Chad Johnson Is Facing Foreclosure On His $400,000 Miami Condo--------------------

[↓R↑LYB]

Word? My advice to throw money in an account and collect 200K/year off interest is worse than spending $20M on Cali real estate? Prices have dropped by 50% over the last 5 years...and it's usually worse when you look at multi-million dollar properties.

Like I said, you've proven that you don't know what you're talking about.

 

[mastermind]

Scottie Pippen, Mark Brunell, Antoine Walker, Horace Grant, Jose Canseco, Mike Tyson all said the same thing.

none of them are 7 footers in the NBA with great earning potential for the next 10-12 years if they are walking rght

and neither Horace Grant or Scottie Pippen are broke.

 

[JLova]

none of them are 7 footers in the NBA with great earning potential for the next 10-12 years if they are walking rght

and neither Horace Grant or Scottie Pippen are broke.

Things can change mighty fast, sir.

And Scottie may not be broke now, but he was broke.

 

[nyknick]

I bet Yao is still didn't go through that Visa money.

 

[franknitty711]

Its crazy how few make players it to the league (NFL, NBA etc).

Its even more crazy how even a smaller number of players walk away with enough money to retire comfortably.

I wish it was different.

 

[mastermind]

Things can change mighty fast, sir.

Yao Ming was a freak. Guys his height never play long.

Guys Dwight's height can play 20+ years.

And Scottie may not be broke now, but he was broke.

Scottie was never broke. He sued some media outlets for claiming he was broke.

http://www.tmz.com/2011/12/13/scottie-pippen-broke-arizona-state-cbs-lawsuit-nbc/

 

[nyknick]

Charges: Former Pippen investment adviser defrauded bank, clients of $3.2 million
Robert Lunn misrepresented portfolio and reasons for borrowing, federal indictment alleges
June 01, 2012|By Naomi Nix, Chicago Tribune reporter

A Chicago investment adviser who once represented former Chicago Bulls player Scottie Pippen was indicted on federal charges that he defrauded a suburban bank and two of his clients of more than $3.2 million, the U.S. attorney's office announced Thursday.
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Lunn is accused of using most of the money for his own benefit, making mortgage payments as well as paying $1.4 million to other investment clients, according to the U.S. attorney.

Neither Lunn nor Leaders Bank representatives could be reached for comment. Prosecutors said the bank lost more than $2.7 million as a result of Lunn's actions and are seeking to recover at least that amount.

Pippen in 2004 won an $11.8 million judgment against Lunn, claiming the adviser steered his money into dubious investments, including real estate and an airplane deal, according to court papers.

Each bank fraud count carries a maximum penalty of 30 years in prison, a $1 million fine and mandatory restitution, according to the office.

Ex-Bull Scottie Pippen Blames Law Firm for Bad Investments, Seeks $8M at Trial
Posted Jun 9, 2010 6:34 PM CDT
By Martha Neil


A famous former basketball player for the Chicago Bulls says he lost money because an Illinois law firm didn't do enough due diligence on the trusted adviser who allegedly cost him millions in bad investments.

Scottie Pippen has already settled for $1.5 million with the bankrupt adviser, Robert Lunn. But he is seeking another $8 million from Pedersen & Houpt, reports the Courier-News.

In addition to contending that the Chicago firm should have looked more closely at the $1 million he spent for a share in a 25-year-old Gulfstream jet and a $3.25 million real estate investment he made on the city's far South Side that eventually failed, counsel for Pippen also argues in his malpractice suit against the firm that Pedersen & Houpt had a conflict of interest.

Because a law firm partner also made an investment in the same real estate venture that cost Pippen $3.25 million, Pedersen & Houpt put undue trust in Lunn, contended attorney George Spellmire yesterday in his opening statement in the Cook County Circuit Court case, the newspaper recounts.

Representing the law firm, attorney Peter Sullivan called the case a "blame game" in the opening statement for the defense, and said the evidence will show Pippen is "trying to find a scapegoat for a bad business decision—a number of bad business decisions.”

Pippen was playing for the Portland Trail Blazers at the time of the 2002 Gulfstream purchase.

I bet he wishes he bought a house.

 

[nalej]

for most of the players who are clueless with their finance it's probably better to be like Dwight and drop a bunch of money to buy a house to live in. taking out loans and loans on loans is only wise if you understand that shyt and don't blow all your other money.

 

[↓R↑LYB]

If i was in that position I'd live off half my income, and put the other half in the bank. Maybe in a 5-10% CD lol

 

[The_Sheff]

Word? My advice to throw money in an account and collect 200K/year off interest is worse than spending $20M on Cali real estate? Prices have dropped by 50% over the last 5 years...and it's usually worse when you look at multi-million dollar properties.

Dwight has made 83 million just in salary. That doesnt include endorsements, which im sure he has many.

How do you know he doesn't have a chunk of that money already bringing in a yearly interest payment? He doesnt need to risk every bit of money he has in investments. Thats how you go broke.

 

[Absolut]

Dwight has made 83 million just in salary. That doesnt include endorsements, which im sure he has many.

How do you know he doesn't have a chunk of that money already bringing in a yearly interest payment? He doesnt need to risk every bit of money he has in investments. Thats how you go broke.

stop using logic. he should tie every cent up, and just rent a house

 

[kevm3]

It'd be best putting most of that money in a low risk investment like a certificate of deposit and buying a MODEST house until they can get out of the league and actually devote time towards educating themselves about finances and actively watching over their money. Instead, they get these shady advisers who keep getting in their ear about the latest and greatest investments and then they get swindled. They may not be 'beating inflation' by any significant amount, but then again they don't need to being that they are millionaires. They just have to live a sustainable life and collect whatever moderate amount of interest that huge principle can give them. 5% of 20 million is still $1,000,000.

Baby mommas, no prenups, taxes, excessive spending, huge houses, etc., all contribute to the downfall of these athletes. Buying these megamansions are awful investments considering you have to deal with property taxes as well as whatever maintenance cost it takes for upkeep. A problem with a lot of these athletes is they think just because they got the money, they need to live that baller lifestyle.

 

[jadillac]

The thing about Dwight is that his house in Cali, possibly would only cost half that in another state.

everyone's different and has their opinion, but if it was me, I'd buy the big fancy house in a place where I got the max for my money, and just keep me a "basic" house in LA or somewhere else I wanted to go to from time to time. Wasnt he already living in LA aanyway?

 

[kevm3]

California is also sick with it when it comes to taxes as well. Let's not forget California's alimony/child-support, etc. and how they really side with women. He may make a great deal out there, but he better watch his step.

 

[Formerly known as...]

Pats got B. Lloyd ?

Breh where you been?