Update: Derrick Coleman does not have money problems after all.
Derrick Coleman is well-regarded (although that may be a misuse of the term) as one of the bigger busts in the history of the NBA. He was a stone-cold lock for first overall pick in 1990. He even averaged almost 17 and 10 over the course of his career, but semi-decent stats certainly don't make up for his promise.
Yada, yada, yada, Coleman opened up some shoe stores in the Detroit area after he retired and slowly amassed his NBA fortune into a gigantic financial empire. Or, um, perhaps not. Turns out, Coleman's not immune to the economy and is selling everything he owns at 75 percent off.
Sherwood has been selected to handle the liquidation of the entire house of furniture and accessories from basketball star Derrick Coleman. All contents are in excellent condition and displayed at our Warehouse for unbelievable savings.Additionally -- as one would expect given the liquidation of everything he owns -- Coleman's shoe stores aren't doing so well either.
Comments (Page 1 of 3)
Any DC Syracuse jerseys up for grabs?
This man earned at least $60 million since 1990. After taxes, that's over $1.6 million EVERY year for the last 18 years NET CASH! Doesn't matter that he played in the NBA, doesn't matter that he is a male, doesn't matter that he is black, HE IS BROKE! Any person that can spend, give away, lose, invest poorly, sniff up their nose, gamble, or drink away 1.6 million dollars EVERY YEAR FOR 18 YEARS deserves to be broke.
Coleman has been a giant in the community. Selena Roberts did a great story. Unfortunately, Detroit has been hit by terrible economic times the last few years, even before this year's financial crisis.
http://vault.sportsillustrated.cnn.com/vault/article/magazine/MAG1148832/index.htm
I don't think it is in any way appropriate or, kind to use a mocking tone when writing of a man who is in financial distress. It is simply not classy, San Diego, to kick a man when he is down.
Seriously, I am a mortgage broker and I have been knocked around by the current economic situation. In my case, it is easy to feel compassion for a fellow American who has gone, or is going through a financial turnaround. You might aspire to be good to people less fortunate than you. It sounds like when DC was up he was doing good works for people less fortunate and now he is selling his furniture.
Does that really sound like someone you should laugh at?
Unfortunately, alot of the mortgage people in this nation have helped the forclosure rate! Keep giving mortgages to people that obviously can't pay for them! I hope you are not one of them!
ditto what andrea parma says, why don't you kick him while you're at it?
haha! what a loser.
in 1998 he signed a 5 yrs $40 mil contract.
before that he was making $7.5 mil a year from the sixers
and then the sixers signed him again in 2003 for 3 yrs, $13.5 mil. thats over $60 million!!!! not including his first contract with the nets and whatever detroit paid him at the end of his carreer and whatever endorsements he made from shoes! who cares if hes broke. any stupid ass that loses that much money deserves to be broke. should have paid attention in math class at syracuse! always was a loser.
Only an idiot would put race into it. If you take five seconds you can pull up whites with financial trouble. The world is changing gone is the middle class whites now its the rich blacks/whites and the trailer trash whites you must be one of the trailer trash whites. In a few years someone black is going to be screwing you daughter and being that I'm black I know she'll like it. See you in a few years n law.
Wow, Chino. Are you for real? Is that comment supposed to be a joke or are you really that ignorant? This is a good man who tried to use his fortune and celebrity to do some good in this world and he has come upon hard times. Why would you kick him when he's down? Shame on your bigoted heart.
somebody that has that must money and goes broke is a poor judge of how to take care of his money. can't feel sorrey for him.
Not to worry! As soon as our government bails out the New York Yankees (over reaching contracts similar to the UAW), Coleman is near the top of the next group of citizens to bail out.
why is everything about race? why even sink to the level of that post (gladly now deleted). here is a guy that does it right off the court, where it really matters, and yet is still ridiculed. If you have ever been to Linwood area, you'd be standing on your feet applauding that someone actually tried to better this depressed area. Yeah, DC has had his bad moments, but haven't we all? Give him some credit for doing the right thing...Lord knows many other millionaires, athletes or busnessmen, aren't doing half as much!
The NBA, NFL, NHL and pro baseball should have union dues taken out to set up a fund to help out their fellow athletes who've blown through their millions of dollars on drugs, women, mansions, fancy cars, dog fighting pits, what have you.
I work a 50 hour week, and volunteer for the American Red Cross and give to the United Way and the food bank and Toys For Tots and I just doen't have any money left to help these poor guys and their families and entourages.
How the hell do you piss away $60 million ....... I don't care HOW bad the economy is in Detroit ..... or Watts ....... or Atlanta..... or whereever else you want to park your big ass..... what a moron ...
It seems hard to believe that some people make it through life making a little over a milion while some make millions and go broke. I do not fault Derrick Coleman, but this is why we need to shut off the eyes to the world and all its luxuries and the fast cars and especially the women, and try to create for ourselves a modest lifestyle that requires very little. I hope that things work our for him.
Just because DC and his wife decided to sell their estate does not mean hes broke or suffering financially. He is the most frugal millionaire in daytwa and we have him for not being broke!!!! As much as hes given hes kept and invested in more than a strip mall shoe store. DC suffering? Highly unlikely; hes still very rich. Now he is suffering health wise and thats probably behind his sale. He is smart enuf to never be broke, especially being from and living in the D.
It isn't right or compassionate to revel in anyone's misery, financial or personal. But this is a time for education and reflection. The greed we are seeing now, along with stealing, lying and cheating is stunning in its prevalence. We are a corrupt, selfish people. Let this be the wake-up call for all of us. It's time to question our values and make necessary changes. We can all begin again if we are honest and sincere. And I'm not saying this ballplayer is dishonest but there is a message in all these stories for each one of us.
Most of his $60,000,000 went to pay taxes leaving him with less than $25,000,000 for discretionary spending. To help him out of this mess, all you sports fans should send Mr. Coleman a personal check in the amount of $1000, $5000, or more, made out to "cash". He would appreciate very much hearing from every one of you.
We now see the Derick Coleman story a DAY AFTER the sale. Nice story but too late to save any $$$$$.
I feel bad about somebody like Coleman who lost his money in a legitimate business deal. But guys like Tyson, Canseco, Sprewell, Vick and Holyfield are idiots who got what they deserved. Everyone of these guys had it made on easy street but they squandered or snorted more money than many small countries and still haven' learned a lesson. If Tyson made a billion dollars tomorrow he would lose it all the next day. Most people would never have to work again if they had even a fraction of this money.