Scottie Pippen's Gulfstream.....ouch.

MikeD

MikeD

Administrator
Staff member
Ouch.... keep up on those inspection times!!!

........Throughout his career, Pippen would endorse anything and everything, assuring that the money kept flowing in. Following the end of his playing career, Pippen was involved in a number of bad business deals that left him nearly broke.

One of the notable money mistakes that Pippen made was the purchase of a $4 million Gulfstream II jet in 2002. Due to a missed inspection, the jet's engine needed $1 million worth of repairs shortly after the purchase. Rather than paying that, the jet was grounded, making it the world's most expensive paper weight. Pippen sued his attorney for the missed inspection and Monday was awarded a settlement of $2 million.
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http://sports.yahoo.com/nba/blog/ba...a-little-less-broke-these-days?urn=nba,252310
 
I wondered where he kept his world's most expensive paperweight because he would have to pay for fees for it sitting on the ground too. And you can probably add more fees!:eek:

It's always sad to hear it when former sports superstars fall on tough times. This was the second one I heard so far from the NBA.
 
CcrlR737AMT said:
I wondered where he kept his world's most expensive paperweight because he would have to pay for fees for it sitting on the ground too. And you can probably add more fees!:eek:

It's always sad to hear it when former sports superstars fall on tough times. This was the second one I heard so far from the NBA.
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Its always sad to hear it when aviators fall on tough times.

I'm sorry but I have no sympathy for someone who blew through 100+ million dollars, I am positive that they enjoyed spending every penny of that. Now they have to pay the price for that lavish lifestyle.
 
Italianaviator said:
Its always sad to hear it when aviators fall on tough times.

I'm sorry but I have no sympathy for someone who blew through 100+ million dollars, I am positive that they enjoyed spending every penny of that. Now they have to pay the price for that lavish lifestyle.
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x2
 
Italianaviator said:
Its always sad to hear it when aviators fall on tough times.

I'm sorry but I have no sympathy for someone who blew through 100+ million dollars, I am positive that they enjoyed spending every penny of that. Now they have to pay the price for that lavish lifestyle.
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:yeahthat:
 
This article is good for us as well. Even if we can barely afford the airplane, we should always remember that maintenance/inspections can be costly as well. If we do buy an airplane, we should make sure to have the money for both! :)
 
I don't know about you, but with my math he actually got himself $1M back on his purchase price...
 
Callador said:
This article is good for us as well. Even if we can barely afford the airplane, we should always remember that maintenance/inspections can be costly as well. If we do buy an airplane, we should make sure to have the money for both! :)
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Somebody here caught on to the gist of my post!
 
No mention of the broker that should have been guiding him through the process. My question is was there one, and where was he on t? An NBA player would never sign a contract to play without an agent, so why wouldn't he feel the need to have a broker in on this deal?
 
CcrlR737AMT said:
I wondered where he kept his world's most expensive paperweight because he would have to pay for fees for it sitting on the ground too. And you can probably add more fees!:eek:

It's always sad to hear it when former sports superstars fall on tough times. This was the second one I heard so far from the NBA.
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Some people aren't meant to have all that money.


SBI said:
I don't know about you, but with my math he actually got himself $1M back on his purchase price...
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Nah. He wont be be able to sell it for more than 2 million at this point. Been sitting for a while and most likely has a ton of time on it. The economy is the main factor that would drive the price down.
 
CcrlR737AMT said:
I wondered where he kept his world's most expensive paperweight because he would have to pay for fees for it sitting on the ground too. And you can probably add more fees!:eek:

It's always sad to hear it when former sports superstars fall on tough times. This was the second one I heard so far from the NBA.
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I read an article some time ago about how financial failure is endemic to former sports stars. They analyzed some of the reasons for it, and it was quite interesting.
 
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