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Antoine Walker has to sell championship ring due to bankruptcy

Mar 19, 2012, 1:41 PM EDT

Detroit Pistons v Miami Heat  - Game 4 Getty Images

Antoine Walker’s financial troubles are gigantic. Like $12.7 million in debts forcing bankruptcy gigantic. Gambling addictions can do that to you.

And it led to this note — Walker was forced to sell the championship ring he won as a member of the 2006 Miami Heat, according to TMZ.

According to court docs, Walker had to liquidate his property to pay back his creditors … including his ring. Now TMZ has learned, the ring has been tentatively sold to a guy named Andres Garcia for a cool $21,500. A judge needs to sign off on the deal before any money changes hands … but we’re told it’s pretty much a done deal.

Can’t really feel too bad for a guy who earned more than $100 million in salary over the course of his career — he’s paying the man for his transgressions. Still, some things mean ore than others. That had to suck.

  1. fats84 - Mar 19, 2012 at 2:09 PM

    Irresponsible people like this irritate me more than anything.

    • condor75 - Mar 19, 2012 at 7:08 PM

      Why does it irritate u, it was his money, not yours.

  2. bushido49ers - Mar 19, 2012 at 2:17 PM

    I have no sympathy. Don’t gamble, kids.

  3. glink123 - Mar 19, 2012 at 2:22 PM

    I’d like to see an NBA rule that requires all contracts be structured in a way that makes it impossible for these idiots to blow $100 million before they turn 40. Seriously, how many baby mommas have been made millionaires by former NBA players over the past 25 years? Shawn Kemp, 7 kids with 6 women. He’s just one of literally HUNDREDS of former NBA players who have squandered $100+ million dollar careers, by impregnating anyone who can fog a mirror.

    • gor76 - Mar 19, 2012 at 3:44 PM

      I don’t think there are even 100 former NBA players who made at least $100+ million in their careers, let alone squandered that money on child support. Michael Jordan earned $90,235,000 over his career.

    • condor75 - Mar 19, 2012 at 7:13 PM

      It is their money, if they blow, it is nobody’s business. Damn, get out of another mans checkbook

  4. packhawk04 - Mar 19, 2012 at 2:51 PM

    The only rule id make is for these morons to be somewhat responsible people. Making a rule to prevent adults from blowing 100 million dollars is the dumbest thing ive ever heard.

  5. chitownmatt - Mar 19, 2012 at 3:13 PM

    Oh, but he still has his celebrity and his story.

    I’m sure it will only be a matter of weeks before he signs the deal to have someone ghost write his story of how he went to Vegas and dropped 30 million in a weekend….blah blah blah.

  6. southbeachtalent - Mar 19, 2012 at 3:20 PM

    So he owes over 12 million and sells the ring for 21k? I would have kept it. Unless of course the sale of all assets was ordered. But yeah, that had to suck.

  7. glink123 - Mar 19, 2012 at 3:38 PM

    I’d hardly consider an 18 year-old kid out of the projects, without any real education, a real “adult”, equipped to make the right decisions to manage the amount of money being thrown at them. Hell, I’m 43 years old, and I earn more than $150,000 a year, but if I won $100 million in the lottery, I’d be assembling a team of the best investment bankers I could find before I even claimed my prize.

  8. manwithpizza - Mar 19, 2012 at 3:49 PM

    Not sure I agree. After all, there are lots of rules to try and prevent owners from blowing hundreds of millions.

  9. manwithpizza - Mar 19, 2012 at 3:50 PM

    It is really that crazy to think 20 year olds (many of whom have never been encouraged to education seriously to focus on basketball) are not nearly as wise as they will be later in life?

    even just reserving 5% of every contract and putting it into an iron clad annuity that can’t be accessed until 40 would prevent a lot of situations like Walker’s.

  10. sellahh - Mar 19, 2012 at 3:57 PM

    What a scrub. Pathetic.

  11. condor75 - Mar 19, 2012 at 7:14 PM

    Hell if they country can go bankrupt , why can’t an NBA player

  12. dirtyjerseysports - Mar 19, 2012 at 9:40 PM

    Andres Garcia AKA LeBron James. Since its the only way he can get a ring with the Heat.

  13. losangelasbasketball - Mar 19, 2012 at 10:32 PM

    this comment board is full of kooks… when reports of iverson came out that he was broke nobody said nuffin… now a report about a roll player comes out and everybody says he’s garbage… hypocrits… all yall….

    • imaduffer - Mar 20, 2012 at 12:12 AM

      nuffin? Wow!!

  14. glink123 - Mar 19, 2012 at 11:02 PM

    Shawn Kemp, Kenny Anderson, Latrell Sprewell, Eddy Curry, Dennis Rodman, Larry Johnson… all earned more than $60 million. all broke. maybe $100 million was a stretch, but my point is still valid. This isn’t just an NBA problem. These athletes think their careers are forever. The major sports league pensions are laughable, and their medical insurance for retired players is essentially non-existent. If these guys would simply put 10 percent of each contract away until they’re 45, and draw monthly distributions, they’d have $50k a month for life. unless you’re Kenny Anderson, who pays $41k a month in child support for his 8 kids.

  15. mcjon22 - Mar 19, 2012 at 11:44 PM

    Players should have 10% of their check set aside in a 401k or IRA off the top. Even if you only played in the league for 4 years and averaged 1 million a year, unless you are a complete screw up (see Antwan Walker) you should be pretty well set.

  16. imaduffer - Mar 20, 2012 at 12:09 AM

    This is what happens when you get a free ride to college.

  17. philtration - Mar 20, 2012 at 1:29 PM

    An NBA championship with “Heat” on it?
    Sell it to LeBron.

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