Ex-NBA star Derrick Coleman made $87 million, now files bankruptcy

11 Apr

Former #1 overall draft pick says he owes creditors nearly $4.7 million.

According to the Wall Street Journal . . .The ex-Syracuse University standout and 1991 NBA Rookie of the Year earned tens of millions during a 15-year playing career but listed assets of just $1 million in papers filed with the U.S. Bankruptcy Court in Detroit, Coleman’s hometown.

Coleman’s desire to invest in the Detroit area after his playing career ended contributed to his financial problems, Coleman’s bankruptcy attorney Mark B. Berke said Friday.

Among Coleman’s ventures is a struggling Detroit development called Coleman’s Corner, an attempt to revive one of the city’s most downtrodden neighborhoods. Coleman defaulted on loans related to the mall last year.

Colemen’s other business interests include ownership stakes in the Hilton Garden Suites hotel in downtown Detroit, a Tim Hortons Inc. doughnut shop franchise and Hungry Howie’s Pizza store, according to court papers.

Among the assets that could be available for creditors is an eclectic mix of automobiles: a 1957 Buick convertible, worth $20,000; a 1970 Chevrolet Nova, worth $5,000; and a 1997 Bentley convertible, valued at $50,000.

Coleman also listed two Seadoo watercraft, his $90,000 NBA pension and two chinchilla fur coats.

Read the full story here.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: