In four years, Michael Vick has managed to blow through $30 million. And apparently it wasn’t too hard to do.
According to TMZ, Vick has made about $31 million since he filed for bankruptcy in 2008. In the last four years he’s spent around $29.6 million. That might sound like a lot but surprisingly Vick didn’t spend much of that money on himself.
The gossip site got a hold of some of the NFL player’s bankruptcy papers and found that Vick paid$10.9 million in taxes, $9.2 million to creditors, and $2.7 million to accountants and lawyers. That adds up to $22.8 million. The rest of the money was apparently spent on child support, living expenses, and other purchases.
Vick reportedly has about $1.5 million left.
According to USA Today, Vick is still paying off various debts related to his dogfighting arrest. After he was released from prison Vick agreed to a “reorganization plan” that would help him to pay back his various creditors. (Vicks creditors include banks, sponsors, business partners, and the Atlanta Falcons who all lost money when Vick went to prison.) Under the plan, Vick agreed to pay as much as 66 cents for every dollar he made. Vick also agreed to live off of $300,000 or less a year.
So despite the fact that Vick has blown through $30 million over the last four years, only about $1 million of that has been spent on personal expenses. And personal expenses doesn’t mean a Lamborghini. His $300,000 living expenses covered things like rent, food, and education for his kids.
According to Yahoo, the “reorganization plan” strictly dictated where Vick could spend his money. For instance, the star has been allowed to spend $4,250 per month on rent and utilities and $472 per month on a car.
But don’t feel too bad for Vick. The NFL player’s bankroll may have diminished but he’s set to receive a steady stream of seven-figure checks over the next few years. Baller Status reports that Vick signed a 6-year contract in 2011 for close to $100 million. He’s guaranteed $40 million of that money regardless of his performance.
Of course, with Vick’s pile of bills, $100 million might not last as long as you think.
Thankfully, the NFL star should be able to put his debts and legal troubles behind him by the end of next year. Vick’s court ordered budget ends in 2015 and according to USA Today the NFL player could have all of his creditors paid off by 2014.
Are you surprised that Vick blew through $30 million in four years?