Going for broke: Why celebrity athletes sometimes lose it all


It's not all that uncommon to hear about once wealthy athletes on the brink of .... gasp.... Budgeting. Evander Holyfield became a recent poster child for wasting a ton of money, and who doesn't know about crybaby Latrell Sprewell who (sob) lost his yacht and is losing his house?

Holyfield's $10 million house is in foreclosure. How sad that he'll lose the 109 room mansion. And he's not the only one suffering. He's supposed to pay $3,000 for the support of one of his children, but he's not paying that either. He's got nine children that the public knows about, so you can bet there are others going without child support too.

During Holyfield's boxing career, one fight brought in $34 million. There were surely many millions from other fights and endorsements. Where did it all go?

Blogger Brian Cuban details other financially-challenged athletes, including quarterback Johnny Unitas, boxer Mike Tyson, and figure skater Dorothy Hamill. So what makes celebrities so prone to ending up in financial ruin? Cuban says that for the most part, it's not stupidity or scams.