Dwight buys Los Angeles home for 20 million...

[All Net]

Mike Gabriel ‏@MikedupRadiocom
So, Dwight Howard just purchased a home in LA, for nearly $20M......and wrote a check for the house. #Boss #Lakers

Not bad when you have it ha

[franchiez]

So this means he must be planning to sign a long-term deal. With a $20 mill home, you can't really go back on that.

[Yung D-Will]

Hope he's not one of those players who go broke once they retire lol.

[franchiez]

Hope he's not one of those players who go broke once they retire lol.
We need a list of that.

I know Antoine Walker and Allen Iverson for sure.

[swag2011]

"bu bu bu but he won't resign in LA once Kobe and Nash get old and retire....." :rolleyes:

[Batz]

So this means he must be planning to sign a long-term deal. With a $20 mill home, you can't really go back on that.
Alot of players live in Los Angeles but don't play for an LA team.

But $20mil? Yikes, that's overkill. A max contract can help with that though.

[ZenMaster]

We need a list of that.

I know Antoine Walker and Allen Iverson for sure.

You don't know for sure that Allen Iverson is broke.

[franchiez]

You don't know for sure that Allen Iverson is broke.
He even said it himself, even Stephen A. Smith reported it. In March they disputed it but he still owes a shitload of money.

[ZenMaster]

He even said it himself, even Stephen A. Smith reported it. In March they disputed it but he still owes a shitload of money.

I can't find a quote where Iverson says he's broke, maybe you can?

Meanwhile:


He is far from insolvent, at least in the real world, if not in harmony with his "nothing in moderation'' lifestyle. Someone who cared a great deal for Iverson and grasped the extent of his habits, loyalties and generosity protected him to some degree from financial ruination, at 36, at any rate.
A person with a firm grip on the situation informs me Iverson has an account worth $32 million, a principal he is prohibited from touching until 55. In the meantime, it feeds him $1 million annually.
At 45, Iverson is eligible to start drawing on an NBA pension that maxes out at 10 years of active duty, or take whatever's there as lump sum. He will be entitled roughly to $8,000 per month ($800 per x 10).
If at all possible, Iverson will issue a restraining order against himself until he's 62 or so. At that time, I'm told, his lump sum will be between $1.5 million and $1.8 million, or he can elect to take monthly checks of approximately $14,000 per.

http://sports.yahoo.com/blogs/nba-ball-dont-lie/allen-iverson-isn-t-broke-definition-231239875.html

[StroShow4]

He even said it himself, even Stephen A. Smith reported it. In March they disputed it but he still owes a shitload of money.

Are you sure? I recall Iverson refuting the rumors. I think the quote was, "I do have money. A lot."

[UtahJazzFan88]

I don't like jumping to conclusions about his future in LA, but either he's seriously stupid for buying that much for one year or he plans on being there long term.

[franchiez]

Are you sure? I recall Iverson refuting the rumors. I think the quote was, "I do have money. A lot."
It was an article, I remember it clearly but I can't seem to find it now.

Maybe it was a fake? Seems like it now. :confusedshrug:

[brantonli]

Wow that's pretty good deal for AI, having 32 million locked up and paying out 1 million a year? Set for life man...

And yep sounds like Dwight is staying, or else the smart thing to do is to rent

[dunksby]

Damn some of you be kidding yourself hard, what NBA player does not want to play and stay in the Lakers? Greatest NBA franchise, richest franchise, most supported franchise and it's based in LA so what else a start would want?

[Faptastrophe]

We need a list of that.

I know Antoine Walker and Allen Iverson for sure.


Money to Blow: A Recent History of NBA Players Going Broke:
http://www.complex.com/sports/2012/04/money-to-blow-history-of-nba-players-broke/rick-mahorn

[Laxlen]

Mike Gabriel ‏@MikedupRadiocom
So, Dwight Howard just purchased a home in LA, for nearly $20M......and wrote a check for the house. #Boss #Lakers

Not bad when you have it ha

haven't seen it anyway but his twitter and he hasn't answered any of the questions about his "sources" but if it's true there's only one word

DAMN

[kennethgriffin]

Money to Blow: A Recent History of NBA Players Going Broke:
http://www.complex.com/sports/2012/04/money-to-blow-history-of-nba-players-broke/rick-mahorn

pippen? :facepalm


so why is he turning down nba 2k if he needs money?

[Jax]

Worst thing is the damn kids of these lunatics, they gonna end up not wealthy at all.

[amfirst]

20 million damn, he is going all out. Kobe's house is only 4 million. Lamar and Dwight have more expensive houses than Kobe.

[Clippersfan86]

Haha and I thought it meant something when CP3 bought an 8 million dollar home in LA last year. 20 mill is no joke :eek: . Either way yes this obviously would imply his intention to stay but anybody with logic already feels he's going to stay anyways.

[gtfomyface]

what's the point of 20 million dollar homes again? :kobe:

[LamarOdom]

what's the point of 20 million dollar homes again? :kobe:

What's there to lose? if he moves he could just sell the maybe he'll profit maybe not but the lose will be relatively low.

[midatlantic09]

Howard better watch it or else there's a very good chance he'll go broke (or very close to it) by the age of 50. The guy acts like he's a billionaire when the reality is that he may not even have a net worth of $100 million right now.

As a side note, Kobe has probably made 2-3x the amount of money that Howard has made, but as someone else said, his house is only worth like $4-5 million.

[It's A VC3!!!]

he can still get his money back if he sells the house. i think purchasing this 20 million dollar house was to show people that he is not going anywhere. he doesn't want any drama to unfold in LA either. pretty expensive, where are the pics?

[midatlantic09]

he can still get his money back if he sells the house. i think purchasing this 20 million dollar house was to show people that he is not going anywhere. he doesn't want any drama to unfold in LA either. pretty expensive, where are the pics?

He could have done the same with a $7-10 million house. Btw, what kind of idiot (who's not a billionaire or seriously rich...as in like $500 million net worth) buys a $20 million house with no mortgage? Even Mark Zuckerberg has a mortgage on his $7 million house and he's worth about 100x what Howard is worth.

[It's A VC3!!!]

He could have done the same with a $7-10 million house. Btw, what kind of idiot (who's not a billionaire or seriously rich...as in like $500 million net worth) buys a $20 million house with no mortgage? Even Mark Zuckerberg has a mortgage on his $7 million house and he's worth about 5000x what Howard is worth.


yeah i know what you mean. idk if this source is even true to be quite honest.

[LBJDW305]

yeah i know what you mean. idk if this source is even true to be quite honest.

Lol you still trust any source :lol

[wang4three]

I guess he's hoping the valuation of it goes up.

[niko]

A $20M home, if it's true was stupid. The upkeep will be hugely expensive and it costs so much that any valuation increase won't be tied to the normal little increase in the market like most normal homes would. It's a huge yearly expense and the income won't be coming in forever.

[LamarOdom]

A $20M home, if it's true was stupid. The upkeep will be hugely expensive and it costs so much that any valuation increase won't be tied to the normal little increase in the market like most normal homes would. It's a huge yearly expense and the income won't be coming in forever.

He will get the max contract this summer which will bring home well over 100 million dollars excluding sponsors, and since he is a center and 6'11 he'll get another contract by the time he is 33 so he'll be making basketball money at least until he's 35-36 years old.

Of course anything can happen and he could lose the money but i don't think Howard is Iverson dumb.

[InfiniteBaskets]

He could have done the same with a $7-10 million house. Btw, what kind of idiot (who's not a billionaire or seriously rich...as in like $500 million net worth) buys a $20 million house with no mortgage? Even Mark Zuckerberg has a mortgage on his $7 million house and he's worth about 100x what Howard is worth.

What's the idea behind not paying off the mortgage in full for Dwight?

The only reason someone wouldn't pay off their mortgage faster than allowed would be if they think they can earn more invest income with their money rather than whatever the mortgage is growing at, or if they believe sometime down the line the remaining balance on their mortgage will be insignificant compared to what they are earning or have in total assets.

[Snoop_Cat]

TWENTY MILLION? What's the difference between a $5-10 million home and a $20 million one? Bedrooms, bathrooms, etc. that he will never touch or even use.

Just taking care of this stupid house will cost him a ton every year. Stupid investment by a very stupid person. Can't say I'm surprised I guess.

[tomtucker]

He will get the max contract this summer which will bring home well over 100 million dollars excluding sponsors, and since he is a center and 6'11 he'll get another contract by the time he is 33 so he'll be making basketball money at least until he's 35-36 years old.

Of course anything can happen and he could lose the money but i don't think Howard is Iverson dumb.

Try dumber.......:oldlol: .......And Iverson never played his team for a fool

[jack612blue]

Dam.. imagine the upkeep costs

200k a year in property taxes at least

Maintenance, electricity, water..


Cmon Dwight its a huge expense

[Meticode]

What a waste. Oh well though, his money.

[andgar923]

So this means he must be planning to sign a long-term deal. With a $20 mill home, you can't really go back on that.

Not necessarily.

Plenty of people have homes in L.A. even if they're not from here.

[It's A VC3!!!]

You guys think that's a waste of money. A family spent 132k on a dinner for one night. The kids posted a pic online.

Picture of the bill on this link.

http://eater.com/archives/2012/08/15/rich-kids-rack-up-132000-tab-in-st-tropez.php

[keepinitreal]

According to Sports Illustrated, 78 percent of NFL players and 60 percent of NBA players file for bankruptcy within two years of their retirement.

$20,000,000 home:facepalm

[SpecialQue]

Same shit happens with lotto winners. I think the vast majority of them go broke in a few years, because of living extravagantly and having family and friends mooch off of them, not to mention dumbasses who get married and cheat, or have a bunch of kids and are stuck with huge child support bills.

[REACTION]

Damn some of you be kidding yourself hard, what NBA player does not want to play and stay in the Lakers? Greatest NBA franchise, richest franchise, most supported franchise and it's based in LA so what else a start would want?

Yeah, it's funny how some people are acting surprised that Dwight might want to stay in LA long term. :oldlol:

It's the Lakers we're talking about.

[boozehound]

What's there to lose? if he moves he could just sell the maybe he'll profit maybe not but the lose will be relatively low.
oh really? Cause there is such an active market for these ridiculous homes. Go talk to Arenas about that.

[tomtucker]

Same shit happens with lotto winners. I think the vast majority of them go broke in a few years, because of living extravagantly and having family and friends mooch off of them, not to mention dumbasses who get married and cheat, or have a bunch of kids and are stuck with huge child support bills.
he already have those, right ?

[midatlantic09]

What's the idea behind not paying off the mortgage in full for Dwight?

The only reason someone wouldn't pay off their mortgage faster than allowed would be if they think they can earn more invest income with their money rather than whatever the mortgage is growing at, or if they believe sometime down the line the remaining balance on their mortgage will be insignificant compared to what they are earning or have in total aassets.

Does he even have a financial advisor/planner? I'm guess he doesn't because no qualified and competent financial advisor would allow a guy like Howard (who might not even have $100 million in net worth) buy a $20 million house in cash.

A $20 million primary residence is a poor investment (unless you're really really rich and have hundreds of millions or even billions....as in an NBA owner) and he probably won't even make any money off of it. However, if he took that $20 million and put it in the stock market instead of in a money pit like a primary residence, he could probably turn that $20 million into $45 million within the next 5-10 years with a help of a top notch porfolio manager. Or if he likes real estate so much, buying a $10 million primary residence and buying a $10 million apartment complex, which would actually generate income, would make more sense. But hey, it's his money.

[magictricked]

So other that one random tweet by some guy with a fly by night inernet radio show do we have an actual reliable source for this or?

[madmax17]

The guy just wants to end up on Mtv Cribs.

[ihoopallday]

Wish I won the powerball last night. :lol Some lucky ass in Michigan did though. $300 million before taxes ain't bad. Hope they don't end up on the list of lottery winners that go broke :banghead: