Monday, April 12, 2010
Ex-NBA Star Derrick Coleman Files Bankruptcy
Derrick Coleman's NBA career was somewhat of a roller coaster ride. At its height, he was considered to be one of the most talented and promising power forwards in the league. However, after 15 meandering seasons which showcased more problems than all-star appearances, Coleman's legacy will be that of a great disappointment.
Apparently, his personal finances are currently in as much disarray as his up-and-down NBA career. Coleman has recently filed for bankruptcy and owes creditors approximately $4.7 million.
You might be wondering how someone who earned more than $87 million over his NBA career can be almost $5 million in debt and slogging through bankruptcy proceedings. It seems that Coleman spent a considerable amount of money on business and real estate ventures in an attempt to revitalize the struggling Detroit community. Unfortunately, Coleman didn't invest wisely.
However, there are several other reasons behind Coleman's tremendous debt:
- Lavish spending on homes, cars, and fur coats
- A $1.3 million lawsuit brought against him by Comerica Bank
- A $1 million real estate loan from Thornburg Mortgage Home Loans
- A $50,000 debt owed to Dave Bing, former NBA player and current mayor of Detroit
Currently, Coleman only has about $1 million in assets, which include a 1997 Bentley convertible, five fur coats, and $3,000 in jewelry. He is attempting to maintain possession of his two Beverly Hills homes (his mother lives in one of them), but filing bankruptcy will most likely make that an impossibility.
Hopefully, the current crop of NBA stars will learn from Derrick Coleman's predicament and invest their money a little more wisely.