FORMER NBA PLAYER GOES BANKRUPT
Darius Miles entered the NBA in 2000 with a $2.8 million starting salary, a cover appearance on Sports Illustrated NBA preview issue, and a few other endorsements, including his endorsement with a major shoe corporation.
Recently, 16 years later and nearly eight years after playing his final NBA game, Miles is declaring for bankruptcy. The 34-year old retiree made nearly $62 million during his star-crossed NBA career, but is now suffering financial issues.
Miles listed $460,385 in assets and $1.57 million in liabilities. He also listed a $20,000 child support debt in his bankruptcy and lost more than $100,000 in 2008 in a California real estate deal. Another real estate deal — with fellow investor’s former NFL Rams player Marshall Faulk and rapper Nelly — was mired in lawsuits over a Laclede’s Landing property.
In addition to the shoe endorsement, the former Clipper, Cavalier, Trail Blazer and Grizzly player also appeared in two movies, alongside Scarlett Johansson in ‘The Perfect Score,’ and Ryan Reynolds in ‘Van Wilder. Miles listed a $282,041 debt to the Internal Revenue Service. He also said that most of his debts aren’t consumer debts, but business debts. Miles owns a single-family home in Belleville with a value of $241,000, his 2011 Chevrolet Camaro is valued at $20,000 and he listed 12 other properties he owns, all in East St. Louis.
He has a Deutsche Bank account with $49,000 and his son’s college fund with $84,900. He also listed ownership of various collectibles with unknown value, including trophies and signed jerseys, and jewelry. He’s made a few bad investments but is now trying to recover. Allegedly, Miles rewarded himself with diamond jewelry.
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