From $62 Million To Broke: Another Former NBA Player Files Bankruptcy
By Victor Ochieng
Former NBA player Darius Miles is broke. This came to the fore after the former professional basketball star filed for bankruptcy back in June. This is in spite of the fact that the star earned a clean $62 million during his nine-year career.
According to his filings, Miles is citing bodily injuries, bad investments, and legal challenges as some of the reasons for his application. In the filing, the former star listed his assets as $460,385 and liabilities as $1.57 million.
The former forward, who was drafted into the NBA by the Los Angeles Clippers in 2000, noted that some of his debts include $20,000 in child support and a $282,041 IRS payment. Miles also claims he lost $100,000 in a bad real estate deal in California.
The former basketball star had a great career after he was drafted by the Clippers right out of East St Louis High School, coming in as the team’s No 3 draft pick.
Miles’ filing for bankruptcy doesn’t come as a surprise as he’s basically joining the list of other former NBA stars who’ve done the same. According to statistics, close to 60% of former NBA stars filed for bankruptcy within the first five years of retirement, with some of the most common reasons being bad investments, child support and living extravagant lifestyles.
Miles highlighted 12 other properties that he owns. He also stated that he has $49,000 in a Deutsche Bank account and $84,900 in his son’s college fund.
Due to physical injury, the former star missed two seasons between 2006 and 2008. Miles also faced marijuana possession charges later in 2009 although the case was dismissed.
That year marked his last in the NBA, despite his attempts to revive his professional career with the Charlotte Bobcats, now the Hornets.
News-Democrat reported that Miles sold his Shiloh home for $500,000 two years ago.
During his prime, he earned money from different sources besides basketball. He appeared in Arli$ television series as well as in two movies – The Perfect Score and National Lampoon’s Van Wilder. Miles also earned a partnership deal with Michael Jordan’s athletic brand.
Before going professional, Miles got a chance to join St John’s University, but he chose the NBA instead. He first signed with the Clippers before the team later traded him to Cleveland. He would later move to Portland.