This is definitely a good lesson for ballers on the come up. All that glitters ain’t gold and those millions may not last forever.
Last night, Evelyn Lozada’s ex and former NBA star Antoine Walker sat down with TJ Homles for BET’s Don’t Sleep! and dished on how he went from making a $100 million throughout the span of his NBA career, to broke, in debt and living paycheck to paycheck. You may ask: Where did all that money go? According to Antoine, he lost a lot of his money in bad real estate deals. He also blames his losses on not being educated on finances and splurging on family, friends and women, including Evelyn with whom he had a 10-year relationship.
Peep a few excerpts and video below:
On Not Having Huge Endorsement Deals Like Other Players
I didn’t have huge endorsement deals. I was lucky enough to be endorsed by Adidas, and they paid me over $10 Million throughout my career, which was great to get a shoe contract like that, everything else was local deals. I wasn’t the national poster boy for the league, so I wasn’t in a lot of national campaigns.
On How He Went Broke
Well, that’s easy on the outside. The realization of it is when you come in the league at 19 years old; it’s really hard to understand what a million dollars is. I didn’t know what a million dollars was and what wasn’t a million dollars. I didn’t know that was $600,000. Thinking about taxes, thinking about things you don’t think about before you are in the league. I’m an inner city kid. I come from a very struggle background. I’m the oldest of six. I have two kids of my own. So now obviously you start providing for them. You put yourself in a lifestyle that you like and create. I lived a very expensive lifestyle.
My story was different than a lot of other stories. I put most of my money into the real estate market and investments. I wanted that advice. In the beginning it seemed good to me. In 2004, the market was doing very, very well. I was able to make a lot of money then off of it and we just continued to do more and more. Then obviously everybody knows in 2007-2008 the recession happened. I was the personal guarantor of seven companies, and we borrowed money from seven different banks. That’s where the bulk of my losses come from.
On What He Would Do Differently
It’s tough for me to say what I would do for my family. I’m a very family-oriented person, very loyal. That may not change. What I wouldn’t do is I probably wouldn’t invest without being on top of it. My job was to play basketball. I’m gone nine months out of the year so I’m not able to watch over my investments like I wanted. What I wouldn’t have done was invest, currently while I was playing.
On How Much He Spent on Evelyn
She lived a very good lifestyle. I was with Evelyn for 10 years.[…] Some millions. When you are with someone you are giving them cash. They aren’t taking taxes out of that. That’s a big difference. But she was with me, we were together. Obviously, I was taking care of her and her daughter.