Pro athletes these days can make obscene amounts of money. Mike Trout just signed the largest ever sports contract with his $430 million deal with the Los Angeles Angels. Athletes have a lot of money coming in during their playing days, but once they retire, things can soon change. The lifestyle they were once used to can quickly disappear if they aren’t smart with their money. These are some of the pro athletes who squandered their fortune after retiring.
Being one of the most decorated stars in the history of ice hockey didn’t save Darren McCarty from bankruptcy. During his career, the hockey star picked up around $15 million, but he had already filed for bankruptcy before he hung up his skates.
The hockey star should have been able to call it quits and skate off into the sunset but due to habits including narcotics and gambling he couldn’t. McCarty was accused by the IRS of failing to pay his taxes, and he was seemingly completely broke. In a 2012 episode of the entertainment show Hardcore Pawn, McCarty was seen actually working in a pawn shop.
The boxer was one of the most-feared heavyweights to ever enter the ring during his peak, and he was knocking people out within one round pretty often. His aggression was something most people couldn’t live with in the ring, and he was just as aggressive with his money.
Tyson was just 20 years old when he became a heavyweight champion so perhaps needed someone around him to guide him with all of the cash he had coming in. Instead, Tyson found himself making hugely expensive purchases on things like cars, jewelry, and the most essential investment of all-time; a Siberian tiger.
After earning more than $400 million through his career, Tyson had to file for bankruptcy in 2003. The boxer claimed his promoter Don King cheated him out of millions and filed a lawsuit against him, before reaching an out-of-court settlement in 2004 for $14 million.
People seemed to think former MLB star Lenny Dykstra was doing amazingly well for himself after retiring from baseball in 1996. Dykstra listed his net worth in 2008 as $58 million but just one year later it was all gone.
He’d spent $18 million on a property and claimed to be the victim of mortgage fraud. Dykstra had to file for bankruptcy in 2009 with less than $50,000 worth of assets to his name. He was sentenced to 6.5 months in prison for money laundering, concealment of assets, and bankruptcy fraud.
The one-time NBA MVP was one of the most-loved basketball stars during his playing days, but his spending habits got out of hand. In salary alone, Iverson earned $154 million, but it was when his divorce to Tawanna in 2010 when people learned how broke the former point guard was.
The former 76ers star allegedly chose to travel light, and anytime he took a flight somewhere, he wouldn’t bring luggage. That wasn’t to save money, it was to save time because Iverson would then buy himself a bunch of new clothes wherever he landed. At a 2012 divorce proceeding, the basketball legend pulled out his pocket and told his wife he didn’t even have money for a cheeseburger.
Although Iverson is reportedly broke, he does have a nice nest egg heading his way in 2030, and he’ll be eligible for a $30 million trust fund from his former sponsor Reebok.
These former athletes had it all but lost it thanks to some bad financial decisions. They might have been the best in the world at their respective sports, but something they couldn’t get a handle on was their cash.[adsense remove_navigation="true" ][/adsense]