Former NBA star Joe Smith recently spoke about how the $61 million fortune he earned from playing professional basketball went down the drain.
After making a name for himself at the University of Maryland, the Golden State Warriors selected the then-talented Smith with the first overall pick in the 1995 NBA Draft. The 48-year-old also had stints with NBA teams including the Philadelphia 76ers, Minnesota Timberwolves, Detroit Pistons, Denver Nuggets, and the Los Angeles Lakers among others.
Per Complex, Smith amassed a $61.2 million fortune from playing professional basketball between 1995 and 2011. But Smith told VladTV that his earnings unfortunately went down the drain, adding that he was left with just $3,000 at a certain point.
He also said that despite making $61.2 million, his net earning from his 16-year NBA career was around $18 million due to deductions including taxes, agent fees, and management fees.
“It was a very low point,” Smith said in reference to losing his fortune. “Like, when I say I was in a deep, deep, deep depression, like mentally messed up, I’m telling you I was there.”
The 48-year-old added: “I bought my mom’s house in Virginia, bought a house in the bay and I bought a house in Milwaukee. Those are three houses that I bought and lost a lot of money to get them off my hands. So, that’s when the issue came on the other end too, I didn’t make anything off the houses once I had to sell them.”
Besides the houses, Smith also purchased several luxury cars. He also said his finances took a significant nosedive because of his 2011 divorce.
“That’s what really cost me,” Smith said. “I laugh about it now, but that’s what really cost me. The divorce left me with not much at all. That’s where a bulk of my retirement money went.”
Smith and his current partner also recently made the news after he was seen in a video registering his displeasure over his lover setting up an OnlyFans account. His emotions ran high during his confrontation with his five-year companion, Kisha Chavis when she made moves to film the encounter.
Chavis claimed that she joined OnlyFans to supplement her income when her multiple jobs fell short. Smith, on the other hand, believed that Chavis should have engaged in a conversation with him before making this decision.