Ex-NBA Star Derek Coleman is in $5 Million Debt. According to Wallstreet Journal, he has filed for bankruptcy and is $4.7 million in debt. His debts include $1.3 million lawsuit brought against him by Comerica Bank and a $1 million real estate loan from Thornburg Mortgage Home Loans. He also owes $50,000 to NBA Hall of Famer, and current Detroit mayor, Dave Bing.
Coleman made around $87 million dollars in his career in NBA and played for 76ers, Nets, Pistons and Hornets. His career lasted for 15 years.
His attorney says that Derek’s investments in real estate and businesses in Detroit market turned south and that’s how he lost all his money.
Despite the bankruptcy Derek will try to keep his house in Beverly Hills and the house he bought for his mom in Beverly Hills.