Joe Smith, a former NBA great, recently revealed how his $61 million wealth from playing professional basketball went down the drain.
Following his success at the University of Maryland, the Golden State Warriors selected Smith with the first overall pick in the 1995 NBA Draft. The 48-year-old has also played for the Philadelphia 76ers, Minnesota Timberwolves, Detroit Pistons, Denver Nuggets, and Los Angeles Lakers, among others.
Smith acquired a $61.2 million fortune from professional basketball between 1995 and 2011. However, Smith told VladTV that his earnings had tragically gone down the toilet, leaving him with only $3,000 at one point.
He also stated that despite earning $61.2 million, his net earnings from his 16-year NBA career were approximately $18 million owing to deductions such as taxes, agency fees, and management costs.
“It was a very low point,” Smith said in reference to losing his fortune. “Like, when I say I was in a deep, deep, deep depression, like mentally messed up, I’m telling you I was there.”
The 48-year-old added: “I bought my mom’s house in Virginia, bought a house in the bay and I bought a house in Milwaukee. Those are three houses that I bought and lost a lot of money to get them off my hands. So, that’s when the issue came on the other end too, I didn’t make anything off the houses once I had to sell them.”
He also stated that despite earning $61.2 million, his net earnings from his 16-year NBA career were approximately $18 million owing to deductions such as taxes, agency fees, and management costs.
“It was a very low point,” Smith said in reference to losing his fortune. “Like, when I say I was in a deep, deep, deep depression, like mentally messed up, I’m telling you I was there.”
The 48-year-old added: “I bought my mom’s house in Virginia, bought a house in the bay and I bought a house in Milwaukee. Those are three houses that I bought and lost a lot of money to get them off my hands. So, that’s when the issue came on the other end too, I didn’t make anything off the houses once I had to sell them.”
Chavis claimed she joined OnlyFans to boost her income when her several jobs proved insufficient. Smith, on the other hand, believes that Chavis should have talked to him before making this decision.