Former American League MVP Jose Canseco has lost his house while he continues to be questioned about the controversy over performance enhancing drugs in basement. His account of the foreclosure of his $2.5 million suggests that he has burned through most of his hefty earnings from the major league.
Canseco suggests that there really is not much surprise that $35 million evaporated in relatively little time: “You know my life, this financial thing, is a very complicated issue. Obviously, when you make all that money, people think, `OK, let’s assume it is $35 million.’ People have to understand that $35 million, you’re paying the government 41 percent. That leaves you with about $17 or $18 million, not even. Then you’re taking care of your whole family.”
Well, mos people seem capable of handing a lot with $18 million. Indeed, at only a five percent return, $18 million would yield $900,000 a year. A ten percent return would yield 1,800,000 a year. That is without touching the principal.
Now, he did have a couple divorces that supposedly cost him $7-8 million. Yet, that would still leave $10 million, or (at at five percent return) $500,000 a year.
Even if my math is off by 50%, I must confess to being less than sympathetic.
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“They make a lot of money, but they spend a lot of money.”
–Patrick Ewing, former Knick Center explaining why he was willing to strike to make sure his fellow ballers made around the $11 million a year he received.
Anyone think Rusty Hardin is available to handle bankruptcies? He’s done a bang up job with Roger Clemens, and it looks like that gig may be ending soon–at least the defamation suit anyway.