The former flamboyant Boston Celtics and Miami Heat power forward is facing a jaw-dropping 20 foreclosures and says he owes millions to various casinos throughout the country.
In total, Walker says he owes more than $12.7 million while only possessing $4.3 million in assets. A Chapter 7 filing means Walker must liquidate all of his assets in order to satisfy portions of his outstanding debts to his creditors. Yahoo Sports estimates that Walker made more than $110 million during his uneven NBA career.
According to reports, Walker filed for bankruptcy protection on May 18, shortly after the 6-foot-10 long-range bomber was served with a $2.3 million foreclosure suit on a suburban Chicago mansion that he bought for his mother. It was but one of four properties worth more than $4 million that Walker added on his bankruptcy filing. The other foreclosures include other properties and multiple business holdings.
Walker also has what is called “unsecured liabilities,” including a $770,000 gambling debt owed to Harrah’s Entertainment in Las Vegas and another half million dollars in gambling losses to Ameristar Casino in East Chicago, Ind. It’s a well known fact that Walker engaged in many reckless gambling outings with a couple of sports’ most infamous crap shooters, NBA legends Michael Jordan and Charles Barkley.
Unfortunately for Walker, he didn’t make nearly as much money as MJ or Barkley, nor did he ever secure any off-the-court endorsements that netted Jordan and Barkley many millions more. Also, Barkley is a regular commentator on NBA on TNT, which counterbalances Barkley’s reckless spending proclivities with a steady and ample income stream. Walker had very little incoming revenue stream to offset his colossal appetites and penchant for subsidizing the many trips for his large posse and girlfriend.
The Vegas district attorney apparently has no sympathy for Walker’s woes, as it states that he owes $750,000 in restitution. The former Kentucky Wildcat was apprehended last year for writing bad checks but avoided serious jail time or penalties when he agreed to a payment plan. Walker also owes sports agent Mark Bartelstein $458,000.
In what could amount to a comedy routine, Walker told the judge that, despite his imploding personal life, he and his family spend an average of $78,000 a month. This includes $1,000 for shopping for clothes, $400 for pool maintenance and $1,200 for housekeeping.
Among the assets Walker may make available for liquidation is his 2008 Range Rover, a $20,000 designer watch and his 2006 NBA championship ring — valued at $6,000. —terry shropshire
