Daunte Culpepper loses home to foreclosure

AP

Former NFL quarterback Daunte Culpepper is apparently down to one house, after a South Florida home he bought was surrendered in a foreclosure case.

According to the Associated Press, Culpepper bought the 9,867-square foot home in 2006 for about $3.6 million. He owns another home nearby, but nore than $3 million is still owed on the home which was turned over to SunTrust Bank in April. The bank dropped a lawsuit against him earlier this month.

When Culpepper bought the home in 2006, the Dolphins thought he was going to be their franchise quarterback, trading for him instead of signing some guy named Drew Brees, opting for the bad knee instead of the bum shoulder.

That deal ended up about as profitable as Culpepper’s real estate holdings.

64 responses to “Daunte Culpepper loses home to foreclosure

  1. Culpepper bought the 9,867-square foot home in 2006 for about $3.6 million

    What an idiot.

  2. Called spending dumb. Granted it was the height of the market…but why did he need an almost 10,000 square foot home?

  3. I screamed and begged for Brees. And I trashed them for having Daunted just about every day he was here. No way Brees isn’t a Detroit Lion if I’m making the pitch to him. I just wouldn’t have lost that fight.

  4. actually from a liability perspective he handled that brilliantly – when the home presumably lost value and he couldn’t sell it, he just allowed the bank to take it back and he’s basically just out of pocket for whatever he put down plus the mortgage payments which are more or less rent.

    If he’d paid the whole $3.6MM, we might be talking about DC being bankrupt and foreclosed.

  5. He may very well be an idiot, but it amazes me how people are so quick to judge another person. I would love to see all of the skeletons in all of your closets. Just because you have the right to voice your opinions, doesn’t make it right. Throw stones if you don’t live in a glass house! And this isn’t about Culpepper, its about human decency…..

  6. If Miami had signed Brees, Nick Saben would still be the coach of the Phins and Bama probably has no national champonships. The domino effect.

    (am I smart or what)

  7. how pathetic some people’s lives are that that have to make fun of or call millionaires names in the comments section just to make their lives seem fullfilled. haha joetoronto deff.comes to mind.

  8. Culpepper had one of the best seasons in NFL history in 2004, then both of his knees were destroyed in 2005. Things changed pretty quickly after that because a lot of his success was based on his ability to move and buy time rather than his ability to read defenses.

  9. 2006 was the height of the market. Just bad timing for Duante all around.

    Hope you can hold to on to your last house there, Duante…

  10. How did he handle it brilliantly? His credit is now shot. This is the typical rhetoric of today’s youth who are so damn stupid and want everything now. No planning for the future

  11. ‘Phins signed Culpepper so that they could be “politically correct” and say that they have a black QB. Plus, he played at UCF, so that factored in too.

    How’s that working out for ya Miami?

  12. With apologies to the Late, Great, Tennessee Ernie Ford: Ya spend all of your funds, what do ya get, another day older and DEEPER in debt…

  13. belichickdominatedjoemontana says:Jul 17, 2013 1:40 PM

    And you thought Joe Montana benefited from a great WR tandem’??

    Let me introduce you to Daunte in Minnesota my friend….
    ______

    No doubt wide receivers can help a quarterback perform better, but his best season in 2004 was the year Randy Moss was injured most of the season and Cris Carter retired years before. The leading receiver was Nate Burleson. This is a case of the quarterback making the receiver better.

  14. In many cases it’s just cheaper and easier to just put the keys in the mail box and walk away from the property.

  15. well put jrock3x8 & henryjones20. now let me move on to the negative posters. I would love for you negative posters to be promise by your boss, company, whoever/whomever that you were going to make 30 million dollars over 5 years with a 10 million dollar signing bonus. with payments of 5 million for the next four years. I would love to see how you spend your money. people spend well above their means all the time regardless of what they make. so knock it off with the bullsh@t about innercity education and someone being a moron. because you morons would do the same thing if someone were to give you that kind of money.

  16. I dont really have a problem with him buying a 10,000 square foot house, wish I was in a position where that was affordable to me, but what I find strange is having another house across town…

  17. He could get a job as a tour director on Lake Minnetonka with Fred Smoot as the First Mate.

    Hey, one minute you are riding on top of the world with cheap out of state hookers and an adoring if somewhat ignorant fan base and the next thing you know, you are signing your palace over to the bank. That’s a hard fall.

  18. If Brees played for the Dolphins he too would have been lost to obscurity. Brees has done well with the tools they put in place around him in New Orleans. I don’t think the tools to succeed would have been there in Miami had Brees been the Dolphins’ guy. Brees is a great QB but a polished turd (Miami) is still only a turd.

  19. How do these guys do it?

    It’s actually kind of impressive how badly these guys end up. It comical.

    #straightcashhomey

  20. He was lights out in 2004, I’m a viking fan and I was amazed at how good he was. He blew out his knee, decided to re-hab it in Florida and look how that turned out.
    Oh yea….Moss was injured for most of the year with anke injuries.

  21. biggie900 – It’s called called perspective and reality together. You don’t assume that the money will always be there, so you put funds aside for the future and live for the future. You’d like to see how I spend my money? Never made more than $78,000 any year, wife never made more than $63,000 in any year. We live in a year-old 4,500 sq.ft house on an acre and a half, all paid for, have a Kia Sedona (paid for), owe nothing on credit cards, have some money in savings. It’s called living within your means and putting needs ahead of wants. The man with the biggest, most expensive toys doesn’t always win.

  22. I like how people are criticizing him who most likely have faced foreclosure as well. 2006 was when the housing bubble was at its peak and people were tricked enough to buy in so at the time it would look like a good investment.

    Foreclosing is the best thing Culpepper could do, it actually saves him more money.

  23. biggie900: Words to live by. I am retiring after some forty-four years as a public school teacher, never making more than $60,000. My small condo is free and clear, my Saturn is paid for, I have no credit card debt, a fine pension and medical benefits. I am SO amazed at how these pro football players, one after another, can’t put enough of their Monopoly-money salaries aside. It is a stunning demonstration of hubris and lack of discipline. It doesn’t speak well of them taking ownership of their educational processes either.

  24. no sympathy for any athlete who makes the kind of money they do and can’t pay their bills. spare the non guaranteed b.s. the signing bonus IS!they get the big bucks up front and it’s not the clubs fault if they do not perform well enough to earn the rest of it. trust me if somebody gave me 10 million dollars to start I would not blow it all with no promise of more on the way. sure you are going to blow some of it but not the entire amount or so much that I could not pay off my house. in fact buying and paying off my house would be the first thing I would do. no mattered what happens after I would have my dream home that nobody could take away.

  25. flmike says:
    Jul 17, 2013 2:08 PM
    In many cases it’s just cheaper and easier to just put the keys in the mail box and walk away from the property.
    ________________________________
    That’s true. And it’s too bad that things are set up that way. People can file bankruptcy too easily also. I’m not saying there aren’t some situations where it isn’t necessary (ie you lose your job and have a medical emergency, etc), I just think it isn’t necessary as much as it happens.

    I read a financial article recently that said a large portion of people close to retirement have less than 25 k saved up for it. There is a problem in this country with responsibility, it isn’t an athlete only problem.

    Shoeflypie has it right.

  26. A couple of things, first I wish him luck, and hope he comes out of this OK, now my rant, I defended this guy so much back in his Minny days. I thought he was a hell of a talent. But when he went up to the guy in , I think it was Carolina, and thanked him for blowing his knee out to get him out of Minnesota, I lost all respect for him. possibly the dumbest statement ever made by a human being.

  27. Crazy how hard most of us have to prove to get a mortgage at a normal job when NFL players are one night out on the town or a slip in the shower away from going from millionaires to minimum wage earners. Culpepper rushed his injuries and is the case for all the RG3’s and Derick Roses in the world, get healthy because there is no third chances.

  28. The square footage is the number that the incoming rookies need to concentrate on…there is simply no need for anyone to have a house that big…..insurance,heating,cooling,upkeep are never ending and always rising costs …..all for the sake of having rooms you will never enter……bathrooms you will never use except to flush your hard earned money down the toilet….these guys pay a helluva physical price to do what they do and it is sad to see them end up with so little,so often…Hopefully DC has it under control and just walked away from it at the right time….

  29. Shouldn’t have gone for the double gatehouse. (But then he’d have it)

    Seriously though, damn shame, hope he lands on his feet. I’m sure he can get some kind sportscastning job that pays well enough for a “standard rich guy” house, rather than a “multimillionaire athlete” house.

  30. Not sure why people are calling Culpepper dumb and referencing legal problems and an “inner city” school education.

    The guy went to school in the suburbs to a decent, not amazing, school (like most people). Outside of the drama related to the Vikings boat drama, he hasn’t had any off-the-field problems. He purchased a house that was excessive, like many rich folks do (see Lebron James and 50 million dollar house). He got foreclosed like thousands of Americans who got screwed during the housing crisis. Lastly, he signed a +$100 million contract, and probably saw less than half of it due to injuries and poor play.

    The fact that you chalk it up to simple “stupid” says more about you than him and thousands of other Americans who managed to contribute to the U.S. debt issues.

  31. @blackhawks2010 says: Jul 17, 2013 2:08 PM

    Paying $3.6m for a home in South Florida in 2006?! What an idiot. The boom ended in 2004, the market there is a wasteland.

    I think it’s your mind that is a wasteland. You have no idea of what you’re speaking of. Waterfront property in Florida is always highly desired… and expensive.

  32. Every time there’s an article about some athlete being broke after receiving millions of $$$$ folks wonder how this can happen. They then tell the story of how they make/made a fraction of the millions, live well within their means, and don’t understand why it happens to the athletes.

    It starts with a family that supervises their kids, oversees education, and gives them the right tools to succeed. If kids are raised without those things, is blessed with talent, and then gets tons of dough dumped into their laps at 2o something years old, it’s a recipe for overspending on “stuff” along with a posse that mooches off them until they lose everything.

    No surprise there, it’s the same formula over and over.

  33. its very possible that during the housing market boom – which was very much still active in 2006 – he thought the property was a good value.

    then 2008 rolls around and credit default swaps and derivative markets come along and take a dump on the entire banking industry, tax payers foot the bill, and property owners lose a lot of wealth while the banks get flooded with cash to save them from insolvency.

    unfortunately for culpepper, it’s likely he got duped with a bad mortgage, like most of the rest of us americans.

    chalk it up to bad financial management if you want, but with the state of the world today, i don’t believe for a minute that just because they made a lot during their playing days that athletes are any more immune to situations like this than the rest of us.

  34. So…. it’s your money to do with as you wish… I get that. However, I still need to ask… tell me again why one person needs a 9600+ square foot house?

  35. Looking back, the more prudent thing to do would have been to settle for the 8,000 square footer up the street

  36. I’m assuming why the question of ‘why you need such a big house’ applies to all. These millionaire athletes have every right to buy whatever size house they want regardless of how many in the family. It’s still relative to your income and other resources. Brady and his wife built a 22,000 square home for two people now three at over $20 million. You don’t question that because he has the money. Most players buy the mega mansions. Culpepper had the money for his 9600 sf home at the time. He like many got caught in the housing bubble and maybe he couldn’t get rid of it even as a small loss. His career going down hill did not help.

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