After earning $108 million with his skills in the Former NBA, Antoine Walker thought his financial future should be worry-free, until he went bankrupt in a matter of years.
The former Boston Celtics player filed for Chapter 7 bankruptcy in 2010. Two years into his retirement, Walker realized how he unwisely blew his fortune.
"I thought I was set for the rest of my life," he admitted to
CNN. “My story is sad. It's sad to see other guys work so hard throughout their life – and then they just lose it in two or three years.”
Reflecting on his past, the 38-year old attributes his bankruptcy to several factors.
"I created a very expensive lifestyle. That's how you lose your wealth real bad at the beginning," he said. The basketball star reported giving over 30 family members and friends cash and gifts to create “better situations.”
"I gave them whatever they wanted and spoiled them. You can't do that," Walker lamented. "It ended up being an open ATM throughout my career.”
Walker says he also gambled away some of his money, though the recession remains the core culprit of his financial decline. Walker Ventures, the athlete’s real estate firm, imploded amid the downturn.
"We got caught in the recession. We had a ton of undeveloped real estate. It went bad. The banks wanted their money back," said Walker. He eventually owed about $20 million to the banks.
Although he admitted he was “not really where [he’d] like to be,” Walker told
SB Nation in 2013 that he was finally debt-free.
“I finally got through my bankruptcy," he said. "I got my discharge, so I'm debt-free now, which I'm excited about. I can move forward with my life.”
Now, Walker said he is devoted to helping other young athletes from making his same financial mistakes. In addition to professional and collegiate teams, the former basketball player is making a documentary about his financial woes, entitled “Gone in an Instant.”
Additionally, Walker has also teamed up with Morgan Stanley to teach young athletes that “you can still enjoy your life to the fullest, but let's preserve some of that wealth for your kids – and for their kids," CNN reported.
Drew Hawkins, head of Morgan Stanley’s global sports and entertainment division, said Walker’s financial problems are a common trend among young sports stars.
"These individuals are forced to make decisions as teenagers and these decisions impact them for a long time.”
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