Oh how the mighty…well, you know the rest. Even after cashing in on a $50 million dollar contract after being selected as the #1 NFL Draft pick in 2007, JaMarcus Russell still can’t afford his mortgage in Oakland, CA.
Okay, so maybe he could have afforded it, but he refused to make his mortgage payments. According to FOX Sports:
According to documents obtained by TMZ.com, foreclosure proceedings have begun on Russell’s mansion because he allegedly failed to make $195,512.05 in mortgage payments. Russell bought the house for $2.4 million in 2007 after the Raiders made him the No. 1 overall pick in that year’s draft.
The Louisiana State University product has three months to make the payments or the mansion will be auctioned off, the TMZ report says.
During the NFL Combine this year, Sterling Sharpe of the NFL Network said something extremely prophetic. “If I can’t trust you broke, how can I trust you with $8 million of my money.” He was refering to NFL owners taking a chance on high draft picks. The $8 million figure was arbitrary, but it makes his point. Russell was a bozo before he had $50 million dumped in his lap and he’s still a bozo now. Not convinced? Check out the mugshot of his arrest for possession of a controlled substance.
Interstingly enough, he could have bought that house out-right back on ‘07 and would have an asset that was still worth close to $2 million right now. Instead, some financial advisor convinced him to stay in debt and take the home loan interest write off. Ah…debt. The new American way.
Well, at least Russell doesn’t have to worry about an NFL lockout this season.
[PhotoSource: Celebrity Ethnicity]