How Derrick Coleman went broke – NBA
Derrick D. Coleman is a retired American basketball player who was selected first overall in the 1990 NBA Draft by the New Jersey Nets after growing up, attended high school in Detroit, Michigan and attended college at Syracuse University. Throughout his career, the left-handed Coleman was an effective low post scorer with a reliable perimeter shooting touch, averaging 16.5 points and 9.3 rebounds. Upon entering the NBA, he was compared to elite power forwards such as Karl Malone and Charles Barkley, and expected to put up similar numbers, only with the added ability to shoot from three-point range but he never quite lived up to that billing. Instead, his career was overshadowed by his questionable attitude (lack of work ethic resulting in excessive weight gain, plus alcohol abuse and general disruptive behavior).
Sports Illustrated once remarked that “Coleman could have been the best power forward ever; instead he played just well enough to ensure his next paycheck.”
|'90-1||New Jersey Nets||$2,100,000|
|'91-2||New Jersey Nets||$2,300,000|
|'92-3||New Jersey Nets||$2,870,000|
|'93-4||New Jersey Nets||$3,440,000|
|'94-5||New Jersey Nets||$4,212,000|
As of 2007, he was working as a developer and entrepreneur in Detroit, Michigan. In March 2010, Coleman declared for Chapter 7 bankruptcy, owing an estimated $2.19 million to between 50 and 99 different creditors.
From WSJ Bankruptcy beat:
Coleman’s desire to invest in the Detroit area after his playing career ended contributed to his financial problems, Coleman’s bankruptcy attorney Mark B. Berke said Friday.
Among Coleman’s ventures is a struggling Detroit development called Coleman’s Corner, an attempt to revive one of the city’s most downtrodden neighborhoods. Coleman defaulted on loans related to the mall last year.
“Mr. Coleman was focused on investing in various communities throughout the city of Detroit by developing real estate, creating jobs and revitalizing business opportunities,” Berke said. “Due to the state of the economy, including the decline in the real estate market, Mr. Coleman’s investments could not be sustained.”
Colemen’s other business interests include ownership stakes in the Hilton Garden Suites hotel in downtown Detroit, a Tim Hortons Inc. doughnut shop franchise and Hungry Howie’s Pizza store, according to court papers.
Coleman filed for Chapter 7 protection in March but only recently provided details of his assets and debts. The Chapter 7 filing indicates that the onetime New Jersey Nets forward intends to liquidate his assets in order to pay back creditors.
Ex-NBA Star Derrick Coleman Files For Bankruptcy [Link]
Derrick Coleman Is Having Money Troubles, Selling Everything He Owns at 75 Percent Off [Link]
Derrick Coleman, Still Quite Wealthy After All [Link]