Antoine Walker Facing Foreclosure

by Deidre Woollard (RSS feed)
Nov 2nd 2010 at 1:02AM

Another former athlete is facing foreclosure. Housing Watch reported that former NBA star Antoine Walker, who has been trying to sell his Miami home since late last year, filed Chapter 7 bankruptcy in a Miami court. At that time he listed liabilities of $12.7 million including his Coconut Grove home. Mortgage lender SunTrust Bank was granted a relief from stay from a May Chapter 7 bankruptcy protection filing Walker made in Miami so that it could file a foreclosure lawsuit which it did in September.

Last year we wrote about Walker's debt situation after we learned that he had been arrested in a Lake Tahoe casino for writing bad checks to satisfy over $1 million in casino markers in Las Vegas. Walker is a known gambler who reportedly once played $15,000 hands with another known gambler, basketball great Michael Jordan.
J.P. Morgan Chase Bank, Wachovia Bank, and American Express Centurion Bank all won decisions against Walker for failing to pay off promissory notes. Over a decade ago when Boston signed him to a six-year, $71 million deal he was, at just 22 years old, instantly insanely wealthy. During the Boston Celtics season Walker stayed at the Bishops Forest condominium complex in Waltham and was known to have a variety of luxury cars including customized Bentleys, Mercedes and more. He also had a taste for expensive watches by Rolex and Cartier and enjoyed wearing custom-tailored suits. In 2007 Walker was robbed at gunpoint in his Chicago home. He bought the home for $4.1 million but put it on the market for $3.9 million after the robbery. In 2007 he also sold a townhouse in the same neighborhood for $1.39 million, he had bought the home for $1.3 million in 2004.

Walker bought the Florida home for $3.1 million in 2005 and signed the $2.15 million mortgage in March 2007, when he was still playing for the Miami Heat but like many players, he was traded around, first to Minnesota and later to Memphis. He retired in from the NBA in 2008. The five-bedroom home is now listed at an even $3 million with real estate agent Andre Shambley of the ERA Herman Group. The Coconut Grove home has a lap pool, Zen garden, a mother in law suite, separate maids quarters, walk in closets and more.

A Crain's Chicago Business article from last May says that Walker was hit with a $2.3-million foreclosure lawsuit on a mansion in south suburban Tinley Park that he bought for his mother. That article also goes into Walker's Chapter 7 filing which lists his other assets including his 2006 NBA championship ring, valued at $6,000 two Range Rovers and a $20,000 designer watch.The article also mentions gambling losses including $770,000 owed to Harrah's in Las Vegas and $500,000 owed to Ameristar Casino.

Gallery: Antoine Walker in Coconut Grove

Tags: antoine walker, celebrity foreclosure, celebrity foreclosures, celebrity real estate, florida real estate, miami real estate, sports stars real estate

Filed under: Estates, Sports

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Reader Comments (Page 1 of 3)

bob parks Nov 2nd 2010 8:10AM

Walker -- typical NBA dumbass.

weston148 Nov 2nd 2010 8:45AM

your comment seems racially inspired . let us not forget the multitude of high profile celebs that have been somewhat over-indulgent and now face financial collapse. i.e. nick cage . typical actor dumbass. probably not . typical financial mismanagement more than likely. usually this kind of extreme wealth without a sound understanding of money management creates this recipe for financial ruin. it would probably happen to you given the right circumstances. i dont feel sorry for them but i do understand the mechanisms envolved . typical human nature not typical nba .

bob parks Nov 2nd 2010 9:20AM

Not "racially inspired" at all. Maybe your comment is "racially inspired." What kind of dumbass gets a $71 million contract and pisses through it? And gambles $15,000 at a whack? The guy is obviously a moron, in spite of your lofty and silly characterization.

Larry G. Nov 2nd 2010 9:48AM

Always the small minded people know the least about everything and the most about nothing. You ever have 71 million? I would bet you can barely pay your rent every month much less give financial advice.

chrislee2 Nov 3rd 2010 5:46AM

So how did this Moron attend Kentucky???

mjr15 Nov 2nd 2010 9:54AM

I have no sympathy for people who squander their talent and then their money with no thoughts toward the future. How many Rolex's and Bentley's does one man need? How many homes? There should be an organized program to teach these young guys how to handle thier cash when they hit the pros, so if they blow out a knee or can't stay in the league they have something to fall back on.

Edith Ann Nov 2nd 2010 10:09AM

That's what gambling will do, it makes rich people poor, poor people homeless and hungry. I know. I was a complulsive gambler at one time. I lost my inheritance, my family, and everything of value all because of gambling. If anyone only knew the horrors of this addiction, they would never walk into a casino, or bet on anything. It's destruction like you will never know. I don't care how super rich you are, it only takes one visit to a casino and you wake up 3 months later on the street. You don't realize what you have until you lose it. I just thoght I was poor until I lost what I had. I am writing a book on what this can do since you don't see anything much said about this terrible addiction and what it can do, even worse than drug addiction. It's strange marijauna is outlawed but not gambling and it is the most destructive. Why don't the police make arrests for people walking into these places?

BHarrison Nov 2nd 2010 10:28AM

It is impossible to have any degree of empathy or sympathy for ANYONE who foolishly fritters away their wealth, isn't it?

People who develop a false sense of "entitlement" to spend recklessly deserve to become impoverished. Perhaps the casinsos should send some of their "bent-nose" colection agents to settle up the debt. Who could have one ounce of empathy for such a foolish person who gambled away their life savings?

linmarco Nov 2nd 2010 10:31AM

It's really his problem and his alone. The media is desperate and keeps throwing out fluff to the public. This isn't news.

cubamex2003 Nov 2nd 2010 11:35AM

he needs to seek the advice of Latrell..

k9waste Nov 2nd 2010 11:56AM

What A Fool!!! I guess he can still play in Japan.

vegasmoet Nov 2nd 2010 10:06PM

There is no real handbook for being wealthy.When young people or people period come into a windfall, there will be pitfalls!We must all realize that money can do real good or really bad things for a person.Even the most successful money makers have had bad times with lots of money.Even the educated and non athlethes have made bigger mistakes.Donald trump, Bernie Merdouf, and the list goes on.If your a happy grounded person before money, you will be if you aquire a large sum.If your an unhappy that to will remain the same.There are people who are millionares 3 times over and you would never know because they have remained the same people,but with money.People really do think money can buy happiness,and class.Thats where the saying"a fool and there money are soon to part!"Its easy for us regular people to stand back and judge,but look how many of us are facing the same fate and we didnt gamble, or buy excessive material things.We are the every day Joes who may of been laid off,wrote bad mortages by the banks,trying to provide for our families, had maxed out creditcards w/high interest rates because you may of missed a payment or paid late.You may of used them to put gas in your cars and food on the table.With or without money we all face the same problems. We are mortals, so should all of us be judge for our faults?No one is perfect,instead of bashing one another for dumb ass decesions, we should learn from others faults and pray we dont make the same mistakes.

jolyjungle Nov 2nd 2010 1:53PM

It amazes me that you see this so many times. These young men get fabulously weathy and squander it on homes, jewlery, cars, gambling, and of course the always necessary 'entourages'. When will they learn. Their careers are not forever and they have to invest wisely for the future. But no, they always live for today and it goes poof. It always make me shake my head on the foolish. How many homes you need? How many Bentleys and Lamboghinis, and Mercedes? How many 'friends' to sponge off you. Like I said it amazes me on the just plain out stupidity of these former rich atheletes and others that squander it all on toys and excess.
With regards to Walker, he spent over 10 million on homes (why his mom needed a 2.3 million home is beyond me) and well over a million on cars. His contract for 71 million was before taxes, before the agent fees,and other expenses, so it is was overall around lets say 45 million over 6 years. This did not warrant the spending he was going through. He should have had a financial consultant handling his spending and curtail it to reasonable spendature. Just one final word for Antoine Walker, FOOL.