$108 Million To Bust After NBA Fame: Antoine Walker Talks About Losing It All In Order To Help Others


From $108 million to bust? Former NBA star, Antoine Walker, earned that much during his career, and he lost it all. Walker was forced to file for bankruptcy, and he is now sharing his story as a warning to other young athletes. He does not want other athletes to follow in his footsteps. Walker played with the Boston Celtics for most of his 12-year long NBA career, and he lived the big life. He spent money, and he willingly shared his money with others. That was a mistake that cost him.

NESN shared comments made by Antoine Walker about his bankruptcy, and he was candid about the reasons behind it. He shared that, “I created a very expensive lifestyle. That’s how you lose your wealth real bad at the beginning. I gave them whatever they wanted and spoiled them. You can’t do that. It ended up being an open ATM throughout my career.”

He also admitted to gambling, but that was not behind the majority of his losses. He made some investments in real estate in Chicago, and that market fell. He said that, “We got caught in the recession. We had a ton of undeveloped real estate. It went bad. The banks wanted their money back.”

Walker filed for bankruptcy in 2010, and he was discharged of his debt in 2012. He literally lost it all. He even had to sell off his 2006 NBA Championship ring, according to a CBS report. He shared his story in a documentary titled Gone in an Instant.

The former NBA star is now working with Morgan Stanley Global Sports & Entertainment to help educate other athletes about the pitfalls of fame and big spending. He hopes to prevent other young athletes from making his mistakes. He spoke about his decision to collaborate with the company during his CBS interview.

“They had started their Global Sports and Entertainment division last year and I was looking for a financial team to partner with so I can have a platform to share my story. The whole process started a little bit after I filmed a documentary about my story, which we are currently shopping to different networks, and I met with Morgan Stanley about it. They were trying to educate young athletes and change the percentage of guys going broke. My story resonated with what they were trying to do so we established this partnership. I’m excited about working with Morgan Stanley’s Global Sports and Entertainment because it gives me the perfect platform to tell my story, something I would have never had before.”

Walker is sharing some advice for young pro athletes, and his biggest piece of advice is learning how to say “no” when people ask for money.

“It is very difficult to say no but the one thing I try and tell guys is that, this is why you need someone like Morgan Stanley in the middle, somebody to be the ‘bad guy.’ If you want to make sure you have money for your future, you can’t be an open ATM. It is hard to say no to your mom, your friends and the people you grew up with. So you have to have someone like Morgan Stanley to step in and be the ‘bad guy’ for you.”

He also suggests planning ahead and thinking of the future. The present may seem great when you are making millions of dollars, but you need to think of your post-NBA life and your kids. According to CNN Money, Walker said, “You can still enjoy your life to the fullest, but let’s preserve some of that wealth for your kids — and for their kids.”

Walker’s story of bankruptcy and big spending is not the only one from the celebrity world making news in recent weeks. According to a recent Inquistr report, 50 Cent, who is legally named Curtis James Jackson III, filed for bankruptcy earlier this month, and he revealed that his lavish lifestyle was all a façade. He borrowed much of what he showed off.

Some sources list his wealth around $150 million, but he revealed that his wealth is actually around $4 million. He owes $5 million in a lawsuit, and that is how the bankruptcy filing came about this month. He cannot afford to pay off what he owes.

For a celebrity, it is easy to get caught up in the moment and spend it all. Antoine Walker learned that the hard way.

What do you think of Antoine Walker’s story?

[Photo by Gustavo Caballero/Getty Images]

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