This is not a strange story at all. Most NBA players, nearly 60 percent, go broke after 5 years after their playing days are over. Obviously they are not getting great advice about how to manage money at that magnitude.
I have posted an in depth story previously about this phenomenon previously about how the multiple luxury cars, baby momma’s,inexperienced family and entourage members running multi-millions athletes into the ground. Here is another shocking story of how former NBA’er Antoine Walker literally blew thru 100 million dollars and is being chased down for $4 million dollars from creditors in addition to being arrested in Vegas for check fraud:
“[Walker] liked to move in an outsized entourage; his mother estimates that, during his playing days, he was supporting 70 friends and family members in one way or another. And speaking of his mother, he built her a mansion in the Chicago suburbs, complete with an indoor pool, 10 bathrooms, and a full-size basketball court. […]
Living at the Bishops Forest condominium complex in Waltham during the Celtics season, Walker turned the pavement surrounding his home into a virtual luxury car lot — two Bentleys, two Mercedes, a Range Rover, a Cadillac Escalade, a bright red Hummer. Often, the vehicles were tricked out with custom paint jobs, rims, and sound systems at considerable added expense. He also collected top-line watches — Rolexes and diamond-encrusted Cartiers.”