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Jevon Kearse having IRS, mortgage problems

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Jevon Kearse, the former Titans and Eagles defensive end who played in the NFL for 11 seasons and earned about $45 million, is apparently struggling financially less than four years after receiving his last NFL paycheck.

The South Florida Business Journal reports that the IRS filed a tax lien against Kearse for $432,015 in November, and that a bank that granted Kearse a $5.25 million mortgage filed a lawsuit against him in December.

Kearse bought a 6,064-square-foot home for $6.05 million in 2004 and signed a $5.25 million mortgage on it two years later. Kearse bought the home shortly after receiving a $16 million signing bonus from the Eagles, so it’s odd that he ever needed to take out a mortgage — or at least it would be odd if stories of athletes blowing their millions weren’t par for the course by now. Although Kearse hasn’t spoken publicly about his financial issues, the combination of the IRS and mortgage problems suggests that he’s broke.

As the Titans’ first-round draft pick in 1999, Kearse burst onto the scene as the league’s defensive rookie of the year, and he was a Pro Bowler in each of his first three seasons. Kearse made about $9 million on his rookie contract, about $30 million on the free agent contract he signed with the Eagles in 2004 and about $6 million on the contract he signed with the Titans in 2008.

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66 Responses to “Jevon Kearse having IRS, mortgage problems”
  1. matthewcarlson1 says: Feb 7, 2013 2:10 PM

    This just in: Jevon Kearse joins the concussion lawsuit.

  2. bunjy96 says: Feb 7, 2013 2:11 PM

    So what’s new?

  3. flapjackdaddy says: Feb 7, 2013 2:13 PM

    Dude. Forty five million dollars?

  4. cardsfann1 says: Feb 7, 2013 2:13 PM

    Damn shame these guys are that ignorant on managing thier finances…

  5. jcmeyer10 says: Feb 7, 2013 2:13 PM

    They never make as much money as they think it seems.

  6. thereisfootballwestofjersey says: Feb 7, 2013 2:13 PM

    Vince Young too! Must be a Tennessee Titan thing

  7. tenotnamedmiller says: Feb 7, 2013 2:14 PM

    “NFL lied to me about brain damage” lawsuit in the works for Mr. Kearse.

  8. bdl08 says: Feb 7, 2013 2:15 PM

    A pro football player broke? You don’t say

  9. tmhofficial says: Feb 7, 2013 2:16 PM

    These guys just never learn. And the saddest part is you’d think the up and coming NFLers would see the dozens of stories about broke, retired players. But you know we’ll be talking about it in 15-20 years just like we are now. They never learn.

  10. grogansheroes says: Feb 7, 2013 2:18 PM

    Better put your name on that concussion lawsuit.

  11. pooflingingmonkey says: Feb 7, 2013 2:19 PM

    Well, it is expensive to “make it rain” everywhere you go.

  12. n0hopeleft says: Feb 7, 2013 2:19 PM

    Shocker!

  13. riggz91 says: Feb 7, 2013 2:22 PM

    How long before he jumps on the concussion lawsuit?

  14. caliviking805 says: Feb 7, 2013 2:22 PM

    if you having NFL problems I feel bad for you son, I got minimum wage problems but the IRS aint one.

  15. gloryfromheaven says: Feb 7, 2013 2:25 PM

    He’s probably planning on returning to the NFL this year.

  16. flavordave says: Feb 7, 2013 2:26 PM

    maybe Javon and Iverson can split rent on a condo.

  17. kylexitron says: Feb 7, 2013 2:28 PM

    if the NFL is really into protecting it’s players it should probably figure out a way to transfer a certain % of players paychecks that exceed a certain dollar amount into some sort of savings plan.

    I’m no financial guru so I’m not sure what they can technically do but it seems like if it was part of the contract they sign then it should be doable.

    Everyone rolls their eyes and is so baffled when these guys blow their millions but I sincerely doubt there are many people who would do a very good job at managing tens of millions of dollars droppped into their bank accounts in their early 20′s and would be in this exact situation or worse.

  18. commonsensedude says: Feb 7, 2013 2:30 PM

    One of the quickest ways to go broke is to never learn how to manage money and then come into a ton of it.

    Unfortunately, a lot of these guys never had anyone teach them about money but have a lot of “friends” and hangers-on who want to help them spend it.

  19. CKL says: Feb 7, 2013 2:30 PM

    Not that this is why Kearse did it because he isn’t that bright, but it’s actually pretty intelligent to finance your primary residence because you can deduct the interest on your taxes. Along with the fact that if the rates are low enough that you could invest what you would have spent on the house on a higher yield investment, bonus.

  20. shackdelrio says: Feb 7, 2013 2:31 PM

    You could at least add some more detail to the story. Kearse was twice part of a group that got taken to the cleaners by “financial advisors”.

    First, he was one of a collection of former Florida Gator players that lost most of their rookie contracts to agent Tank Black, who later served time in prison.

    Second time, he was part of a group of NFL players to lose millions in financial deals with Jeff Rubin and Drew Rosenhaus.

  21. mgavin78 says: Feb 7, 2013 2:31 PM

    Just Sad…

  22. catquick says: Feb 7, 2013 2:31 PM

    You would think his agent would encourage him to put at least half his loot into monies of a money market acct, perhaps a trust fund. Then you’re set for life.

  23. melikefootball says: Feb 7, 2013 2:32 PM

    40 million and you can’t take care of it. I feel his pain.

  24. brokentreehousemusic says: Feb 7, 2013 2:45 PM

    Humiliating him in the national media will certainly clear up his stability issues.

  25. grogantomorganforthe says: Feb 7, 2013 2:46 PM

    This is shocking news! A former NFL player is broke?! Who would’ve thought?

  26. stevent92 says: Feb 7, 2013 2:47 PM

    I really wonder what kind of hucksters these guys come across. I recall reading an ESPN article about Michael Vick’s bankruptcy and Mark Brunell’s troubles. Those guys never met a “business deal” they didn’t like. There is a vulture-class ready to descend upon these folks, but that in no wise excuses their irresponsible spending.

    Smartest athlete ever with their money? LeBron James. Dude spent 2 summers hanging-out with Warren Buffett and getting financial tips before he was drafted. We probably won’t hear about him like we did Mike Tyson or Jevon Kearse.

  27. fanofevilempire says: Feb 7, 2013 2:50 PM

    I feel bad for these guys but come on already, all you have to do is change the names and sport but we already know this story.

    Curt Schilling, Allen Iverson……….

  28. mizzousooner says: Feb 7, 2013 2:52 PM

    It would be interesting to see a study that compared broke players with their Wonderlick score and if they bothered to get a college degree while on the free ride they had.

  29. peytonsneck18 says: Feb 7, 2013 3:01 PM

    45 million and u need to take out a mortgage loan which charges u a percentage every year? not very smart, but these players usually roll with a large entourage and they usually have to foot every bill of theirs, so of course after this and buying multiple cars and houses that these guys are broke after i few years out of the game and most dont get a job in their major that they got a degree in, truely sad

  30. defiantgiant66 says: Feb 7, 2013 3:07 PM

    The Freak is bust !

    See that 30 for 30 titled ” Broke ‘ ? If not, you gotta see it, this dude is there.

    Just sad.

  31. Beezo-Doo-doo-Zippity-Bop-bop-bop says: Feb 7, 2013 3:08 PM

    What a freak.

  32. shackdelrio says: Feb 7, 2013 3:12 PM

    “catquick says:
    Feb 7, 2013 2:31 PM
    You would think his agent would encourage him to put at least half his loot into monies of a money market acct, perhaps a trust fund. Then you’re set for life.”

    That’s a bigger issue. His dealings with agents are part of the reason he’s having financial problems.

  33. blackqbwhiterb says: Feb 7, 2013 3:19 PM

    When you spend your upbringing in a broke or struggling family, you never learn to manage big money…Then you become rich overnight, and don’t know how to handle it. NFL has programs like the rookie symposium to help these guys with this stuff, but alas, some guys listen better than others, have better advisers than others, etc etc etc…..

    They say most lottery winners end up broke too. Hope the Freak gets his act together, but no matter what, his opportunity to do it right with the huge sums of money is past now, he’ll most likely never make that kind of scratch again

  34. nomoreseasontix says: Feb 7, 2013 3:24 PM

    Sounds like he cleared maybe 18 or 19 million. Probably spent 25 or 30 million.
    I doubt he set himself up. Could have been earning $7 or $800k from investments if he hadn’t lived large.

    Bummer. Now get a job.

  35. FinFan68 says: Feb 7, 2013 3:27 PM

    @CKL, I’d he would have paid for the house rather than trying to make a bit more via tax write off he would have a house he could sell for a few million dollars. There is no excuse for blowing that kind of money. He could have simply lived quite comfortably off of interest or conservative investments. He took risks and lost as most of these guys do.

  36. jgilesband says: Feb 7, 2013 3:29 PM

    Two things-
    1. $45 million is an illusion and misleading. Since the tax lien is ‘only’ for $432,015, it means that he did pay the rest of his taxes. The top marginal tax rate was 39.6% when he was a rookie and was 35% from 2003 on. Pennsylvania had a state income tax of 3.07% from 2003 on. Don’t forget that he paid his agent a share of each contract as well, probably 2-3%. So roughly more than 40% of this $45 million was never really his legally. His true take home was probably around $25 million. That is still a lot of money, but obviously not as big as the $45 million being thrown out.

    2. Why does anyone feel the need to bash or belittle him? Is he asking you for money? Is he seeking out your sympathy? Does he owe you money? Have any of the people mocking him been multimillionaires in their early twenties? It seems very petty.

  37. jpmelon says: Feb 7, 2013 3:43 PM

    $6 million dollar house in 2004 was probably worth $2 million in 2009.

    I’d probably let the bank keep it too.

  38. granadafan says: Feb 7, 2013 3:54 PM

    If an agent truly had his client’s best interest in hand, especially those who come from disadvantaged backgrounds or are obviously dumber than a box of rocks, then they would put the money in a trust. They can’t touch the money until they are in their 50s and are given an allowance of, say $200,000 per year.

    Sadly, there are too many greedy people in their lives like agents, financial “advisors”, lazy family members, posses, entourages, baby mamas, etc.

  39. veence69 says: Feb 7, 2013 4:03 PM

    No sympathy for this fool. I guess it’s time to start filling out applications, Javon.

  40. jessethegreat says: Feb 7, 2013 4:27 PM

    I will likely never see that kind of scratch, but if I came anywhere close, I’d be buying annuities. Better to limit your ability to spend short term and guarantee money still coming in when your earning potential drops.

  41. mogogo1 says: Feb 7, 2013 4:43 PM

    Too many dumb financial decisions and parasites masquerading as friends and family.

    Sports Illustrated interviewed a financial planner the NFL had hired to work with players and he said he never had one guy get excited about blue-chip stocks but every single one wanted to open a restaurant.

  42. EJ says: Feb 7, 2013 4:44 PM

    I can not believe the money that these players blow. Not $5 million, not $20 million, but $45 million? I realize that half of that money is taxed, but that would still mean he went through at least $21-23 million! Ridiculous. Absolutely ridiculous! Get a clue players of the NFL! Ask for financial help!

  43. kelsey412 says: Feb 7, 2013 4:53 PM

    16 million is 8 million after taxes and all other services associated with his deal. That is why he needed a mortgage

  44. peytonsneck18 says: Feb 7, 2013 5:05 PM

    if he brought a reasonable house, with the money that he made, he wouldnt needed a mortgage loan

  45. lowtalker says: Feb 7, 2013 6:03 PM

    how about REQUIRING players to put their money into American family funds, Fidelity, Opppenheimer, etc . . they all want quick rich schemes . . what is wrong with buying some Berkshire Hathaway

  46. vikingdoode says: Feb 7, 2013 6:04 PM

    million dollar rushing capibilities…Five cent head… SHUDA FINSHED KOLLAGE BRO

  47. vikingdoode says: Feb 7, 2013 6:09 PM

    Whats wrong with a house 200k yes its modest but dude… your monthly payments would be 0.00

    I dont feel sorry for you one bit on buying to big of a house and over spending…… but the irs, I got the State sales tax dudes on my ass… only managed 188 dollar fine they were looking hard and they were pissed at me because i had my books correct. just wondering what the hell they are doing to you… yikes…

  48. Reggie's Bush says: Feb 7, 2013 6:22 PM

    I can’t stand the following excuse for broke athletes: he came from poverty, he didn’t know how to handle his money etc etc…

    That’s a poor b.s. cop-out excuse. I’m sure people who earned money have the ability to keep it, if not all 1st generation rich people would all go broke too.

  49. inthezone4 says: Feb 7, 2013 6:27 PM

    Hard to fell sorry for a guy that made millions

  50. bigalhebdman says: Feb 7, 2013 6:52 PM

    Blowing that much money in that short a period of time proves concussion damage. Time to sue.

  51. mogogo1 says: Feb 7, 2013 7:01 PM

    stevent92 says:
    Smartest athlete ever with their money? LeBron James. Dude spent 2 summers hanging-out with Warren Buffett and getting financial tips before he was drafted.
    _____________

    Hopefully he was a better student than Scottie Pippen, who bragged the main reason he signed with the Blazers was to get advice from Paul Allen.

  52. jrs45 says: Feb 7, 2013 7:14 PM

    Bahahahaha!

  53. scrapingthefloorioforstorios says: Feb 7, 2013 7:18 PM

    what’s with the “report comment” thingy? the overzealous moderators aren’t enough for you anymore pft?

  54. radrntn says: Feb 7, 2013 7:21 PM

    stupid is as stupid does

  55. Obama's Ballsack says: Feb 7, 2013 7:24 PM

    *sigh* what color is he?

  56. 25cuts says: Feb 7, 2013 7:44 PM

    Dude, do u really need a 6 million dollar home? Buy a 1 million dollar home, a couple nice cars and bank the rest, what is hard about that? Wow man ppl in this country are struggling to make ends meat and u see these clowns just pissin money away.

  57. mrfrostyj says: Feb 7, 2013 7:52 PM

    Don’t know why people are surprised. Many projected first rounders are living off of credit in college based off their expected salary once they enter the NFL. Then they spend their entire careers paying it back so the money they earn is going straight to people they owe plus interest. Once they retire they no longer are making enough to pay back their debts AND maintain the lifestyle they had when they played.

    What these guys need is the un college educated NBA players like Lebron James and Kobe Bryant to teach them how to invest in turning their names into brands to the point that their outside ventures make them more money than their playing contracts.

  58. mjkelly77 says: Feb 7, 2013 7:52 PM

    Typical. Stupid is as stupid does.

  59. cooklynn17 says: Feb 7, 2013 8:08 PM

    I went to high school with this guy, so I wish him nothing but the best. A real down to earth person and a caring individual.

  60. mjkelly77 says: Feb 7, 2013 8:30 PM

    kylexitron says:Feb 7, 2013 2:28 PM

    … Everyone rolls their eyes and is so baffled when these guys blow their millions but I sincerely doubt there are many people who would do a very good job at managing tens of millions of dollars droppped into their bank accounts in their early 20′s and would be in this exact situation or worse.
    ___________

    Uhhh …. guess again.

  61. bobgb2000 says: Feb 7, 2013 8:58 PM

    Cry me a river…….

  62. stopdk12 says: Feb 7, 2013 11:49 PM

    i’m sure he still has a lot of friends, Car washes, and Restaurants to fall back on…

    and those guys on pawn stars love diamond encrusted #34 rings, pendants, and earings…i’m sure he’ll be fine.

  63. joetoronto says: Feb 8, 2013 4:53 AM

    “Kearse bought a 6,064-square-foot home for $6.05 million in 2004 and signed a $5.25 million mortgage on it two years later. Kearse bought the home shortly after receiving a $16 million signing bonus from the Eagles”

    You should listen to your accountant MOST of the time, but not ALL of the time.

    Buying the house outright would have given him piece of mind. Even with the value dropping like it did, he’d still have the house to live in and the value would go up eventually.

    Accountants would tell you to take the mortgage because the low interest rate will be more than offset by the return on investment.

  64. Sometimes Interesting says: Feb 8, 2013 6:54 AM

    The NFL should take a % of these guys game checks and put it into an NFL-subsidized 401k.

  65. flipola says: Feb 8, 2013 12:28 PM

    Now now, no need to… freak out.

    See what I did there? You see what I did?

  66. rajbais says: Mar 12, 2013 6:15 PM

    This should be no surprise. If he was recommended by Drew Rosenhaus to be with Jeff Rubin, a crooked financial adviser that bilked millions from NFL players, his finances would be in trouble.

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