Celebrity Tax Tuesday - Former Football Star, Clinton Portis, Files for Bankruptcy
Clinton Portis made enough money during his NFL career in Denver and Washington that he should be set for life: In nine NFL seasons, Portis made more than $40 million. The 34-year-old rushed for more than 1,200 yards in five of his nine NFL seasons.
But Portis isn’t just not set for life, he’s broke. Portis filed for bankruptcy this week, saying he has debts of more than $5 million that he can’t afford to pay.
The filing lists the creditors holding the 20 largest unsecured claims against Porits. Some of the more notable debts:
- $500,000 to Entertainment Tonight correspondent and CNN contributor Nischelle Turner?
- $390,000 in back taxes?
- $170,000 to the Borgata casino in Atlantic City?
- $287,178.56 to the MGM Grand?
- A combined $1,223,020 in mortgage deficiencies?
- $500,000 to his mother?
- $412,000 in unpaid domestic support to four different women?
- $65,553 on a repossessed BMW?$899.09 in unpaid telephone bills?
The filings also include Portis’s average monthly income. He receives $3,500 per month in disability payments from the NFL
and $1,000 per month for freelance sideline reporting at NFL games.
Flag on the play
Portis had a debt to the MGM Grand Hotel in Las Vegas of $287,178.56, and that the IRS accused him of failing to pay $401,432.18 in federal income taxes in 2006, and $57,187.61 in federal income taxes in 2010. Portis also lists debts of $500,000 to his mother, $500,000 to Entertainment Tonight correspondent and former sideline reporter Nischelle Turner, $412,000 in “domestic support obligations” to four different women and $175,000 in car loans. Quite a player!
Portis’s failed business ventures have included sinking $8 million into a casino that went belly-up, and putting $2 million into a “wealth management” firm that was later described as a Ponzi scheme. We here at Wolf Tax hate to see this happen to anyone. You don't have to be famous to have a stressful tax issue. We hope to see Mr. Portis back on his feet soon.
Happy Holidays to all of our wonderful clients, families and friends of Wolf Tax!