Granted, juggling a superstar-level football career and an illegal dogfighting ring can be tough, but Michael Vick probably could've handled his finances better.Or at the very least watched MC Hammer's 'Behind the Music.'
According to recent reports, the former Falcons quarterback (currently serving a 23-month prison sentence) filed for bankruptcy after finding himself in a "precarious financial position." (Read: broke, but not that broke ... yet).
In Chapter 11 papers filed Monday in federal court, Vick cites debts of between $10 million and $50 million, in addition to assets of $10 million to $50 million. Furthermore, Vick owes $3.75 million from a prorated signing bonus, $4.5 million to Joel Enterprises for a breach of contract, and $2.5 million to Royal Band of Canada for a real-estate loan.
Vick's lawyers said in the filing that they hope he "can, after the conclusion of the bankruptcy case, rebuild his life on a personal and spiritual level, resurrect his image as a public figure, and resolve matters with the NFL such that he can resume his career.''
(Read: Make money)
First Evander Holyfield & Ed McMahon, now Michael Vick, don't celebrities watch 'The Suze Orman Show'? It's true, money can't buy you love or happiness, but remember when being a celebrity and having loads of cash probably meant you didn't have to ever utter the word "bankruptcy" or hold a sign that said "Will Dance for Food."
Apparently in Vick's case, a 10-year, $130 million contract and Nike endorsements can't cover living expenses like they used to.
Celebrity Money Problems
Evander "The Real Deal" Holyfield may have been risen to the top in the boxing ring, but recent financial troubles have been brought him to his knees. His $10 million estate in Atlanta is under foreclosure, he owes another $550,000 to a Utah landscaping company who is suing, and if that isn't enough, one of his baby mommas is taking him back to court for missed child support payments, ranging from around $3,000 a month for one child. In 2003, courts came to the conclusion that Evander was making around $604,000 a month when stipulations for child support was being made.
Stephen Shugerman, Getty Images
This month, Ed McMahon, best known as the late Johnny Carson's sidekick and spokesman for Publishers Clearinghouse, appeared on Larry King Live explaining how he fell more than $600,000 behind in payments on his $4.8 million in mortgage. The comedy giant says he's hoping to avoid foreclosure on his multi-million dollar Beverly-Hills home, but that may be an uphill battle since medical problems have kept him from working.
Getty Images
The Queen of Soul, Aretha Franklin, found herself singing the blues when her claims 700,000 mansion in Bloomfield Hills, Michigan slipped into foreclosure. Her attorney claims it was all a mistake that occurred over $445 in 2005 taxes and late fees. Turns out the state may have been on to a delinquency trend because she now owes a total of $19,192 in back taxes on the property through 2007.
Jason Squire, WireImage.com
The Death Row Music label made legends out of Dr. Dre, Snoop Dogg and Tupac Shakur but it's now up for sale. Why? Back in 2006, Founder Marion 'Suge' Knight filed for bankruptcy in the face of he a $107 Million judgement. In the court papers he filed in the case, he estimated his assets to be $50,000 or less with debts totaling more than $100 million.
Robert Mora, Getty Images
He may be best known for his hit "Can't Touch This" but Rapper/Singer M.C. Hammer was hit by a money crisis. The man who had no problem bringing hip-hop music mainstream ran into problems when he hired his close friends, making him responsible for a $500,000-a-month payroll. He also had a $30 million mansion combined with extravagant cars and even exotic animals. All of these things put the hammer down on Stanley Burrell's loot. He eventually lost it all, including some of the "friends" he tried to give a leg up.
Tina Fultz, ZUMA Press
Pint size child actor Gary Coleman whose famous for the line "what you talking about Willis?" is frequently found talking about his financial woes. It has been reported that chilhood star Gary Coleman was paid $1,500 per episode the first season of Different Stroke; that later went up to $20,000 , then $40,000, and as high as $70,000. He also made almost $18 million from his tv and movies work during the period Diff'rent Strokes was on the air (1978-1986). But, when Coleman reached adulthood he found that bad investments and lavish spending on the part of his parents, left him nearly penniless. Now, Gary Coleman has been selling various items on the Ebay including his autographed pants and a Saturn-model car.
ASSOCIATED PRESS
Rumors of the King of Pop's finances going bust have been swirling for years. Recently, his famed Neverland Ranch was even threatened by foreclosure but he received a last minute reprieve a given by Colony Capital, a private equity group, to whom he now owes $23 million. In 2006, he was forced to use his Beatles catalog as well as copyrights to his own songs, as collateral for roughly $270 million in bank loans. So, what happened to all the money the man who has been making music since 1975 made, lavish spending sprees, exotic animals and unusual purchases like a hyperbaric chamber are said to be to blame. He may have danced in a solution to his money problems. He may be slated to headline a show on the Vegas strip.
AP
"Iron" Mike Tyson isn't as strong financial as one would think after earning a reportedly earning some 300 million dollars in the boxing ring. Still, he KO'd his own financial future by declaring bankruptcy in 2003. He was also forced to sell the Connecticut mansion he shared with ex-wife Robin Givens, which was later purchased by Rapper 50 Cent. Tyson blamed his lavish spending and promoter Don King for his empty pockets.
Critics once said she had one of the clearest voices in music, but diva Whitney Houston his a sour note in 2006 when she came close to losing her $6 million, 10-acre New Jersey estate. The songstress reportedly owed thousands of dollars in back taxes. Then, in 2007, dozens of Houston's belongings were auctioned off bras, bustiers, and other props from her past tours, along with ah $400,000 see-through grand piano and her ex-husband Bobby Brown's grammy awards. The reason for the auction, she allegedly owed the storage company $200,000 in back rent.
Kevin Winter, Getty Images
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Celebrity Financial Smackdown
1. I think its incredibly sad to watch someone so talented fall so far because of poor choices in life and greed.
Tee at 1:05PM on Jul 9th 2008