Today’s bankrupt former NBA baller is brought to you by former first-overall NBA Draft pick Derrick Coleman, who made $87 million during his 15-year career in The League but this week in a Detroit bankruptcy court reported $5 million in debt against $1 million in assets.
Coleman’s bankruptcy lawyer Mark Berke blamed the economy for Coleman’s financial condition. Along with Coleman’s desire to help revitalize depressed Detroit neighborhoods:
“Mr. Coleman was focused on investing in various communities throughout the city of Detroit by developing real estate, creating jobs and revitalizing business opportunities. Due to the state of the economy, including the decline in the real estate market, Mr. Coleman’s investments could not be sustained.”
So Coleman’s investments in the community did him in. Not the two chinchilla and three mink fur coats now worth (only) a total of $15,000 that he listed as assets in his bankruptcy court filing. Or his 1997 Bentley convertible now worth just $50,000.
Listed among his millions in debt is a $50,000 personal loan from former NBA star and current Detroit Mayor Dave Bing.
Since’s Coleman’s bankruptcy was due to creating jobs in the Detroit community, I’m sure Mayor Bing won’t expect the money he gave to Coleman to be returned.
What really caught my interest though in this story was the residence Coleman asked the bankruptcy judge to allow him to keep:
Coleman said in a court filing he plans to keep his home in Beverly Hills, worth about $168,000.
Wait, a $168,000 home in Beverly Hills? Only thing I thought you could currently get for $168K in BH was a platinum-plated shoehorn at Bijan. (Clearance.)
Like 99.9% of you, I assumed that to be Beverly Hills, California. But I was wrong.