Terrell Owens Faces Foreclosure: Two Dallas Condos To Be Auctioned Next Month
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Just because football star Terrell Owens has earned $80 million over the course of his career doesn't mean he's immune to foreclosure.
Owens, the star wide-receiver notorious for his off-field antics, is facing foreclosure on two of his Dallas condominiums, according to RealtyTrac, a real estate site that tracks foreclosure filings. The two upscale condos, which are less than three miles apart, will be auctioned on March 6, according to RealtyTrac.
Owens isn't the first athlete to fall on tough financial times. More than three-fourths of retired NFL players lose their fortune within two years, and sixty percent of NBA players become financially insolvent within five years of quitting.
Owens has lost nearly all of his money due to bad investments and steep child support payments, according to a recent profile in GQ. In addition, expensive mortgage payments on his multiple properties have become unsustainable. Owens' property in Atlanta is on the market, and he sold a place in south Jersey for less than half the amount that he had paid for it, according to GQ.
Exacerbating his financial troubles, Owens, who has had an NFL career that includes stints in San Francisco, Dallas , Cincinnati, Philadelphia and Buffalo was unemployed in 2011 because he needed to recover from a surgery on his left knee.
But Owens has a job in football again. He scored three touchdowns on Sunday night in his first game for the Indoor Football League's Allen Wranglers, according to Yahoo! Sports.
Though Owens may be one of the most notable Americans facing foreclosure, he's not alone. About 1.4 million homeowners are in the foreclosure process, according to CoreLogic. And approximately one in five homeowners owe more on their homes than they are worth, according to CoreLogic.
But substantial help for these homeowners doesn't appear to be arriving any time soon. Though some troubled borrowers will receive money and principal reductions thanks to the recent national mortgage settlement, the mortgage giants Fannie Mae and Freddie Mac -- which hold or guarantee nearly half of all outstanding mortgages -- refuse to consider partial loan forgiveness to allow troubled borrowers to stay in their homes.
Check out these other notable financial fails by U.S. athletes:
Ex-Bengals wide receiver Terrell Owens has been out of work since 2010 and is struggling to maintain his finances, shelling out<a href="http://www.gq.com/sports/profiles/201202/terrell-owens-nfl-football-wide-receiver" target="_hplink"> $44,600 a month to pay child support for his four children</a>, each by a different mother. In February, it was reported that <a href="http://www.huffingtonpost.com/2012/02/27/terrell-owens-foreclosure_n_1302896.html?ref=business" target="_hplink">Owens was facing foreclosure</a> on multiple properties.
After the <em>Philadelphia Inquirer</em> reported in 2010 that Iverson was broke "by all accounts except his own," Iverson situation only got worse when <a href="http://www.cbsnews.com/8301-31751_162-57377966-10391697/after-$154m-allen-iverson-may-be-broke/" target="_hplink">his earnings were garnished by a Georgia judge over an outstanding jewelry bill</a>.
World Series-winning center-fielder <a href="http://www.nytimes.com/interactive/2011/09/10/your-money/20110910-money.html" target="_hplink">Lenny Dykstra has had a catalog of money woes</a> since retiring, despite at one time founding a magazine, <em>Player's Club</em>, to provide professional athletes with investment advice. He's filed for Chapter 11 and has been charged with bankruptcy fraud.
Ex-NFL star Travis Henry was thrown in jail in 2009 for failing to fully pay child support for his nine kids, each by different mothers. On top of cocaine trafficking charges, <a href="http://www.aolnews.com/2009/03/12/travis-henry-cant-afford-child-support-defends-spending-250-0/" target="_hplink">Henry has spent $250,000 on jewelry alone which he says "ain't a lot."</a>
Despite making between $300 and $500 million during his career, <a href="http://www.nytimes.com/interactive/2011/09/10/your-money/20110910-money.html" target="_hplink">boxing legend Mike Tyson filed for bankruptcy in 2003</a> due to a number of reasons, including alleged embezzlement from manager by Don King, a $16 million marriage settlement and lavish spending on everything from pet tigers to mansions.
Gold-medal winning figure skater Dorothy Hamill found herself in financial strife just a few years after purchasing the Ice Capades franchise. After a subsequent poor investment in an Arizona ice rink, <a href="http://today.msnbc.msn.com/id/21114260" target="_hplink">she declared bankruptcy in 1994</a>.
Former Boston Celtics star <a href="http://sports.yahoo.com/nba/blog/ball_dont_lie/post/Former-Celtics-star-Antoine-Walker-is-broke-and-?urn=nba,198509" target="_hplink">Antoine Walker blew through the $110 million he made playing</a> in the NBA in just about every way conceivable. He spent lavishly on himself, but also is said to have supported up to 70 people during his career, including buying his mother a mansion, donating to charity and buying custom suits for teammates and coaches.
Swedish tennis legend Bjorn Borg has had a series of financial woes ever since he abruptly walked out on tennis in 1983 at the age of 26. His company <a href="http://www.realclearsports.com/lists/famous_financial_troubles/bjorn_borg.html" target="_hplink">Bjorn Borg Design Group filed for bankruptcy</a> in 1989, and years later <a href="http://www.usatoday.com/sports/tennis/2006-05-24-borg-cover_x.htm" target="_hplink">Borg attempted to sell his collection of championship trophies to an auction house</a>, though he denies it was because of financial troubles.
Marion Jones, who won five track and field Olympic medals, saw her <a href="http://nbcsports.msnbc.com/id/19404801/" target="_hplink">finances drained primarily due to legal fees</a> associated with allegations of performance enhancing drug abuse and a connection to a checking fraud case. Her $2.5 million house was foreclosed on in 2006, and one year later it was reported her bank account's total balance was down to just $2,000. The year after that <a href="http://www.nytimes.com/2008/01/12/sports/othersports/11cnd-jones.html?hp" target="_hplink">she was sentenced to 6-months in prison</a>.
Northern Ireland soccer player George Best is known as a legend in many parts of the world for his fancy footwork on the field, but not so much for his financial skills. His appetite for spending ultimately led to his downfall. "I spent a lot of money on booze, [women], and fast cars. The rest I just squandered," <a href="http://www.businesspundit.com/25-rich-athletes-who-went-broke-10-1/" target="_hplink">he once told the BBC</a>.
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