We’ve seen this story play out before: A promising young athlete amasses a fortune only to squander his wealth in a blaze of financial irresponsibility.
Former Chicago Bulls and New York Knicks center Eddy Curry became a cautionary tale of athlete financial woe when he lost his Burr Ridge, Ill. mansion to foreclosure last year. Despite earning an estimated $70 million in his basketball-playing career, Curry found himself nearly $220,000 behind on his $3.7 million mortgage in 2009. He was ultimately foreclosed on in March 2012 and the home was later sold at a sheriff’s sale.
The Chicago Tribune reported that the custom-built mansion Curry paid $6.2 million for in 2006 has been listed by its lender for $3.999 million.
The expansive manse offers seven bedrooms, nine fireplaces, 11 bathrooms and 9,340 square feet of living space. Handcrafted details such as millwork, built-ins and stately touches exude an air of “old world elegance,” and high-end amenities include an elevator, a two-story foyer with a fireplace, a cherry-paneled library, and a family room with a wet bar. The master suite sits in its own dedicated wing and a completed lower level comes complete with a kitchen, a pub-style bar, a movie theater and a massive wine cellar.
Curry himself has admitted he doesn’t know how he squandered his massive fortune. However, the New York Post painted a picture of how an athlete (and those he keeps around him) can burn through millions of dollars:
Yet the oft-injured center insists that he’s clueless — any financial fouls, he said, were committed by his accountant, Lamont Carter.
The bean counter, who was also his manager, collected Curry’s income and was supposed to pay his bills in full. They included $115,000 for a 7-carat engagement ring, $33,000 for a pair of diamond earrings and $285,999 for a men’s diamond and gold chain. Not to mention $4.5 million for the Illinois mansion Curry shares with his family.
Curry appeared in two games for the Dallas Mavericks last season before being waived to open a roster spot for Troy Murphy. In 527 career NBA games, the 30-year-old holds lifetime averages of 12.9 points per game and 5.2 rebound per game. He is currently lacing it up for the Zhejiang Golden Bulls of the Chinese Basketball Association.