Derrick Coleman started his NBA career with the New Jersey Nets. Coleman played for other teams including the Philadelphia 76ers, Charlotte Hornets, and Detroit Pistons. In his 15 year NBA career, Coleman earned $91 million as a salary. Coleman also increased his value through investments and endorsements. Though Coleman accumulated a huge salary in the NBA, he was bankrupt and owed $4.6 million to Detroit Mayor Dave Bing, The Detroit Economic Growth Corp, and Comerica Bank.
Derrick Coleman Bankruptcy Explained
What’s surprising is Coleman filed for bankruptcy in 2010. Reports revealed Coleman was unable to pay his debts. Derrick Coleman’s goal was clear, he wanted to improve the Detroit economy and develop the city. Coleman invested in ventures like real estate and trading. He wanted to help poor kids and increase job opportunities in Detroit. Derrick Coleman invested $87 million and this act impressed the fans of the NBA.
Derrick Coleman’s business didn’t help him and he incurred losses. Sources revealed he owed $500,000 to the NBA Hall of Famer. He filed for Chapter 7 Bankruptcy. His investment in the mall, Coleman’s Corner, led to debts and he was unable to clear his dues. Coleman didn’t want to sell his Beverly Hills House. He only had his 1997 Bentley convertible to his name. Coleman also had jewelry worth $3,000.
Derrick Coleman won the hearts of fans even after he was bankrupt. His act impressed many and he cleared his dues in the following years. Coleman receives pension from the NBA and he also works as a studio analyst on NBA TV’s “NBA Gametime Live” show.
Derrick Coleman – NBA Career & Personal Life
Derrick Coleman was selected in the 1990 NBA draft by the New Jersey Nets as the first pick. Coleman was a part of the All-NBA Third Team twice. He won the NBA Rookie of the Year in 1991. In the NBA, Derrick Coleman scored 12,884 points. Derrick Coleman also won a gold medal at the FIBA World Championship. Coleman also played for other teams like the Detroit Pistons and Philadelphia 76ers. Coleman accumulated more than $90 Million from the league, but Derrick Coleman lost everything during his Bankruptcy period.
