Former NBA star Antoine Walker filed for bankruptcy at the end of 2010. Since that time he has been forced to sell off his four homes in Miami and Chicago totaling $4.3 million. Only problem is Walker is in debt for $12.7 million.
Most recently, Walker has had to sell his NBA Champioship ring he earned while playing for the Miami Heat, TMZ is reporting.
The ring was sold to man by the name of Andres Garcia for $21,500.
Bankruptcy could not have come at worse time for the former NBA star, who is now in the waining years of his career. Walker has not played in the NBA since 2008, and is currently a member of the NBA Development League Idaho Stampede.
Antoine Walker has since joined the consulting firm W&W Sports Consultants, LLC as the President of Sales and Marketing. According to his employee profile:
At his peak he earned about 110 million during the 13 years that he played for the NBA. Plagued by bad financial decisions and child support, Walker had to file Bankruptcy. Working hard to put his life back together, Walker understands the consequences of his actions and lack of actions in managing his earnings. Time moves on and you can only learn from your mistakes and make the best of what you have. Hoping to help others avoid some of the pit falls of stardom, Antoine has joined the sales team of W&W Sports Consultants, LLC.
If your not exactly sure how you spend over $110 million dollars, Walker lists “6 ways athletes lose their fortunes” on his profile page. Reasons include misplacing trust, bad investments, frivolous spending, divorce, and a lack of business skills.
Walker knows something of frivolous spending, as he plead guilty to a felony charge for writing bad checks to pay off gambling debt in Las Vegas. In total, Walker had $770,000 in loses at Caesar’s Palace and two other casinos in 2010, around the time of his bankruptcy.