Michael Dwayne Vick was born in Newport News, Virginia on June 26th, 1980. Vick viewed sports as the only real avenue out of poverty after growing up in a crime-ridden neighborhood. During his high school years, he excelled as a football player, and he continued to do so after enrolling at Virginia Tech.
Legal Concerns
Vick has already dealt with a number of legal difficulties before the dogfighting event. He was arrested for marijuana distribution in 2004. He was sued in 2005 by a lady who claimed he gave her an STD. The case was settled without going to court. Vick was fined $10,000 in 2006 for flashing the middle finger to booing fans.
By 2007, rumors began to circulate that Michael was involved in the staging of dog fights. Vick’s property was searched after a search warrant was secured. There was evidence of unlawful dogfighting discovered. As more information became available, it was evident that narcotics and gambling were involved.
Worse, the dogs were tormented, tortured, and, in some cases, killed. Vick and his friends were indicted on felony charges as a result of the public outcry. Vick was accused of funding the entire enterprise, which he subsequently conceded was correct. He also admits to being personally engaged in the killing of between six and eight dogs.
To make matters worse, during this episode, Vick tested positive for marijuana. He was placed under house arrest as a result of violating the terms of his parole. Michael contributed $1 million in the days coming up to his sentencing to help several of the surviving canines. In 2008, he pleaded guilty to a felony charge of dogfighting and was sentenced to three years in prison. Early in 2009, he was released.
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Michael Vick’s Net Worth
Michael Vick has a net worth of $16 million USD as a retired American professional football player. Vick is most recognized for his time as a quarterback with the Atlanta Falcons and Philadelphia Eagles. After an outstanding collegiate football career, the Falcons selected Michael as the first overall pick in the 2001 NFL Draft.
Vick’s stint with the Falcons saw him play quarterback in an unconventional way, focusing more on running plays than passing. Vick set a number of records over his career as a result of this technique. He was the first quarterback in NFL history to rush for over 1,000 yards in a single season, and he concluded his career with a career-high 6,109 rushing yards.
Michael Vick‘s promising football career was unfortunately tainted by controversy once his involvement in a dogfighting ring was exposed. As a result, he served 21 months in prison and never regained his reputation. The Eagles, on the other hand, gave him a second opportunity, and he went on to have an even better NFL career. Vick officially retired in 2017 after concluding his career with the New York Jets and Pittsburgh Steelers.
Bankruptcy
Michael was compelled to declare bankruptcy about the time he was sentenced to prison. A total of $18 million was owed to him by a number of creditors. He was sweeping floors at Leavenworth jail for 12 cents an hour during this time. His net worth was nothing when he was released from prison. He grabbed a job as a construction worker to make ends meet. Vick hired Michael Smith, a financial consultant, during the height of his NFL career. This turned out to be a poor decision. Despite Smith’s assurances to Vick that he would have a net worth of $100 million by 2010, he ended the decade with debts totaling more than $20 million.
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Vick had spent 95 percent of his 2008-2012 income, nearly $30 million, on taxes, creditors, attorneys, and accountants, according to court documents filed on October 2nd, 2012.
He had two options when he filed for bankruptcy:
A) He could file for Chapter 7 bankruptcy protection and walk away from all of his debts. Alternatively, he might file for Chapter 11 bankruptcy and pay off all of his debts. Michael went with Chapter 11. He went to great lengths to keep his obligations active.
According to court filings from 2014, Michael had paid off 87 percent of his debt. By late 2015, he was debt-free. To pay off his debt, he decided to live on $300,000 per year and give the rest to his creditors. He continued to live on $300,000 after his obligations were paid off, putting whatever money left over into savings. After years of terrible money management, disastrous investments, and lawsuits, he had purportedly learned a crucial lesson.
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Contracts and Return to the NFL
After his legal difficulties, Vick’s original $130 million contract with the Atlanta Falcons was canceled.
Vick’s annual pay and endorsement earnings totaled more than $25 million by 2006, making him one of the highest-paid athletes in the world. In late 2009, Michael returned to the NFL. In 2010, he was named Comeback Player of the Year. Michael Vick signed a six-year, $100 million contract with the Philadelphia Eagles on Monday, August 28th, 2011. This new contract contained a fixed cash payment of $40 million, equating to a $16.5 million annual wage. Vick was only the third athlete in professional sports history to sign more than one $100 million contract, following Derek Jeter and Shaquille O’Neal. He signed a one-year, $5 million contract with the Jets in 2014.
Real Estate
Michael Vick and his wife were reported to have sold a home in Davie, Florida for $1.4 million in 2008. Lawrence T. Guy, who was playing defensive tackle for the New England Patriots at the time, was the buyer. Vick’s former home is 6,295 square feet in size and sits on a 21,250-square-foot lot. Michael had paid $1.32 million for the lakefront property back in 2013. There’s a home theatre, a pool, and a coffee bar on this five-bedroom property. This house was featured on an episode of “Baller Wives” and may be familiar to Michael Vick fans.
Micheal and his wife are planning to offer another home in Florida for $2.4 million in 2020. This 9,2800-square-foot property in Plantation comes complete with six bedrooms, a movie room, a guest house, a bespoke pool, an outdoor kitchen, and a basketball court. Vick and his wife originally paid $2.38 million for the house in 2018. Given these figures, it appears that Michael was content to break even on this real estate transaction.