Former NBA star Darius Miles files for bankruptcy
Darius Miles entered the NBA in 2000 with a $2.8 million starting salary, a cover appearance on Sports Illustrated’s NBA preview issue, and by the time his rookie season had ended he was one of the faces of Jordan Brand's television advertisements.
Some 16 years later, and nearly eight years after playing his final NBA game, Miles is declaring for bankruptcy. The 34-year old made nearly $62 million in his star-crossed NBA career, but his off-court debts appear to have overwhelmed him.
From Beth Hundsdorfer and George Pawlaczyk at the Belleville News-Democrat:
“Miles listed $460,385 in assets and $1.57 million in liabilities.
“Miles listed a $20,000 child support debt in his bankruptcy. He lost more than $100,000 in 2008 in a California real estate deal. Another real estate deal — with fellow investors former NFL Rams player Marshall Faulk and rapper Nelly — was mired in lawsuits over a Laclede’s Landing property. Newspaper stories wrote about Miles rewarding himself with diamond jewelry.”
“Miles listed a $282,041 debt to the Internal Revenue Service. He also said that most of his debts aren’t consumer debts, but business debts. Miles owns a single-family home in Belleville with a value of $241,000. His car is a 2011 Chevrolet Camaro, valued at $20,000.
“In addition to his Belleville home, he listed 12 other properties he owns, all in East St. Louis. He has a Deutsche Bank account with $49,000 and his son’s college fund with $84,900. He also listed ownership of various collectibles with unknown value, including trophies and signed jerseys, and jewelry.”
“Miles and his bankruptcy attorney, Robert Eggmann, declined to comment when contacted this week.”
In addition to Darius’ shoe endorsements, the former Clipper, Cavalier, Trail Blazer and Grizzly also appeared as an actor in two movies, alongside Scarlett Johansson in ‘The Perfect Score,’ and Ryan Reynolds in ‘Van Wilder.’
Though Miles showed promise enough to be selected No. 3 overall in 2000, coming straight out of high school, he failed to develop upon his significant two-way gifts.
The 6-9 combo forward seemed well on his way toward stardom during his rookie year while averaging 9.4 points, 5.9 rebounds, and 1.5 blocks per game in just 27 minutes a contest at only age 19, but he struggled to extend his shooting range, ball-handling ability, and to develop a go-to move.
Traded from the Los Angeles Clippers to Cleveland in 2002, Miles spent half of one season alongside rookie LeBron James with the Cavaliers in 2003-04 prior to being dealt to Portland midseason. Though his talents (especially at age 22) were still respected league-wide, the Blazers bid against themselves in the 2004 offseason in handing the lithe forward a six-year, $48 million deal.
Miles clashed with then-coach Maurice Cheeks in Portland, finding himself in and out of the starting lineup for a Blazers team still reeling from the fallout of the Jail Blazers era.
Though he amazed by scoring 47 points off the bench for Portland against a very good Denver Nuggets team in 2005 he failed to live up to his massive free agent deal – all the hallmarks of his athletic entry in the league (rebound and block rate) dwindled even in his early-to-mid 20s. Worse, while averaging a career-best 14 points per game in 2005-06, Miles suffered a right knee injury that would lead to microfracture surgery, and an attempt from the Blazers to save salary cap space in pushing Darius into retirement.
Miles would receive the remainder of his contract (including $9 million in 2009-10), but he fought for a return and cost the Blazers salary cap room as a result. A short (and dubious, on Memphis’ end) stint with the Grizzlies in 2008-09 only lasted 34 games, and a training camp invite in 2010 from Charlotte marked the end of Miles’ NBA stay.
NBAPA vice president Adonal Foyle, quoted in the Belleville News-Democrat piece, pointed out that sixty percent of ex-NBA players file for bankruptcy within five years of their retirement.
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