BLACK athletes so you cannot ignore the elephant in the room. Larry Bird isn't broke. Joe Montana isn't broke. The list goes on and on. The problem is that so many black athletes feel like they have to prove to the world that they're rich. They have to live in the biggest house, drip themselves in foolish-looking diamond jewelry, and have 20 of the hottest whips, not realizing that a car is a liability (it steadily depreciates in value) and not an asset. Meanwhile Gucci, Audemars, Bentley, Jacob the Jeweler, etc are laughing all the way to the bank. None of them realize that they have to put money to work for them if they want to keep it. Rich people 101: You never touch the principle. Don't buy a house now that you can't afford to upkeep 20 years from now. And diversify your assets. When you know better you do better!

by DesignDiva
2:46 pm - Oct 3, '12

PREACH! Black people always

PREACH! Black people always gotta SHOW you they have money. Cars, jewelry, clothes, etc. White people buy art, 401ks and IRAs. I still don't understand how T.O. can't afford at $500K condo when he made over $60 million..why didn't you just pay it off IDIOT?!...

by PacificGirl
2:56 pm - Oct 3, '12

YOU BIG DUMMY!! I wish BLACK

YOU BIG DUMMY!! I wish BLACK athletes would enroll in community college during the OFF SEASON, and take some BUSINESS CLASSES (as well as SPEECH) to AVOID situations like this! Making it "rain" in the club is all cool, until UNCLE SAM comes knocking at your door REPOSSESSING EVERYTHING from your HOUSE, CARS, CLOTHES, JEWELRY, WHITE WOMAN...EVERYTHING!!

by tori
2:39 pm - Oct 3, '12

So Antoine is the second

So Antoine is the second baller Evenlyn has caused to lose their fortune. She's the only common denominator in all of it. Ballers better take note: that ho-bag is BAD news for your bank account!

by DesignDiva
2:27 pm - Oct 3, '12

No sympathy here. People like

No sympathy here. People like him lose massive amounts of money for 2 reasons: 1-arrogance, 2-being uneducated about financial matters. The need for materialistic things is the death of our whole society. Foreigners value necessities: Americans value excess. As for investments, these ignorant negroes need to do their own research and talk to *established*, financially sound retired ballers for advice--like Jordan and magic. But oh nooooo--they listen to anything Whitey tells em. T.O. was singing the same song about the millons of dollars he lost on bad 'investments' his 'friends' encouraged him to make. Guess what? Any and every white person you meet and who smiles in your face is not your 'friend'. So many ppl still assume white-is-right: these house niggas forget their humble beginnings when they make it big, and they listen to all these people, usually whites, assuming that THEY know what's going on, THEY are your friends. They invest huge amounts of money in their ventures: where are those 'friends' when they money is gone? Did you ever check into the validity of your 'investments'--or did Whitey just straight-up steal your $? Where are the white girls, Brazilians, mean-muggin' Evelyn-esque Latino chicks then? These corny a$$holes end up moving right back to the hood where they started , having to borrow sugar from the same people they left behind. K-a-r-m-a.

by Godiva-Diva
2:19 pm - Oct 3, '12

You can tell the moderator

You can tell the moderator was trying to dig for him to bring up Evelyn Lozada's name. SMH. Notice she doesn't have the veneers or the boob implants in this pic. That should say alot

by Jasmine Grant
2:15 pm - Oct 3, '12

Womp womp.....too bad so sad

by PhillyPhemale
2:14 pm - Oct 3, '12

If I was dumb enough to lose

If I was dumb enough to lose 110 million dollars, the last place I would be is on tv telling somebody I lost 110 million dollars.

by Ms.Thangfromthe...
2:12 pm - Oct 3, '12

Haha!!!! You and me both.

by Ethel Mertz
2:13 pm - Oct 3, '12

which puts a slam dunk

which puts a slam dunk exclamation point on how dumb he really is......,,,,,,,,

by LisaRaye's Subc...
2:12 pm - Oct 3, '12

Same ol story we hear again

Same ol story we hear again and again. Dumb black athlete with money marries some gold digging LSLH chick, makes a bunch of shady business deals with NO BUSINESS SENSE, then the IRS comes knocking and a few years lady the bank account is bone dry. Boo hoo...next!

by Jasmine Grant
2:04 pm - Oct 3, '12

HA HA you a grown BLACK man

HA HA you a grown BLACK man and lived like a baller aka "new money" he invested in hoes, white girls, etc etc...bo hoo The only thing he should of invested in was a car and house, instead of giving his money to the greedy hands of white people. Get an economist instead of an financial adviser.The rest of the money should have been SAVED UP to start his own business, then you can help those people by providing them jobs. Another rich to broke athlete.

by sexybrownpyt
2:05 pm - Oct 3, '12

are u really gonna use the

are u really gonna use the "greedy white man" as a crutch????? Less than 1% of Americans file for bankruptcy and they deal with the white man everyday. 78% of ballers end up filing for bankruptcy....... it really seems to be a Baller problem.....it's all on them and their poor choices

by LisaRaye's Subc...
2:10 pm - Oct 3, '12

It happens, everyone makes

It happens, everyone makes mistakes with money. He just happened to have a great deal more to fuck up.

by TeaNicole
2:01 pm - Oct 3, '12

wait so he still has 4.3

wait so he still has 4.3 million left and is considered broke?? chile bye. only in america.

by shuga
1:58 pm - Oct 3, '12

the same way chad about to

the same way chad about to lose his. fuckin with that santeria chick.

by shuga
1:56 pm - Oct 3, '12

Dummy. I feel no pity. I

Dummy. I feel no pity. I hope the 13 years of living "high off the hog" were worth it. I'm sure you have some great memories. Now sit back, act like to have same damn sense, and live quite comfortably off of what you have left over. Evelyn L. is back to being single and down on her luck again; she might need you again now. Oh, and you can always call your very best friend Michael Jordan to help you out!

by The Real Thing
1:52 pm - Oct 3, '12

I rarely ever post on this

I rarely ever post on this site, but I feel compelled to on this one. What people fail to realize is the amount of tax involved when you are making and spending that much money. PLEASE NOTE: I am not saying we should feel bad for athletes and superstars that grow broke, etc. What I'm saying is that when these guys make all of this money and then give their homies, families, children, spouses, etc. money they may have to pay gift tax (anything over $13k in a given calendar year). Add to that property tax, insurance costs, interest payments, maintenance on depreciating items (like cars and expensive jewelry) and you have an accounting disaster waiting to happen. Truly though, I blame the league (personal opinion). But we also have to teach ourselves and our kids to be financially literate. #justsayin

by ohgoodness
1:47 pm - Oct 3, '12

I agree with you, but this

I agree with you, but this consistently happens to BLACK athletes so you cannot ignore the elephant in the room. Larry Bird isn't broke. Joe Montana isn't broke. The list goes on and on. The problem is that so many black athletes feel like they have to prove to the world that they're rich. They have to live in the biggest house, drip themselves in foolish-looking diamond jewelry, and have 20 of the hottest whips, not realizing that a car is a liability (it steadily depreciates in value) and not an asset. Meanwhile Gucci, Audemars, Bentley, Jacob the Jeweler, etc are laughing all the way to the bank. None of them realize that they have to put money to work for them if they want to keep it. Rich people 101: You never touch the principle. Don't buy a house now that you can't afford to upkeep 20 years from now. And diversify your assets. When you know better you do better!

by DesignDiva
2:37 pm - Oct 3, '12

Thank you for spelling this

Thank you for spelling this out. I was just about to say something of this nature, but you beat me to it. Usually people who don't have a lot of money or don't know people with money have no clue as to the inner workings of the rich.

by Sunflower Jones
2:04 pm - Oct 3, '12

Billionaire Mitt Romney only

Billionaire Mitt Romney only pays 14% in taxes. Hire the best tax attorney and LISTEN TO THEM and you'll NEVER GO BROKE. It's 100% his fault. NBA Rookies are forced to go to seminars that teach them the pitfalls of becoming an instant Millionaire but these fools think they already know everything. ..........

by LisaRaye's Subc...
2:02 pm - Oct 3, '12

I JUST DONT UNDERSTAND, AND

I JUST DONT UNDERSTAND, AND MAYBE ITS NOT MEANT FOR ME TO UNDERSTAND HOW ONE CAN GO THROUGH/SPEND THAT TYPE OF MONEY LIKE THAT SMH

by monash
1:47 pm - Oct 3, '12

Mike Tyson and Evander

Mike Tyson and Evander Holyfield both blew thru more than double that. Even Billionaires go broke thru bad real estate ventures but they're usually smart enuff to get it back. Cars, jewelry, "friends" and family members wanting endless handouts slowly drains away their cash flow and then Evelyn Lozada finishes you off

by LisaRaye's Subc...
1:56 pm - Oct 3, '12