Is Dr. J in financial trouble?

Julius Erving is auctioning off a lot of memorabilia next month. The AJC reported he is $200,000 in debt to a bank, and the golf club he owns is in foreclosure.

http://www.philly.com/philly/sports/sixers/20111026_Doctor_J_to_auction_memorabilia.html

 

He's been in trouble since he played for the Squires.

 

Perhaps he should get back in contact with the astrologer who saved his Pittsburgh Pisces.

 

From what I read this already happened in August at the Collector's Convention.

 

I think we've reached the point where we should never be surprised when an athlete is in financial trouble.

Also, how much do you think Erving made during his playing days? I'm sure it seemed like a decent wage at the time, but making $250K 30 years ago doesn't exactly put you in a position to be rich for the rest of your life.

 

Yeah but he has been excellent in his post-playing career. The Dr Pepper commercial, TV, and a host of other business opportunities. Probably earning better money than in his playing career, even. Who knows if he got involved in some kind of can't-miss real-estate deal five years ago.

I recall reading an article about Sam Bowie a few years back. He has done very well for himself financially, and he chalked it up to an adviser telling him long ago that the only way he won't be rich is to start a business of his own because if it fails, he goes down with it. The bankruptcy cases do tend to involve failed -- and usually, in retrospect, spectacularly stupid -- business ideas.

 

I believe Erving should be drawing some ABA salary. He was one of the many stars to sign on the Dolgoff Plan, which deferred much of his salary until well after his playing days were over.

 

I think most of those are expired though. If he had the traditional one, it would last from ages 41 to 65, and was probably in the five-figures per year. It's not like that insane deal the St. Louis Spirits owners got, where they get a nice chunk of the TV contract each year.

 

How many illegitimate kids is he supporting?

Ex wives?

 

To go from making $30K to $0 is a fall.
To go from making $1mil and higher to $0 is a catastrophe.
It's sad that Doc is having money woes. You would think that he'd been better situated. Here's hoping he gets it together.

 

Farmer_Jerome, what say you?

 

http://bit.ly/tSil1S

He's probably wondering why he didn't sell everything sooner.