Daunte Culpepper faces foreclosure 10 years after signing $102 million contract with Vikings

Categories: Sports
daunte SI rect.jpg
More evidence of the SI cover jinx?
Daunte Culpepper has joined Latrell Sprewell and Bryant McKinnie in the club of former Minnesota professional athletes who really could've used better financial advice.

FROM 2010: Daunte Culpepper redux: He's huge in Sacramento!

Ten years removed from signing a 10-year, $102 million contract, Culpepper is facing foreclosure on his $3.67-million Florida home.

From the South Florida Business Journal:
Former Miami Dolphins quarterback Daunte Culpepper, who was an All-Pro twice for the Minnesota Vikings, has been named in a foreclosure lawsuit over his home in Broward County's Southwest Ranches.

Culpepper last played professional football in 2010. It appears that the home is not his primary residence.

SunTrust Bank (NYSE: STI) filed a foreclosure lawsuit on Feb. 26 against DRKRC Land Trust, Culpepper and his wife. The 9,867-square-foot home at 16730 Berkshire Court in Landmark Ranch Estates is owned in the name of the land trust and the bank alleges that Culepper is the beneficiary and guarantor...

Now SunTrust is alleging that Culpepper isn't paying his mortgage. The Landmark Ranch Estates Homeowners Association also has a lawsuit against Culpepper for unpaid dues.
Heading into the 2005 season, Culpepper's big contract didn't seem like such a bad deal for the Vikings. In 2004 he threw for an absurd 4,717 yards and 39 touchdowns while leading the Vikings to a playoff berth and an exciting Wild Card-round victory over Brett Favre and the hated Green Bay Packers. Just 28 years old at the time, he looked to have a  future as bright as any quarterback in the game.

But just weeks after the October 2005 Love Boat debacle, Chris Gamble blew up Culpepper's knee during a game in Carolina. Culpepper ended up feuding with new head coach Brad Childress over his rehab, and he was traded to the Dolphins before the 2006 season began. He never returned to his pre-injury form.

NFL contracts aren't guaranteed, so Daunte didn't collect all of his $102 million. But according to the Business Journal report, Culpepper raked in at least $23 million just in signing bonuses, not to mention the millions and millions of salary he earned during his 11-year career.

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Daunte's not the only one. Highly paid professional athletes have a shockingly high rate of falling into bankruptcy just a few years after leaving the sport. I have written about Robert Swift, a former Seattle Supersonics player, and how he was squatting in his home outside of Seattle: http://www.duallservices.com/squatters/ex-nba-player-moves-out-press-miss-larger-story

For those of us whose monthly salary has never reached five digits, let alone seven, it is difficult to fathom a financial fall so spectacular. But more often than not, that's how it ends up. 

Jonathon Richter
Jonathon Richter

^watched the same thing. It's amazing that many athletes don't invest soundly and spend wisely.

Jason Zimmer
Jason Zimmer

I just watched a show on ESPN's 30 on 30 called Broke. They said that 78% of people that play sports end up filing Bankruptcy 3 yrs. later. So after watching that show and seeing this I am not one bit shocked. I mean 5 homes, 10 cars, nightclubs, ?????

Damian Amberg
Damian Amberg

They have to please all their 'yes' men.. have to be show-offs for the posse.

Tim Cheesebrow
Tim Cheesebrow

It's amazing how quickly the rich can blow through 100 million dollars...what do they do with it all? I feel guilty spending $20 on a dinner out. Then again...his contract is 100x more than I will likely earn over my entire lifetime.

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