Lenny Dykstra Bankruptcy $37.1 Million In Debts
February 11, 2012 by staff
Lenny Dykstra Bankruptcy $37.1 Million In Debts, The 13-count indictment supersedes a criminal complaint filed last month, officials said.
In the bankruptcy filing, Dykstra listed assets of $24.6 million and overall debts of $37.1 million.
Among the assets he listed are two residences: a Ventura County mansion in Lake Sherwood Estates that he purchased from Janet and Wayne Gretzky, which he estimated was worth $18.5 million; and a home in Westlake Village that he estimated was worth $5.4 million.
As a result of the bankruptcy filing, the residences and Dykstra’s personal property became part of the bankruptcy estate that would be used to pay off creditors.
Even though Dykstra was prohibited from liquidating any part of the estate, authorities alleged last month that he admitted in a bankruptcy hearing that he arranged the sale of sports memorabilia and furniture that were part of the estate.
Dykstra’s professional baseball career began in 1985 when he was drafted by the New York Mets at the age of 22.
A year later, Dykstra hit a lead-off home run in Game 3 of the World Series at Boston’s Fenway Park, after the Mets had lost the first two games. That spark rallied the Mets to a seven-game Series victory over the Boston Red Sox.
He was traded in 1989 to Philadelphia, where the rest of his career was marked by successes as well as injuries, brawls and allegations of steroid use that he has denied. He earned the nickname “Nails” for his tenacity and confrontations on the field.
By the time he retired, Dykstra had earned $36.5 million from major league baseball, according to the website baseball-reference.com.
After retirement, Dykstra moved to California and started a profitable luxury car wash that he called The Taj Mahal. He expanded the business throughout Southern California and in 2007 sold it to investors, according to bankruptcy filings.
As a self-taught financialanlyst, Dykstra proclaimed himself a financial guru and began writing a stock-picking website column. His prominence soared as a sports celebrity, entrepreneur and popular guest on numerous financial news broadcasts.
In 2008, Dykstra began publishing the Players Club, a glossy financial advice magazine exclusively for pro athletes to help them with wealth management and investment banking.
His purchase of the palatial Gretzy estate in 2007 for $14 million occurred a few months before the mortgage market collapsed. By the time Dykstra filed for bankruptcy in July 2009, he had accumulated loans totaling $21 million, bankruptcy records show.
The bankruptcy case is still ongoing. Dykstra has listed his only income as a $5,700 monthly pension from Major League Baseball, records show.
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