How Mark Brunell Lost $50 Million Fortune in Real Estate
NFL superstar Mark Brunell learned his business lessons the hard way when he poured $50 million into investments that turned out to be unsuccessful. The New York Jets quarterback didn’t find it easy when this happened and he eventually filed for bankruptcy. At the time he had amassed $24.8 million in debt whereas his assets were only worth around $5.5 million.
Brunell found nine projects and businesses he thought was goldmine. Five of these investments failed when he started them.
Brunell along with Todd Fordham and Joel Smeenge started a firm called Champion LLC. The firm ended up with over $2 million in debt when it started taking out loans to purchase high-end properties to build condos. The former players made themselves guarantors to the loan they collected, which meant that when the company went bankrupt, debt collectors came after their personal assets.
The investment crashed badly leaving the players millions in debt. Brunell ended up with a total loss of $11 million as he fought to pay the loan with his own money. He struggled for many years but was unable to meet the large payments.
When things got out of hands, he was sued alongside his wife Stacy for defaulting on the loan. The couple sold their off$9.5 m home to pay the loan. The player had invested in some businesses that saw him lost his fortune.
More in Star Advisor
Here’s Why Choosing the Perfect Career Path Sounds so Difficult
When was the first time you heard, “what do you want to be when you grow up”? As soon as kids...September 6, 2021
The Strange Reason Why 50 Cent Went From Millionaire to Bankrupt
In 2014, rapper cum entrepreneur Curtis Jackson embraced bitcoin payments for his Animal Ambition album, citing that technology impacts on and...August 15, 2021
Debunking These Four Major Misleading Myths about Retirement!
While a large number of people are aware of the importance of planning for retirement, some tend to really concentrate on...August 6, 2021
Considering Paying Off Your Mortgage Faster? 2 Things You Shouldn’t Ignore
Who doesn’t want to live a debt-free life! We all do, right? But the real question is – how can we...June 28, 2021
Homeowners Yet to Benefit from the New Reduced Mortgage Rates
Data revealed by the Mortgage Bankers Association has shown that there has been a considerable 11 percent drop in mortgage applications for...June 27, 2021
Even Siegel and Miranda Kerr Buy Fancy Paris Mansion for $30.4 Million
The co-founder of Snapchat, Evan Spiegel, and supermodel wife Miranda Kerr are settling into the City of Lights. They say Bonjour...May 20, 2021
Confused About The Second Stimulus Bill? You Need to Read This
Whenever a new government rule comes into force, it’s natural to analyze how it will impact our daily lives. Take the...March 22, 2021
Worried About Mortgage Approval? Two Tips To Help
Are you planning to buy a home and are looking for a better interest mortgage? Comparing interest rates is a crucial...March 15, 2021
Handy Tips For Making Minimum Risk Investments
Though many of us like to believe; otherwise, the truth is simple – investing isn’t a piece of cake! It’s no...March 10, 2021