Derrick Coleman, New Jersey Jets – Many Failed Businesses
Derrick Coleman started his professional basketball career after the New Jersey Jets drafted him back in 1990. Since then, Coleman has earned tens of millions during his 15-year-long NBA career, its hard to imagine Coleman going broke. However, the star decided to invest his fortune heavily after retirement in real estate and other business ventures in Detroit – a hit hard by the Great Recession. As a result, almost all of them backfire.
Back in 2010, Coleman had no choice but to file for bankruptcy. When filing, the former NBA star listed $4.7 million worth of debt, with assets of only $1 million. The debt came from stakes in a Detroit hotel, a doughnut shop, and a local pizza restaurant. Fortunately, Coleman still receives a $90,000 annual pension from the NBA that bankruptcy cannot touch!