10 Celebrities Who Lost Big Financially
Dr. J was a tough competitor on the court, but he spent last year getting schooled on the golf greens. Erving fulfilled his dream of owning a golf course in 2007 when a friend advised him to invest $3 million in the Heritage Golf Club in Tucker, Ga. That investment came with an $11 million loan obligation that Erving was just fine with as long as the club brought in returns. It never did.
As it turns out, the previous club owner's mortgage was in default before Dr. J bought the club and its value was never close to $11 million. The property ended up being worth $2 million and, because Erving never took a paycheck as the club's owner, he ended up losing about $5 million on the deal.
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