When retired NBA
star Scottie Pippen moved out of his 13,000-square-foot home in Highland Park, Ill.
, which features a full basketball
court and gym, he squandered an outstanding opportunity to recoup some of his losses. The buyers purchased the furnished home for $1.7 million in 1996. Not only did Pippen leave behind his furniture
, but he left behind a trove of collectibles and sports
While Scottie Pippen may be one of the 50 greatest players in NBA history
, don't seek him out for financial advice. Since retirement, the former Chicago Bulls
small forward has lost $120 million of career earnings
due to poor financial planning and bad business deals. He lost $27 million
on bad business investments.
The handling of his own memorabilia appears no exception to the trend. According to Dan Dodson of Palm Beach Autographs
memorabilia is a billion-dollar industry
. While it has taken a hit from the recession, it is still a formidable business. Dodson added that the values for memorabilia are highest
for players who have either been inducted into the Hall of Fame, played on a championship team, or are stingy with signing.
Pippen was inducted into the Basketball Hall of Fame
last year and won the NBA Championship
six times while playing for the Chicago Bulls
, yet is still a rare commodity in sports memorabilia. That combination of factors means that Pippen could have had an earnings bonanza if he had held onto the sports memorabilia he left behind.
Instead, after the next owners passed away, there was a huge estate sale at his former home
. People started lining up at 6:30am to have the chance to check out the mansion
Pippen had custom-built and to perhaps own a piece of history. The doors opened at 9am, but only 25 people were allowed into the home at a time. People waited in line two hours, and at 4pm (an hour before closing) there were still 100 people lined up the driveway.
Memorabilia such as signed pictures, jerseys, t-shirts, basketballs
, pennants, hats, and collector plates were all purchased within the first hour.
Oddly enough, the items getting the most attention were the three large containers full of Beanie Babies stuffed animals
. The obvious question was "Why did Scottie Pippen have three containers of beanie babies?" The truth was revealed that they probably weren't his, but belonged to the people having the estate sale. Beyond the Beanie Babies and sports memorabilia, Scottie could have reaped financial gains from other items he also left behind, such as his valuable art collection and many sculptures, including a pair of cranes which were carved out of jade and appraised at $170,000 for the pair.
Pippin and his wife, Larsa, can now be seen on Real Housewives of Miami
. Perhaps his wife can help recoup some of the millions he's lost.
Barbara Green is The Design Diva and owner of Sensibly Chic Interior Design. Follow her on Twitter @thedesigndiva.
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