One of Pippen’s outlandish investments included the purchase of a Gulfstream jet that cost $4 million. But Pippen soon discovered that the jet was a lemon and needed more than $1 million worth of repairs. Pippen decided not to pay for the repairs and the jet remained grounded.
Pippen sued the law firm of Pedersen & Houpt for $8.2 million because they failed to inform Pippen of the jet’s poor condition. On June 28, a Cook County jury awarded Pippen $2 million. According to reports, Pippen sobbed as he left the courtroom with his wife, Larsa.
Hopefully, current NBA, NFL and MLB players will take heed to the large number of pro athletes who end up broke after retirement. With only a few years to earn a substantial amount of money, it’s important for athletes to educate themselves on financial management. –a.r.
