20 NBA Players Who Went Broke And Lost Millions Of Dollars
Big contracts don’t always mean lasting wealth—just ask some former NBA stars who saw their fortunes vanish faster than a shot clock. While these players made history on the court, their bank accounts took a very different path. This article lists 15 pros who went broke and learned the hard way that money doesn’t come with a playbook.
Allen Iverson
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Iverson pulled in over $200 million at his peak. Despite that, he hit rock bottom due to wild spending habits—reportedly spending $40,000 on a shopping spree at one store. A smart move saved him, though: Reebok set aside a $32 million trust fund that kicks in on his 55th birthday.
Derrick Coleman
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Trying to revitalize Detroit was a passion project that didn’t pan out. His investments in real estate and businesses aimed to uplift struggling neighborhoods, but they drained his fortune. Coleman, who once appeared in a Beyoncé music video and made over $91 million, filed for bankruptcy in 2010.
Christian Laettner
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In addition to his NBA career, Laettner co-founded multiple companies, including a real estate firm with former Duke teammates, that ultimately dragged him into debt. By 2012, creditors were lined up, including Scottie Pippen, who sued him over a failed business deal.
Antoine Walker
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Not long after winning an NBA title with the Miami Heat, Walker was buried under gambling debts and bad investments. He once admitted to buying multiple luxury vehicles for himself and his friends. He later rebounded by becoming a financial advisor and using his story as the ultimate cautionary tale.
Scottie Pippen
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Pippen’s rookie contract—7 years for $18 million—left him underpaid during the Bulls’ dynasty. Later, he trusted a financial advisor who reportedly lost $20 million of his money. Pippen also had a failed airline venture and real estate trouble. These days, he’s back on TV as an analyst.
Darius Miles
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Miles entered the NBA at 18 and earned close to $62 million before a failed land deal left him broke. A massive collection of luxury cars, an impulsive spending habit, and early retirement due to injuries didn’t help.
Joe Smith
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Buying a home in every city he played? That was one of Smith’s most costly habits during his career. He made $61 million, but also fell for a bad investment. After filing for bankruptcy, he rebuilt with Alex Rodriguez, who featured him on a reality show about financial recovery.
Latrell Sprewell
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Turning down a $21 million contract offer in 2004—while famously claiming he “had a family to feed”—marked the beginning of Sprewell’s downfall. Not long after, his yacht was repossessed, and his home was foreclosed. His post-career appearances have been few and far between.
Vin Baker
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Baker drained nearly $100 million of his earnings. The former four-time All-Star worked at a Starbucks after retirement—an opportunity set up by former team owner Howard Schultz. What’s more inspiring: he eventually returned to the scene as an assistant coach with the Milwaukee Bucks.
Mookie Blaylock
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Blaylock was so influential that the band Pearl Jam almost named themselves after him. While he racked up steals and accolades, post-retirement life took a turn. A fatal accident drained most of his $31 million career earnings.
Eric Williams
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Despite making nearly $40 million and playing alongside LeBron James, Williams ended up homeless and broke. A court filing revealed he owed over $24,000 in unpaid child support. His stint on VH1’s Basketball Wives brought him back into public view, but his financial struggles were mounting fast behind the scenes.
Delonte West
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Mental health struggles and legal troubles overshadowed West’s NBA years. He made $16 million, but by 2019, he was seen panhandling in Dallas. Once a solid backcourt partner to LeBron, West bounced between teams before landing in the news for all the wrong reasons.
Kenny Anderson
Credit: Wikipedia
Anderson reportedly owned eight cars and had a sneaker collection rivaling some museums. He made over $63 million, but child support payments, legal fees, and a lack of budgeting took it all. He was the subject of a documentary, Mr. Chibbs, about his journey from stardom to bankruptcy.
Dennis Rodman
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Rodman’s money disappeared nearly as quickly as he earned it. He made about $27 million but burned through it on partying, fines, and bad investments. At one point, he claimed he couldn’t afford child support. Though still active in media and wrestling circles, his financial situation remains uncertain.
Gilbert Arenas
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Once one of the NBA’s highest-paid players, Arenas signed a six-year, $111 million deal—but didn’t make it past year four. A locker room incident ended his time in Washington, and by 2012, his playing days were effectively over. He admitted in interviews that he overspent on luxury items and friends.