Former NBA player and millionaire Derrick Coleman files for bankruptcy /Phresh
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Former NBA player and millionaire Derrick Coleman files for bankruptcy

April 12th, 2010 | by Staff

Former NBA player Derrick Coleman distress. The one-time All-Star is on the verge of filing for bankruptcy and is fighting to save his mother’s Beverly Hills home from foreclosure.

Derrick Coleman

In his 15-year career Colman raked in a reported $87 million dollars, but a series of bad investments, most of which involved revitalization projects in Detroit, have left the former athlete struggling to pay his bills.

Last month Coleman filed for Chapter 7 bankruptcy, claiming he owes $4.7 million dollars to creditors, while listing his current assets at about $1 million dollars, including a Bentley and $3,000 dollars in jewelry.

“Mr. Coleman was focused on investing in various communities throughout the city of Detroit by developing real estate, creating jobs and revitalizing business opportunities,” said Coleman’s attorney, Mark Berke. “Due to the state of the economy, including the decline in the real estate market, Mr. Coleman’s investments could not be sustained.”

During his career Colman player for New Jersey Nets, Philadelphia 76ers, the Charlotte Hornets and the Detroit Pistons. His investments included part ownership in the Hilton Garden Suites Hotel in downtown Detroit, a Tim Horton’s Doughnut Shop and a Hungry Howie’s pizza store.

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