I live by a rule of thumb when in comes to NBA players. If they stay playing basketball for years and years after they were good, chances are they are financially screwed. See Scottie Pippen and Robert Parish. Of course, the counterexample is Latrell Sprewell, who retired early and immediately lost all his cash, but he broke the mold in more ways than one.
Well, add Vin Baker to that list, because his restaurant went bankrupt and now his house is being sold at a foreclosure auction. Perhaps he was living a little bit beyond his means?
The property, which features a two-lane bowling alley, basketball court, guest house and pool, was bought June 28 by U.S. Bank for $2.5 million, said Daniel B. Ryan, a Middletown attorney responsible for conducting the sale.
At least the high-end housing market has been hit as hard, right?
Baker's house was on the market for more than two years and was originally listed at $5.995 million. This spring, the price was dropped to $3.8 million, said Jennifer Trautman, an agent with Connecticut Prudential Realty in Madison and the property'slisting agent.
Just weeks before the auction, in mid-June, the property was further reduced to $2.95 million.
Ouch. NBA players get the worst financial advice. I chalk this up to another tragic failure by David Stern. Sure, it's shifting the blame. Sure, NBA players should know better. However, Vin Baker is a drunk from Hartford. Stern and his minions should have seen this coming a million miles away.
I think the next step here is to see Vin Baker pulling a Dennis Rodman and playing one-off games in Finland for cash. Meanwhile, David Stern will continue to trade Cleveland steamers with Satan.Source URL: https://ledger-heath.blogspot.com/2008/07/time-to-flee-america-economy-is-so-bad.html
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