Eddy Curry of the New York Knicks on His Way to Brokeville?

When I woke up this morning wondering which professional black athlete would go broke next, I didn't think much about baller Eddy Curry of the New York Knicks. Now, Curry has sprinted to the top of the list after I read that he is being ordered to repay a $570,000 loan to Allstar Capital, after arguing that he couldn't afford it.

According to the New York Daily News, Curry is earning $10.5 million per year. He pays $6,000 per month to his personal chef, $17,000 per month in rent and another $30,000 on "household expenses." He gives his parents, sister and father-in-law $16,000 per month, and has seen 12 of his cars driven off by relatives.

The media reported that last year, Curry asked the Knicks for an $8 million advance to help with financial problems, but the team only gave him $2 million. He also sued a former agent, arguing that the agent had mishandled his money. His mansion is in foreclosure and he has borrowed at least $4 million against the house already. This man needs an intervention.

By the way, Curry was also targeted in an "interesting" lawsuit by a former limo driver, who accused him of pleasuring himself in the nude and telling him to "come and touch it."

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Celeb Real Estate Disasters

Michael Vick
The former star quarterbacks' home became infamous in recent years. The 15-acre compound in Surry County, Virginia, was home to a dog-fighting operation which landed the former number-one overall NFL draft pick in jail. The house went on the market for $1.1 million.

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Celeb Real Estate Disasters

Drew Barrymore
In 2001, the "Firestarter" actress was involved in a fire of her own. Barrymore and her husband Tom Green escaped a devastating fire at their $3 million Beverly Hills home thanks to their dog who woke them in the night. The inferno gutted the home, causing $600,000 in damage.

Celeb Real Estate Disasters

Michael Jackson
Rumors of the King of Pop's finances going bust had been swirling for years before his untimely death. For example, his famed Neverland Ranch was threatened by foreclosure before he received a last minute reprieve from Colony Capital, a private equity group. Sadly, he eventually lost the house anyway.

Celeb Real Estate Disasters

Whitney Houston
Critics once said she had one of the clearest voices in music, but diva Whitney Houston hit a sour note in 2006 when she came close to losing her $6 million, 10-acre New Jersey estate. The songstress reportedly owed thousands of dollars in back taxes. Then, in 2007, dozens of Houston's belongings were auctioned off: bras, bustiers, and other props from her past tours, along with a $400,000 see-through grand piano and her ex-husband Bobby Brown's Grammy awards.

Celeb Real Estate Disasters

50 Cent
In May 2008, the home where the rapper's former girlfriend and child occupied was gutted by a suspicious fire. No one was seriously injured, but 50 and his ex are still battling in court. The rapper bought the house for $2.4 million.

Celeb Real Estate Disasters

Jose Canseco
It is rumored that former MLB star Jose Canseco just walked away from his $2.5 million home in Encino, an area of Los Angeles. Multiple divorces may have been the final straw. Canseco has stated that it did not make financial sense to keep up the mortgage.

Celeb Real Estate Disasters

Fantasia
2004 'American Idol' winner Fantasia Barrino's house was on the auction block in order to repay a loan. The home, valued at $1.1 million, was being used to compensate a company that lent Barrino money to pay taxes.

Celeb Real Estate Disasters

Slash
Guns 'n Roses/Velvet Revolver guitarist got suckered into a very bad real estate deal according to a lawsuit he filed last fall. Slash says he was duped into buying a million-dollar house that did not have the amenities that were promised in the deal. Perhaps Slash should actually view the house next time before he buys it.

Celeb Real Estate Disasters

Alex Rodriguez
Rodriguez put his 4,600-square-foot New York pad on the market for $14 million after his ex-wife charged during their divorce that he had an "affair of the heart" with Madonna.

Celeb Real Estate Disasters

Andre Rison
The late rap singer Lisa "Left Eye" Lopes of TLC faced arson charges in 1994 for setting a fire that destroyed her boyfriend, football player Andre Rison's house.The $861,000 mansion was in the exclusive Atlanta suburb of Alpharetta.

Celeb Real Estate Disasters

I'm not here to talk about whether Curry "handled himself" in front of the limo driver. But I am here to wonder how he is handling himself financially. At the age of 27, he is already a couple of dribbles away from not being in the NBA at all. He is a bench player for the Knicks and gets injured on a regular basis. He also seems to be making the same mistake that a lot of players make, which is to presume that the money faucet will flow forever, and any financial commitment is okay to make.

Players get to the NBA and truly believe that they can become a one-man welfare office, financially providing for every relative within a 3,000-mile radius. The athlete drops $10,000 here, $20,000 there -- nothing big. But the dollars start to add up, and those long-term financial commitments start to add pressure. Before long, the athlete is addicted to his paycheck the way a crackhead is addicted to their next fix. They are no longer overjoyed by the idea of earning $5 million per year, and are instead begging for at least $15 million per year, just to stay afloat.

Curry is from Chicago, like Antoine Walker, the NBA veteran who ran through the $100 million earned throughout his career. I'm not sure what's in the water in Chi-town, but it is not uncommon in many urban areas across America to see guys who grow up with the confidence of a million champions and truly believe that basketball matters far more than education and intelligent decision-making. Curry never went to college, a decision for which I don't necessarily fault him. Sometimes, there are immediate financial needs in the life of a young athlete. But not going to college is no excuse for ignorant behavior, and it appears that Curry is digging himself into the same hole as many athletes before him.

I have a feeling I'll be writing about Eddy Curry again next year.

Dr. Boyce Watkins is the founder of the Your Black World Coalition and the author of the new book 'Black American Money.' To have Dr. Boyce's commentary delivered to your e-mail, please click here.