Jose Conseco has filed for bankruptcy protection despite a career in Major League Baseball where he earned millions of dollars as one of the league’s top sluggers before becoming marred in the steroid use controversy.
The former slugger filed for bankruptcy in Nevada while listing just $21,000 in assets to his name.
The Chapter 7 filing is a fall from grace for the man who was named the 1986 American League rookie of the year and the 1988 league MVP while playing in Oakland. Canseco spent 16 years in the MLB with eight different teams while hitting 462 home runs.
The 48-year-old Conseco is being represented by Mark Segal who declined to comment on the proceedings on Wednesday.
Along with $21,000 in assets Conseco also listed $1.7 million in liabilities. The slugger also owes more than $500,000 to the Internal Revenue Service.
The Conseco case is yet another example of how big name athletes often manage to squander millions of dollars in earned salaries and endorsement deals. The case also highlighted that even the top athletes in a sport are susceptible to bad financial decisions.
Despite being a six-time All-Star and two-time World Series winner stock in Conseco immediately fell after he admitted to a career full of performance-enhancing drugs. His book would go on to become a best-seller but apparently not big enough to keep him afloat.
Too bad Conseco’s performance-enhancing lifestyle couldn’t be saved with a couple of pills or an injection.
Are you surprised by the former baseball stars destruction of massive wealth over a rather short period of time?