All too often, we read about millionaire pro athletes that have blown through their fortunes buying expensive cars and treating huge posses to lavish nights out on the town.
Unfortunately, a number of pro athletes have lost their money another way: bad investments.
Be it businesses gone bust, bad steps into unfamiliar markets or even just a bad decision (or a string of them), there are a lot of ways to lose a lot of money. Just because these people have made millions because of their athletic prowess, it doesn’t make them immune to many of the same pitfalls as other investors.
Here’s a look at five of the worst investments pro athletes ever made.
Pro Athletes’ Worst Investments: Curt Schilling’s Video Game Fail
During Curt Schilling’s 19-year career in the MLB, he earned nearly $115 million.
Instead of investing his savings in a low-risk mutual fund or other safe investment, he founded and funded the launch of one of the worst investments in video game history: 38 Studios. Schilling sank $50 million of his own money into his vision of building a billion-dollar video game company.
To make matters worse, the state of Rhode Island gave 38 Studios $75 million in loans. The company released its only game, Kingdoms of Amalur: Reckoning, back in 2012. A few months later, the company declared Chapter 7 bankruptcy.
Schilling reportedly never took a salary while serving as the CEO of 38 Studios and lost every cent of his $50 million.
Pro Athletes’ Worst Investments: Lenny Dykstra’s Bad Choices
It’s one thing for a pro athlete to get swindled by nefarious financial advisors, but former MLB player Lenny Dykstra actually became…
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