Sprewell Broke

[wOOgiE22]

Just 3 years after turning down a 21 million dollar deal with the T-Wolves because he "needed to feed his family" Sprewell is broke. His boat just got auctioned off and his house in Milwaukee is about to be foreclosed. Some athletes do not know what to do with their money. He made over 100 million in his career and within 10 years of that he is broke. I guess we can now call him Latrell Spendwell.

 

http://sports.espn.go.com/nba/news/story?id=3241444

[RyDogg66]

I just saw this as well. I was wondering how much he went through. 100 million huh? That doesnt surprise me. Dont feel bad about him turning down that 3yr/21 mil deal. If he had signed that he'd have just gone broke a year or two later than he did.

[bullox]

How on Earth does someone with that much earning power not have an accountant watchdog take care of their money...

[mothershipconnection]

Wow, he got paid like 200-300 times what I get paid, it's just so hard to imagine going broke unless you made a huge risky investment that failed.

[burniebrewer]

Wasn't it Patrick Ewing who once said something to the effect of, "We make a lot of money, but we spend a lot of money." I seem to recall that take getting a lot of action on Jim Rome's show.

[jason21nl]

Wasn't it Patrick Ewing who once said something to the effect of, "We make a lot of money, but we spend a lot of money." I seem to recall that take getting a lot of action on Jim Rome's show.

yup, he said that. I put that down as one of my favorite quotes in the favorite quote thread.

 

[bullox]

"Wow, he got paid like 200-300 times what I get paid, it's just so hard to imagine going broke unless you made a huge risky investment that failed."

 

Maybe he paid $50M for his braids.

[thablingster]

"Wow, he got paid like 200-300 times what I get paid, it's just so hard to imagine going broke unless you made a huge risky investment that failed."

 

Maybe he paid $50M for his braids.

He should have been like Richard Hamilton and gotten paid to wear his cornrows like tire treads.

 

This is sad, but unfortunately fairly common among athletes these days.

[JoeHova]

I think rich guys go broke not necessarily because they spend so much money (although they do) but rather because of how many family members, hangers-on, and other associates they are supporting or ennabling. I know if I was rich, everybody I know would be asking me for money, I imagine it's the same for athletes and entertainers. It's probably even worse for them because they are famous in addition to being rich, so everybody that they ever knew knows that they are rich.

[Invader3K]

I don't know about Sprewell, but it seems like a lot of athletes go broke supporting their friends and family, like JoeHova was saying. Like MC Hammer a few years ago, when he had basically everyone from his old neighborhood on his payroll.

[jwill535]

i highly doubt he is broke, i think this is just mismanagement. Either he didnt care to pay for his boat or his house or whom ever is in charge of paying his bills isnt very good at his job. Remember along with basketball he also has a very successful detailing shop. I dont know if his company came up with them but his name is what is attacthed to most spinner rims. Ever heard of Sprees?

[Thurston Fluff]

I remember seeing a show on Ted Nugent a few years back where he hired freinds to take care of the things he was too busy to handle himself. When he went broke he found out those "friends" he hired to manage his day to day stuff did things like hire charter jets to fly everywhere. They spent more than they managed to the point where he went broke. He at least has a job that allows him to keep working to make more. Spree's money making days are pretty much over.

[TooLiveBrew]

Except for his detailing & rims shops.

[fondybrewfan]

Hey maybe he can go work for ESPN or join the Ultimate Fighting Championships

[Point Beer Is Best]

Here's a fitting quote:

 

"A fool and his money are soon parted."

 

And didn't he name his yacht "Milwaukee's Best?" I remember hearing about the reposession of it last year on Rome, who had a field day with it. "Was 'Schlitz' and 'Hamms' already taken? And what is a yacht doing in Milwaukee?"

[bullox]

"And didn't he name his yacht "Milwaukee's Best?"

 

A quick read of the link in the original post would show you that that is correct. It would also tell you that he grew up in Milwaukee.

[NeedMoreFans]

I lived downtown Milwaukee a few years ago and saw him grocery shopping at the Pick n' Save on Van Buren. In his cart, he had probably four 12-packs of minute maid canned lemonade, 4 or 5 jars of Prego pasta sauce and tons of paper towels. And this was all right after he turned down that contract with the Wolves.

[bullox]

I used to live a half-block from that Pick N Save. I saw Dikembe Mutombo in there once when the Hawks were in town. I also saw Sam Cassell at the nearby Blockbuster. A block away I saw Tim Thomas walking down the street. I also saw Ben Sheets driving his big old Chevy SUV right next to the Pick N Save.

 

All those condos right there are popular with the pro sports players I guess.

 

Keep in mind this was probably 7-8 years ago.

[JoeHova]

And didn't he name his yacht "Milwaukee's Best?" I remember hearing about the reposession of it last year on Rome, who had a field day with it. "Was 'Schlitz' and 'Hamms' already taken? And what is a yacht doing in Milwaukee?"

 

This is mere ignorance masquerading as comedy, which is why I dislike guys like Rome so much. Like Bullox pointed out, the name of the boat was clearly a pun referring to Sprewell himself. Puns are very common in names of boats and it's stupid to make fun of Sprewell for a pretty funny one. And as for yachts in Milwaukee, I guess they didn't realize Milwaukee is situated on the largest lake in America. In addition, one of the oldest and most prestigious builders of luxury yachts in the world is located in Wisconsin (Burger Boats).