Dec 7, 2008

The has done a complete write up on how former NFL star Michael Vick burned through his millions. From bad investments to trying to take care of everyone, his spending was a recipe for disaster. His life should be used as a cautionary tale for anyone that is in a position like his. I don't have a problem with a person taking care of his/her mother, but you can't take care of your entire family at the expense of your future and the future of your children.

Here is a snippet of what the AJC is reporting:

The day he went to jail, Michael Vick bought a $99,000 Mercedes.

He cashed four checks that totaled $24,900. He gave $28,000 to the mother of his oldest child. He paid a public relations firm $23,000 and gave a friend $16,000.

Altogether on Nov. 19, 2007, Vick spent $201,840. But for the former Atlanta Falcons quarterback, the day was most remarkable for how it ended: behind bars, beginning what would be a nearly two-year sentence in a notorious dogfighting case.

The day’s spending, in fact, was but a small part of the $18.2 million that flew out of Vick’s hands from 2006 to 2008, according to documents filed recently in U.S. Bankruptcy Court in Norfolk, Va. Nearing the end of his time in federal prison, Vick, 28, is seeking the court’s protection from his creditors.

They are particularly interested in his increased spending in the three months before he reported for jail.

The documents provide a detailed look at the privileged lifestyle of an athlete who rarely offered more than a glimpse of himself off the playing field. They show how Vick, who grew up poor in Newport News, Va., bought houses and cars, farms and horses, boats and jewelry, all at the height of a spectacular career that shattered after he was identified as the key figure in an illegal dogfighting ring.

The bankruptcy filings also reveal Vick at his most vulnerable. Financial advisers, Vick’s lawyers claim, took advantage of him. He poured money into businesses that failed. He took care of the needs of his relatives, paying for satellite television and cellphone service, for instance, and his mother’s offerings to her church. He even gave each of his three co-defendants in the dogfighting case $150,000 for legal bills.

For his own expenses, Vick seems to have relied heavily on cash.

In 2007, documents show, he used cashier’s checks to withdraw $908,500 from his bank accounts. During a two-year period, he wrote checks payable to “cash” totaling almost $1.1 million.

His spending escalated as his prison sentence neared.

From Aug. 27, 2007, the day he pleaded guilty in a Richmond federal courthouse, until Nov. 19, the day he bought the new Mercedes before reporting to jail, Vick shelled out $3,627,291.

Here is what the AJC had to say about his lifestyle prior to the dogfighting charges:

Not long after joining the Falcons, Vick bought his first house: a $918,000 mini-mansion behind the gates that guard the Sugarloaf Country Club in Duluth. Two years later, in April 2005, he upgraded to a larger house in the same neighborhood, for almost $3.8 million. Among his improvements to that property: a movie screening room and a golf simulator.

Vick had money to burn. In 2004, after two seasons with the Falcons, he signed a new contract that, with potential bonuses, could pay him $130 million by 2013. Endorsement deals — with Nike, AirTran Airways and others — added millions more. In 2006 and 2007 alone, Vick took in almost $22 million.

So, court records show, Vick went shopping.

He bought four more houses, all in Virginia, and began building another.

He bought a condominium in Miami Beach.

He bought interests in two farms — one in Virginia, one in Rockdale County, east of Atlanta.

He bought six Paso Fino horses, worth about $450,000.

He bought two boats, one for $100,000, the other for $125,000.

He bought cars: a Bentley, two Land Rovers, Cadillacs, an Infiniti sport utility vehicle and an Infiniti sedan, two Ford pickup trucks, a Dodge, a Chevrolet, the $99,000 Mercedes.

And he bought as much as $450,000 in jewelry. The pieces included two Swiss watches, a bracelet, a pair of diamond stud earrings, and a charm inscribed, “World is mine.”

Vick shared with family and friends and with family of friends.

In 2006, for instance, he bought his sister, Christina, a GMC Yukon. The next year, he gave a Lincoln Navigator to Tameka Taylor, the mother of his first child. The mother of Vick’s other two children, Kijafa Frink, got a Land Rover; her mother, a Cadillac Escalade.

Vick also took on recurring obligations. He paid Frink’s mortgage and gave her $1,000 a month for clothes, court records say, and $300 for “beauty-related expenses.” He supported Taylor and their son with $3,500 a month.

For his mother, Brenda Boddie, Vick covered a $4,700-a-month mortgage and $2,100 in payments for her two Cadillacs.

In all, routine monthly bills for the mothers of Vick’s children and for his own mother came to $31,293 — more than $375,000 a year.

Click here to read the full in its entirety.


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