11/05/24
September 26, 2009
TV Station Runs Into Lenny Dykstra Pawning World Series Rings: Lenny Dykstra, whose career earnings in baseball passed $36 million, now has a net worth of $50,000, has declared bankruptcy, is accused of stealing a $40,000 stove from his own home and was going to auction his memorabilia. When Japanese TV reporters were recently filming a story on the American recession, they unexpectedly ran into Dykstra pawning his rings (jump to 3:00 in the video).
Bet on the Maybach being part of what happened. When you have a lot of money in a short time, it's way too easy to think it will never run out. Without sound planning, even when you are well into 8 figures, it can disappear almost overnight. There are countless stories of lottery winners, athletes, and the like who have hit it big but are broke within a few years. Sad!
posted by Howard_T at 11:05 AM on September 26, 2009
Is it just me, or does Dykstra look extremely uneasy in this footage? I don't know if it's because the camera was there, because he realizes how desperate his situation is, or a combination of both. I feel bad for the guy, but he created this situation and now has to deal with it. What a shame.
posted by gdvbranz at 11:44 AM on September 26, 2009
I wonder if the footage is available somewhere without the translation over the top. I'd like to hear what the broker is saying.
Lenny, if you Google yourself and read this, give me a call if you still have that stuff -- I'll list it for you at no fee in my own store and through eBay.
posted by wfrazerjr at 11:45 AM on September 26, 2009
But....but Jim Cramer said he was an genius. http://www.youtube.com/watch?v=Lo77x4VeoQE
posted by Tonto467 at 01:34 AM on September 27, 2009
Wait- wasn't there a FPP here a few months ago about how Dykstra was part of some financial management program for athletes? Am I misrememberating?
If I'm not- hooboy, that's one steaming plate of irony. And yeah, there's zero excuse to be poor in such a case; first thing you do with $36m is to secrete a few million in various safe, secure, and unreachable locations such as Swiss bank accounts, et al. Yeah, it's fraud- but in a worst case scenario you flee to Monaco to live high on the hog while your US creditors argue over who gets the dented Maybach.
posted by hincandenza at 03:09 AM on September 27, 2009
first thing you do with $36m is to secrete a few million in various safe, secure, and unreachable locations ...
Either that, or live in a state where bankruptcy can't touch your home and only put a small portion of your portfolio into high-risk ventures. I don't know what Dykstra did to himself, but I'm guessing it was one gamble after another.
posted by rcade at 10:04 AM on September 27, 2009
Dykstra was part of some financial management program for athletes? Am I misrememberating?
You are not. I think that was the source of the problems, that he was really running a bit of a pyramid scheme or something. Deadspin's been following this for months, check out the stories tagged with Lenny here.
posted by yerfatma at 12:27 PM on September 27, 2009
There are countless stories of lottery winners, athletes, and the like who have hit it big but are broke within a few years. Sad!
Rock stars, too. All it takes is limited financial literacy and trust in the wrong manager/accountant/whatever.
Hell, Leonard Cohen isn't a dumb guy, but he ended up with, what, $150k left after a lifetime of earnings because his accountant was screwing him.
posted by rodgerd at 09:21 PM on September 27, 2009
Wait- wasn't there a FPP here a few months ago about how Dykstra was part of some financial management program for athletes? Am I misrememberating?
posted by holden at 11:24 PM on September 28, 2009
We were having dinner in Greenwich last summer and we saw him getting out of a Maybach. WTF happened.