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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Scottie Pippen

Scottie Pippen earned $120 million during his career, which included six championships with the Chicago Bulls and fellow team member Michael Jordan. But he lost most of his earnings—including $27 million on bad investments and $4.3 million on a Gulfstream jet that was grounded months after its purchase. He sued his attorneys for failing to monitor the jet purchase, won the lawsuit and was awarded a quarter of the reward sought.

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Scottie Pippen

Scottie Pippen earned $120 million during his career, which included six championships with the Chicago Bulls and fellow team member Michael Jordan. But he lost most of his earnings—including $27 million on bad investments and $4.3 million on a Gulfstream jet that was grounded months after its purchase. He sued his attorneys for failing to monitor the jet purchase, won the lawsuit and was awarded a quarter of the reward sought.

Photo: Scottie Pippen addresses the fans after the unveiling of a bronze bust in his honor during the game between the Chicago Bulls and the Boston Celtics on April 7, 2011 at the United Center in Chicago. less

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