Scottie Pippen $120 Million

Scottie Pippen $120 Million, Scottie Pippen

Known more for his on court defense than his off court business sense, former Chicago Bulls star Scottie Pippen lost $120 million in career earnings due to poor financial planning and bad business ideas. Air Jordan’s sidekick blew $27 million on bad investments and spent $4.3 million on a Gulfstream II corporate jet.

Latrell Sprewell

Look up the word “shortsighted” in the dictionary and you will see a picture of Latrell Sprewell. He famously turned down a $21 million contract because he said it wasn’t enough money to feed his family. Sprewell, who made over $96 million during his career, lost his $1.5 million dollar Italian yacht, named “Milwaukee’s Best”, in 2007. According to MSNBC, a U.S. marshal seized the yacht after Sprewell defaulted on his mortgage. His $5.4 million house went into foreclosure in May 2008. Don’t blame Sprewell for turning down the three-year, $21 million contract though. I mean really, who could live off a measly $7 million a year?

Scottie Pippen Gulfstream II

Scottie Pippen Gulfstream II, Scottie Pippen Gulfstream II- Pippen reportedly spent $120 million on the Gulfstream II corporate jet. Larsa Pippen, Scottie Pippen, Scottie Pippen Gulfstream II bankruptcy. The former Chicago Bulls forward famously partnered with a few businessmen in 2002 to buy a Gulfstream II corporate jet.

Pippen’s original stake in the plane was only to be $1 million, but when the other investors defaulted, the six-time NBA champ was left alone with the $5 million tab. Pippen sued his lawyers for legal malpractice in the deal years ago and, remarkably, was rewarded $2 million when the jury reached a verdict in the case earlier this year.

That should go a little ways to easing the pain over the other $27 million the All-Star has blown on bad investments.