It has been noted over the years many times former that NBA player Darius Miles, who last played in the league with the Memphis Grizzlies during the 2008-2009 season, made upwards of $66 million during his career, but lost absolutely everything and filed for bankruptcy.
The former NBA player went into detailed stories in an article in The Players’ Tribune, titled, What The Hell Happened to Darius Miles. The piece was also co-edited by his former teammate, Quentin Richardson.
There are list’s and quotes explaining what happened to him and his money:
“When you’re young, you think the money is gonna last forever. I don’t care how street smart you are, or who you got in your corner, when you go from not having anything to making millions of dollars at 18, 19 years old, you’re not going to be prepared for it.
If you read the headlines about me now, it’s all about me going bankrupt. People ask me, “Man, how can you lose all that money?”
That part is easy to explain. You already heard that story a million times, with a million players. The cliche is that guys go broke buying Ferraris or whatever. Listen, it takes a long time to go broke buying Ferraris. What makes you go broke are shady business deals.
They’ll make the money disappear quick.”
Miles also had a ton of bad investments that left him having to sell assets to pay off his creditors. Miles listed $460,385 in assets and $1.57-million in liabilities.
Unfortunately, this plays exactly into the sad story of many pros that have had these insane issues after their professional careers.
“Miles listed a $282,041 debt to the Internal Revenue Service. He also said that most of his debts aren’t consumer debts, but business debts. Miles owns a single-family home in Belleville with a value of $241,000. His car is a 2011 Chevrolet Camaro, valued at $20,000.
In addition to his Belleville home, he listed 12 other properties he owns, all in East St. Louis. He has a Deutsche Bank account with $49,000 and his son’s college fund with $84,900. He also listed ownership of various collectibles with unknown value, including trophies and signed jerseys, and jewelry.
Miles listed a $20,000 child support debt in his bankruptcy. He lost more than $100,000 in 2008 in a California real estate deal. Another real estate deal — with fellow investors former NFL Rams player Marshall Faulk and rapper Nelly — was mired in lawsuits over a Laclede’s Landing property. Newspaper stories wrote about Miles rewarding himself with diamond jewelry.”
There is a list of assets and homegoods that he sold, which is pretty sad to see…
He was ordered to sell off his stuff to pay back creditors. The sale went down in Illinois. Here’s a breakdown of everything he sold and what he got for it.
— LeBron James signed jersey ($1,500)
— Larry Bird signed jersey ($100)
— AR15 firearm ($500)
— Beretta Cx4 Storm gun ($400)
— Self-contained karaoke machine ($75)
— Dirk Nowitzki signed shoe ($375)
— Lamar Odom signed shoe ($225)
— 5 VHS players (total of $21.50)
— They even sold his toaster for $2.00
There was a lot more stuff — and in total, Miles got $12,780 from the sale.