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Mark Brunell owes $24.7 million

The good news for free-agent quarterback Mark Brunell?  Based on his bankruptcy filing, he has $5.5 million in assets.  

The bad news?  He has $24.7 million in debt.

Roger Bull of the Florida Times-Union reports on the details of the filing.  The debts primarily come from personal guarantees Brunell made on millions of dollars in commercial loans that landed in default.

“They bought some land and they got killed, like a lot of people did,” Brunell’s attorney, Rick Wilcox, said.

That’s fine, but we’re amazed that a guy who earned more than $50 million during his NFL career has only $5.5 million in assets.  Where’s the rest of it?

Sure, he paid a lot to the government in taxes and such.  But he should have had $25 million or so when the dust settled.  How did Brunell rip through $20 million?

It’s information from which every kid at the ongoing Rookie Symposium would benefit greatly.

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59 Responses to “Mark Brunell owes $24.7 million”
  1. Newguy says: Jun 29, 2010 10:57 AM

    “That’s fine, but we’re amazed that a guy who earned more than $50 million during his NFL career has only $5.5 million in assets. Where’s the rest of it?”
    Best case: in his wife’s and children’s names.
    Worst case: up his nose.

  2. PackFaninPackLand says: Jun 29, 2010 10:59 AM

    I wonder how much of it he had left BEFORE Obama became President !

  3. evilboy128 says: Jun 29, 2010 11:00 AM

    Well Florio, if you ACTUALLY did research (ya know, that thing RESPONSIBLE reporters do) then you would know he locally invested in the Whattaburger franchise and overbuilt the stores all over town. So when the recession hit and the stores started closing and shutting down, he lost boatloads of money like many overbuilders did here in Jacksonville. Look it up next time instead of just doing your usual ignorant spouting off.

  4. Ravenmuscle says: Jun 29, 2010 11:03 AM

    A MUST SIGN by the Jets. A guy that the New York Media and Rex Ryan would be able to brag about forever.

  5. 90ragtop says: Jun 29, 2010 11:03 AM

    “a guy who earned more than $50 million during his NFL career has only $5.5 million in assets.”
    *********************
    What a f’n moron

  6. Ravensatron says: Jun 29, 2010 11:04 AM

    Astonishing.
    How and why? Surely if you’re a half sensible NFL player (like Brunell seemed before I read this article) you take the money, buy a house, look after your family etc etc and invest the rest of the money in something safe e.g. not guaranteeing loans?!?!

  7. SATAN567 says: Jun 29, 2010 11:14 AM

    Hopefully (for Mark’s sake) the dude has some liquid investments held through trusts or other varieties of sheltered interests to which third party recourse is limited or non-existent. Sounds like some creditors are getting screwed big time.

  8. 2000man says: Jun 29, 2010 11:17 AM

    @ Evilboy128: 20 Million buys a lot of Whataburgers. What is ignorant about Florio’s analysis here? He says he doesn’t know, but would like an explanation. Apparently, your background in forensic accounting and knowledge of Jacksonville have enlightened us all. Good day to you sir.

  9. cleanface says: Jun 29, 2010 11:19 AM

    I’m sure it would have been pretty easy to make $20 mil in bad real estate investments earlier this decade. I don’t know why he would dump so much of his net worth into one area and leverage up though. I don’t know why some of these guys aren’t more conservative with their money. They’d never have to work again even if say 1/3 to 1/2 of it was just earning interest. They’re football players not real estate speculators, restaurant owners, etc.

  10. Buffalo66 says: Jun 29, 2010 11:22 AM

    Brunell would be a good example of showing to all rookies that even the smartest of guys can mismanage their investment portfolios. Hire multiple managers and diversify.
    Good input EvilBoy.
    Worst move: Personally guaranteeing the money. Why not set up a corporation and save your house and personal assets from these obligations? Must’ve been that “can do” spirit.

  11. bonecity7 says: Jun 29, 2010 11:22 AM

    Florio…….you obviously hate Jacksonville and white quarterbacks!!!

  12. dead money says: Jun 29, 2010 11:24 AM

    You can add all of the salary he made while with the Redskins… He Owes THAT money back too!! Noodle arm.

  13. steely devil hab says: Jun 29, 2010 11:24 AM

    So…you make $25 million (after taxes) and you invest it all in fast food franchise to…
    …keep the wife busy?
    …leave something for the kids?
    …help Uncle Jim with his mgmt career?
    …become part of the neighborhood?
    …give you something to do on weekends?
    NO – because you are a greedy fcuk and want to make more money…
    …you deserve everything you get.

  14. Franchise says: Jun 29, 2010 11:25 AM

    @evilboy128
    His investment was under 5 mil, so that would be a fraction of his losses as a whole.
    He reportedly had twice that wrapped up in real estate ventures, so that would account for 15+ mil right there.

  15. pramis123 says: Jun 29, 2010 11:29 AM

    People have to realize that the more you earn, the more you spend, and the more you invest, specially if you know that your primary career is about to end (football). People were making millions and millions on real estate prior to the crash, so people should not be shocked if another real estate investor went over his head in investments that did not pan out. Nothing to make fun of. Hope things turn out for the best for him and his family.

  16. DoomsDayD75 says: Jun 29, 2010 11:34 AM

    He must have went to the Bernie Kosar investment school. Except Bernie was telling Mark to invest in Tequila and Mark heard Taquitos. It’s an honest mistake. Happens to the best of us.

  17. ttommytom says: Jun 29, 2010 11:34 AM

    I’ve made about 3 million in my life. Paid off my house, cars and have about 200K in the bank. It’s easy to not be a loser.
    Get over the grown up toys and BMOC crap and think of what is good for your own kids.
    Brunell is a LOSER…

  18. plt2006 says: Jun 29, 2010 11:39 AM

    Mr. Brunell’s lawyer & CPA should not have let him personally guarantee those loans. Given that his income earning potential was set to decline almost exponentially within a few years, he had no business investing in such risky ventures, LLC or not. I certainly wish he hadn’t, as he at least appears to be a decent human being.
    @steely devilhab
    Your sentiments would suggest that you are either a Marxist or have failed to make anything of yourself in life. I’m hoping for the former, rather than the latter, in which case you’d be some sort of idealist I would simply disagree with instead of just some miserable troll who is envious of others. Mark Brunell is unlikely to have done anything to you personally to deserve such vitriol.

  19. Meldog says: Jun 29, 2010 11:44 AM

    I agree, the only bad mistake he made was guaranteeing the loans. If the guy tried to make more money by buying property or starting food franchises; that’s part of the American drive for success. Nothing to really criticise him about. It’s unfortunate.

  20. cbaywolf says: Jun 29, 2010 11:50 AM

    @ttommytom: based on your figures, you have saved about 6% of your income. Brunell had actually saved about 4% more than you did (10%- 5 mill out of $50 M). He lost it in Real Estate- it happened to a lot of people- don’t be so quick to throw stones…
    He probably got some advice by a financial advisor to invest in Real Estate that was doubling every few years, and bought at the worst possible time, only to see the value get cut in half (or worse in some places). Unless you (and Florio) have inside access to his books, you’re just spewing a bunch of opinions that are worthless.

  21. Saints97 says: Jun 29, 2010 11:50 AM

    If people want to know why Brunell is in bad shape, look up a guy named Greg Feste. He is one of those fake holy rollers who dupes honest, God-fearing men into bad investments. I have no real knowledge of the relationship that Brunell had with Feste outside of their failed ownership of the Austin Wranglers (Arena League), but Greg Feste is a guy who has caused many a rich (and naive) person to go bankrupt.

  22. John El Way says: Jun 29, 2010 11:51 AM

    Idiot, F this guy, sweet revenge for beating us in the playoffs.

  23. jj jones says: Jun 29, 2010 11:52 AM

    When talking about money earned during Brunell’s career, you have to factor in 10 percent going to his management team and 10 percent going to his church.

  24. tinopuno says: Jun 29, 2010 11:57 AM

    # PackFaninPackLand says: June 29, 2010 10:59 AM
    I wonder how much of it he had left BEFORE Obama became President !
    —————————————————————-
    Dang! They sure do grow ‘em witty up in Packerland.

  25. Archibald Nemesis says: Jun 29, 2010 12:04 PM

    The continued racial undertones that go with NFL fans in today’s day and age is insane. What makes Brunell a “smart” or “half sensible player?” dude made 50 million and has only 5.5 mil in assets and is bankrupt after investing most of it. i would conclude he’s an effing moron.
    it’s crazy though. it reminds me of those katrina pictures where the white people are “getting a loaf of bread for their family” while the black people are “looting.”

  26. steely devil hab says: Jun 29, 2010 12:14 PM

    Meldog says:
    June 29, 2010 11:44 AM
    I agree, the only bad mistake he made was guaranteeing the loans. If the guy tried to make more money by buying property or starting food franchises; that’s part of the American drive for success. Nothing to really criticise him about. It’s unfortunate.
    ——————————–
    So – making $50+ million is not ‘successful’ enough…gotta invest it all, while you’re still committed to playing football.
    The problem I have is not that anyone gets rich, but at what point in time are you comfortable in life and change your investments to reflect that?
    It’s called managing risk and holding a diverse portfolio…there is no way that you put all your money into risky stuff and expose yourself to this kind of trouble.
    Anyone knows…you sit at a table in a casino long enough, you will end up getting burnt. It is called greed, plain and simple…

  27. Sportnman says: Jun 29, 2010 12:23 PM

    @PackfaninPackland-
    This is exactly why you will never be rich, settled or gifted. Your just too stupid!
    If a Golden Meteorite hits the earth, cause all pollution to go away, and fixes the economy, I promise you, you will say something ignorant as…Where was the President born?
    My question is, have you ever taken Econ. 101. 1) wars cost money! 2). WARS COST MONEY, ESPECIALLY FAKE ONES! 3). YOU DON’T CUT TAXES DURING A COSTLY FAKE WAR!
    MORON!

  28. Who is Mike Jones says: Jun 29, 2010 12:32 PM

    Florio, you take a lot crap from the readers but this time you make a good point. This guy needs to be an example to incoming rookies of what NOT to do.
    Because of his tenure in the NFL, he should earn a set amount of money for the rest of his life but hardly enough to overcome his debts.
    That’s a serious amount of money to throw away.

  29. Rzon says: Jun 29, 2010 12:35 PM

    I thought bible thumpers like Brunell we’re real big into paying their debts and ‘personal responsibility’? The old “do as I say, not as I do” I guess.
    ——————————————————-
    # PackFaninPackLand says: June 29, 2010 10:59 AM
    I wonder how much of it he had left BEFORE Obama became President
    Considering taxes have gone down under Obama, more than he would have had. Get a life (and some facts), loser.

  30. charliewade says: Jun 29, 2010 12:36 PM

    How come no one has said that this is ‘God’s will’? Or it is only good things that happen to good people that is actually ‘God’s will’?

  31. Tdk24 says: Jun 29, 2010 12:44 PM

    Another reason why Jacksonville has no business hosting an NFL franchise. Let this be a lesson to you NFL, if the city has “ville” in the name, just say no!

  32. mob_barley says: Jun 29, 2010 12:46 PM

    TTOMMY TOM, YOU ARE JUST A JERK. stupid rich folks think that money makes you a winner. well you’re just a wiener, buddy. screw off and get bent.

  33. plt2006 says: Jun 29, 2010 12:48 PM

    @steely devil hab
    Whatever happened to the notion of amassing personal wealth so that you might leave your children something so nobody ever has to make the kind of sacrifices you made (in Mr. Brunnel’s case largely to his body, lifespan, and likely brain function later in life)?
    After income taxes, social security taxes, Florida property taxes, tithing, agents fees, etc. there was not $50 million left to invest. Probably closer to a third of that figure. He squandered it through bad investment deals which he then personally guaranteed to try and weather the economic situation and float the LLC’s debt. Boneheaded move in retrospect, but hardly worthy of being viewed as blind greed. Yeah it would’ve been safer to put it all in certified deposits, but lets be real here. His brokers and financial advisors saw the real estate bubble and told him to jump on it and make a quick buck like every other schlub out there. Not the choices I would’ve made, but I’m not about to make personal attacks behind the veil of internet anonymity .

  34. myeaglescantwin says: Jun 29, 2010 12:57 PM

    he was involved with vick in the dog ring..

  35. AtTheMurph says: Jun 29, 2010 1:03 PM

    Where did the money go? Umm, that’s easy. He invested his money in levered real estate investments that depreciated in value, thus his $50M was turned into negative $19m. Sort of like Fannie Mae but for some reason our government isn’t bailing out poor Mark Brunell and I don’t know why. He’s creating jobs and at $50m he seems too big to fail!

  36. boysroll says: Jun 29, 2010 1:05 PM

    his agent should talk with the 4skins. You know they will offer him a huge contract..LMFAO.

  37. rider-x says: Jun 29, 2010 1:05 PM

    ttommytom
    Its real easy to get on to pft and spout off a bunch of bs about how much money youve made
    Your the only loser here.

  38. leaguemvp says: Jun 29, 2010 1:08 PM

    @rzon-Considering taxes have gone down under Obama
    did you say taxes or did you say freedom, liberty, the economy, the value of the dollar, djia, nasdaq, your 401k, my 401k.
    some stuff went up though, like unemployment, the deficit, number of morons in the white house, rounds of golf played by morons in the white house. I could go on all day…..
    How’s that for facts? Enjoy your little dose of reality for just a few seconds……………………………………………………………………………………………………………………………………………………..and now back to being a moron for you.
    It was a pleasure doin’ business with you sir, good day.

  39. booska says: Jun 29, 2010 1:18 PM

    1st of all Mark Brunell didn’t snort any money. He made some bad decisions if you think about the portfolio Real estate and restaurants your talking about the two areas that got just got crushed in the recession. As a resident in Jacksonville they did over build that over-priced food chain known as “What-A-Burger” and the real estate market like everywhere else is just horrible. Its fact when you have money you want to make money off that money. Ten years ago you would have looked at his portfolio and thought, well the restaurants are risky but since you have all this real estate to fall back on you should be fine. Everyone thought real estate was a sure thing. Hes not dumb hes just just dealing with the recession like the rest of us.

  40. INISHUL says: Jun 29, 2010 1:19 PM

    @ PackFaninPackLand:
    I wonder how much he would have made when Clinton was in office?

  41. NFL4EVER says: Jun 29, 2010 1:20 PM

    Rzon says:
    Considering taxes have gone down under Obama, more than he would have had. Get a life (and some facts), loser.
    ——————————————————–
    Really? Please tell.
    They have stayed the same if anything.
    FYI The BUSH Tax cuts will expire after this year as Obama has no interest in making them permanent.
    Then wait for Cap Gains taxes to shoot up and hidden taxes from ObamaCare to rear their ugly heads.
    As for Brunell, people make bad investments, happens all the time, it’s unfortunate but that’s why they call it “Risking”.
    I know you lefties out there cannot handle the fact some people win and some people lose but hey, that’s life.

  42. SkolVike says: Jun 29, 2010 1:26 PM

    @evilboy128 et. al.
    I have read this site for years and never commented, but jeez am I getting tired of all the pissants like you who have nothing better to do than badmouth Florio and PFT. If you have so much contempt for the writers here, what the HELL are you doing here? You twerps sound like the quintessential weakling cowards who lack the balls to confront the bullies who routinely steal your liunch money so you come on here to act tough insult people who have, you know, actually succeeded at something.
    This site was so much more enjoyable before pizza-faced losers like you developed virtual balls to tale the place of the wizened little peas Nature apparently supplied you.
    Please. Sierra Tango Fox Uniform. Let people who actually enjoy this site continue to do so.
    I await your inevitable “OH YEAH?” with bated breath, peaballs.

  43. kct says: Jun 29, 2010 1:49 PM

    Sportnman says…
    My question is, have you ever taken Econ. 101. 1) wars cost money! 2). WARS COST MONEY, ESPECIALLY FAKE ONES! 3). YOU DON’T CUT TAXES DURING A COSTLY FAKE WAR!
    Hey Spurtnman!
    Take a truckload of coal shove it up you a$$. And in a day or two you’ll have enough in diamonds to payoff the fake wars and bring NEW HOPE to this country!
    Like your “O” promised. The more you get pissed the better we’ll all be. Remember to ….tighten up!

  44. evilboy128 says: Jun 29, 2010 1:52 PM

    Awww SkolVike,
    Did I hurt your feelings talking about your bestest buddy Florio and your favoritest website? You want balls, My real names is Joseph Daugherty and I live in Jacksonville Florida. Not faceless nor unknown anymore, Just someone NOT hiding behind a nickname and a keyboard…so come on down to Jacksonville and say it to my face…BITCH!
    Now I will leave you to go back to Florio’s lap where you belong and love being…and no teeth..it leaves marks and Florio’s wife is starting to ask questions.

  45. etronsman says: Jun 29, 2010 2:09 PM

    One of the problems is the massive house he owns in Ponte Vedra Beach. Rumor (I know, I know) has it that he spent lavishly, something like $500,000.00 JUST on windows. It’s a nice house, but damn.
    Also, people need to realize that sales tax down here is moderately low and there is no state income tax, so he actually had more money banked than other players.
    Finally, I’ve eaten at Whattaburger and it’s NOT very good. Bad investment – Five Guys would have been much better

  46. dunkingonuts says: Jun 29, 2010 2:12 PM

    Mark Brunell’s investment decisions look smart in comparison to some of NBC’s financial decisions.
    Hint: look at the top of this web page

  47. steely devil hab says: Jun 29, 2010 2:23 PM

    plt2006 says:
    June 29, 2010 12:48 PM
    @steely devil hab
    Whatever happened to the notion of amassing personal wealth so that you might leave your children something so nobody ever has to make the kind of sacrifices you made (in Mr. Brunnel’s case largely to his body, lifespan, and likely brain function later in life)?
    —————————–
    Well – we must have some real rich posters here on PFT. I never would have guessed that making $50+ million is not enough of an amassed personal wealth. Who is this, Warren Buffet?
    So – I guess that kinda money isn’t enough to leave for your children, huh?
    Wow – talk about entitled. I musta got the wrong parents…

  48. burntorangehorn says: Jun 29, 2010 3:10 PM

    It bears repeating: Brunell was among a handful of NFL players who were preyed upon by Champions For Christ, a religious charity that bilked millions from NFL players.

  49. Chuck Vekert says: Jun 29, 2010 3:23 PM

    NFL4EVER
    Thank you for getting it right that taxes have not gone up during the Obama Presidency. You are also right that if the Bush tax cuts are not renewed, then taxes will go up for the top 2% of the country. Personally, my heart bleeds for them.
    Liberals do not mind that there are losers in the economic sphere. We just want them (and even more important: their children) to be able to get health care and at least the minimum food and shelter for a decent life. Ebenezer Scooge just wanted them to die and reduce the surplus population. This is just a difference in value judgments.
    Mark Brunell made the following fundamental mistakes: Don’t put all your eggs in one basket. Don’t risk money you can’t afford to lose. Don’t forget that prices can’t go up forever. Remember these simple rules, my friends, and you will avoid most financial disasters.

  50. TryTheVeal says: Jun 29, 2010 3:50 PM

    For the life of me, I will never understand how these guys can make millions and millions of dollars and end up in debt, filing for bankruptcy etc….Don’t they reaize they window of opportunity for this type of payday is limited?…How the hell can you earn 50 million and be 24 million in debt?…Use some freakin common sense.

  51. kristoff says: Jun 29, 2010 3:54 PM

    packfaninpackfan: LMAO : you are actually blaming Obama 4 marc brunells bankruptcy???ppl say that evreything has come the presidents way except 4 wild locust,but i see that 4got about the moron that is you. lol carry on loser,carry on!!!

  52. GOVIKES|GOVIKES says: Jun 29, 2010 5:59 PM

    Chuck Vekert: I

  53. DirtDawg55 says: Jun 29, 2010 8:25 PM

    1) You can’t be duped or preyed upon if you aren’t greedy, desperate or stupid.
    2) When it comes to investing, keep it simple, keep it boring. Simple and boring won’t make you wealthy but it won’t bankrupt you either. Diversification works. Going all-in on a single investment, asset class, strategy, what have you is just dumb and/or greedy. Leveraging it up is even dumber and/or greedier.
    3) Call Brunell stupid for guaranteeing the loans. it wasn’t his smartest move, but you have to give the guy props for trying to live up it his faith, values and ideals. In a world where there is little individual accountability any more (we should all wear shirts with a finger pointing the other way saying “It wasn’t me. It was him”) Brunell was trying to do the right thing. He manned up.
    4) SkolVike, did we go to school together? It’s frightening how much you know about me. Remember political science class? yeah, the one where they taught us about freedom and democracy? Yeah, that one. Reminder: our loved ones died for my right to act like an idiot in a public forum. So there, na na, boo boo!
    5) Before anyone paints me as some kind of whacked out, crazy commie, I’m a full-fledged member of the “capitalism works”,”greed is good” and “if you don’t like it here, move back to where you came from” clubs. Of course, I’m the Canadian version of those things which I think puts me somewhere around “Democrat” when converted into American politics. Not quite sure how that works. I do know Canadians blame Stephen Harper for everything up here, just like everyone blames Obama down there, but Stevie (that’s what George Bush once infamously called him) is a rightie and Obama is a leftie, so if they’re the same I think that makes Harper a leftie too. But he’s not. So now I’m confused.
    6) SkolVike, you’re right! I just checked. In the last five minutes my pea balls grew into super sized cantaloupe balls. Who needs Extenze now baby! Just write some crazy crap on a forum board and, whoa, who’s your daddy?

  54. PackFaninPackLand says: Jun 29, 2010 8:39 PM

    You gotta love the loser lefties like Rzon that actually think taxes have gone down under Obama. What a joke.
    Why, because some lib like Keith Uber-Moron told him so.
    Look around you genius, 7-8 million MORE PEOPLE are out of work since he took office, stock market iscrashing, housing market is crashing, 401k market is crashing, record amounts of people filing for bankruptcy, higher taxes, higher gas prices, higher … go on and on. Yep, that Obama is doing a bang-up job !

  55. PackFaninPackLand says: Jun 29, 2010 8:54 PM

    To: kristoff – I never blamed Obama for Brunell going bankrupt. Learn to read ! I said “I wonder how much of it he had left BEFORE Obama became President !”
    That’s certainly a valid question to anyone who has been paying attention … AT ALL … to what’s been going on the past 17 months !
    I realize you libs are about the most thinned skinned people ever, but at least learn how to read !

  56. JaxJagtixholder says: Jun 29, 2010 10:31 PM

    Couldn’t hqve happened to a better person for the Jacksonville community. Truly is a great person for the community

  57. steely devil hab says: Jun 30, 2010 1:02 AM

    PackFaninPackLand says:
    June 29, 2010 8:39 PM
    You gotta love the loser lefties like Rzon that actually think taxes have gone down under Obama. What a joke.
    Why, because some lib like Keith Uber-Moron told him so.
    Look around you genius, 7-8 million MORE PEOPLE are out of work since he took office, stock market iscrashing, housing market is crashing, 401k market is crashing, record amounts of people filing for bankruptcy, higher taxes, higher gas prices, higher … go on and on. Yep, that Obama is doing a bang-up job !
    —————————
    Funny – I remember the highest gas prices when Dubya was in power…
    …but go ahead, listen to those intellectual whiz kids O’Reilly, Glenn Beck, Cotler et al.
    BTW: ARM crisis and everything else started on George’s watch. Along with a couple wars…but you and the gang can try and write your revisionist history, if you like.
    I’m guessing it’s Palin for you, the next time ’round, huh?
    (…and now for some fancy pagent walking)

  58. Seeryer says: Jun 30, 2010 5:22 PM

    His wife needed all the best furnishings for their home in PV and when he went to DC they did the same thing with their home up there. If Mark guarnateed $10 million in real estate the opening balance on that was more like $20 million and now that real estate is worth $3 million and $17million is still owed. There is a $14 million dollar loss right there. He spent $10 million to lose $4 million more. Not good.

  59. steely devil hab says: Jun 30, 2010 11:20 PM

    Seeryer says:
    June 30, 2010 5:22 PM
    His wife needed all the best furnishings for their home in PV and when he went to DC they did the same thing with their home up there.
    —————————–
    You mean she didn’t marry him because of his great hair and personality????
    Shocking…

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