66 East Main Street, 3rd Floor Little Falls, NJ 07424

$108 Million to Bust – Championship Ring Was Sold Off

Share on facebook
Share on linkedin

Antoine Devon Walker an American retired professional basketball player.  He earned more than $108 million in NBA salaries between 1996 and 2009.

NBA Ring

His Career:

  • Drafted with the 6th overall pick in the 1996 NBA Draft out of the Univ. of Kentucky
  • NBA player from 1996 to 2008.
  • Played for: Celtics, Mavericks, Hawks, Heat, Timberwolves, Grizzlies, the BSN’s Mets and the NBA D-League’s Stampede
  • Retired from basketball in 2012
  • 3 Time NBA All-Star
  • NCAA championship with Kentucky in 1996
  • NBA championship with the Miami Heat in 2006.

On May 18, 2010, Walker filed for Chapter 7 bankruptcy protection in the S. District of Florida (Miami) Case# 10-23558: total assets of $4.3 million and debts of $12.7 million. The filing listed 4 pieces of real estate including a $2.3 million Miami home that was underwater with a mortgage of $3.6 million, and 3 other properties in Chicago, one listed for $1.4 million.  A friend had to pay half the fee for his Bankruptcy attorney.   Walker’s championship ring had to be sold off.

 According to Antoine Walker – how does this happen?

  • Creating a very expensive lifestyle early on in your career
  • Never saying no to friends and family
  • Becoming an open ATM for friends and family
  • Gambling (not behind the majority of his debts)
  • Bad Real Estate investments, due to market turn and underdevelopment.

This is a common story for many athletes and Antoine wants to help stop this cycle of Glory to Bust.  He is working with Morgan Stanley to educate other celebrities and athletes to avoid his same mistakes.

He was discharged of his debts in 2012.    

You must learn to say “no” to your family and friends – they won’t be there when you have to file for bankruptcy.    Friends and family did not line up to pay his attorney’s fee when he filed for bankruptcy, only one friend did.

Sharing his story with Global Sports and Entertainment is a perfect way to give back and a platform to share his story.