Athletes Who've Lost Millions

Retired basketball star Magic Johnson recently made news with his purchase of the L.A. Dodgers for $2 billion. But not all professional athletes have maintained their fortunes. Dennis Rodman was the latest to go broke. Dozens of athletes have filed for bankruptcy, had their homes foreclosed or lost millions in other ways. Read on to see which athletes ended up broke at one point in their lives. --by Caroline Kim

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Julius Erving

During Julius Erving’s 16-year NBA career, he was one of the highest-paid basketball players and one of the first players to earn over $1 million per year. He owned a 6,500-square-foot home in Utah that included five bedrooms and, of course, a basketball court. It was listed for sale in January 2010 for $2.5 million. But in December 2010 Erving defaulted on the $2.23 million home after failing to find a buyer.

Photo: NBA Legends ... more
Julius Erving

During Julius Erving’s 16-year NBA career, he was one of the highest-paid basketball players and one of the first players to earn over $1 million per year. He owned a 6,500-square-foot home in Utah that included five bedrooms and, of course, a basketball court. It was listed for sale in January 2010 for $2.5 million. But in December 2010 Erving defaulted on the $2.23 million home after failing to find a buyer.

Photo: NBA Legends Julius "Dr.J" Erving and Billy Knight speak prior to the game of the Minnesota Lynx against the Atlanta Dream during Game Three of the 2011 WNBA Finals on Oct. 7, 2011 in Atlanta. less

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