Scottie Pippen, a former professional basketball player, is undoubtedly considered one of the best players of the 1990s. Pippen participated in the National Basketball Association for a total of 17 seasons, winning six of them with the Chicago Bulls.
Along with the famous Michael Jordan, he is regarded as one of the most significant players in the club’s history.
Scottie Pippen reportedly has a $20 million net worth. Although calling Pippen affluent simply belies the extent of his wealth, which still exceeds $100 million, his net worth is insignificant in comparison to his earnings over the course of his career.
Take a look at why Scottie Pippen’s is lower than expected.
Why Scottie Pippen’s Net Worth Is only $20 Million?
Scottie Pippen’s net worth is not as large as one may anticipate, despite the fact that his career earnings alone were over $100 million. Following his retirement, the six-time NBA champion entered the company with a terrible financial advisor. Pippen ultimately had to pay millions of dollars for the decision.
Even though the financial advisor received a three-year prison sentence for bank fraud, it did not help Pippen, who had more than $20 million stolen from him. Forging Pippen’s signature on a $1.4 million cheque to settle his personal debts was one of the criminal offenses for which his former financial advisor was imprisoned.
In addition to losing a lot of money, Pippen also paid child support. Eight children have been born to the seven-time All-Star with four different women. Pippen spent practically his entire career making child support payments, despite the fact that one of those children went away nine days after birth and another passed away last year at the age of 33.
Check out Scottie Pippen’s highlights below:
Scottie Pippen’s Net Worth Hit by Chicago Bulls’ Worst Contract
Following the 1990–1991 season, Scottie Pippen signed a contract extension with the Chicago Bulls, which had an effect on his overall wealth. When the Bulls re-signed Pippen to a seven-year, $18 million contract extension, they had just won their first NBA title in team history, led by Pippen and Michael Jordan.
Despite owner Jerry Reinsdorf’s advice not to sign the contract, Pippen, who was about to turn 26 and had come from humble beginnings, chose the long-term financial security. With his first season contract, Pippen became the 16th most-paid player in the NBA, which is fair considering that he had only been selected to one All-Star, one All-Defensive, and zero All-NBA teams.
After agreeing to his new contract, Pippen would blossom and make the All-NBA Team each of the following seven years. He also made the All-Star Team in the first six seasons of the contract, as well as the All-Defensive Team every year for the following nine.
Over the span of his contract, the number of NBA contracts exploded as well. By the end of the second year of his new contract, Pippen was the eighth highest-paid player in the NBA. He fell to 24th in year three and 91st in year four, though. Pippen briefly climbed to 74th place in year five before completely disappearing from the list of the top 100 highest-paid athletes.
Pippen was the 122nd and 128th highest-paid player during the final two years of his deal, respectively. In spite of being the Bulls’ second-best player over those final two seasons, he received merely the sixth-highest salary on the team.
After his Bulls extension expired, Pippen agreed to a five-year, $67.2 million deal with the Houston Rockets, but the seven-year deal limited his ability to earn money throughout his career.
Check out Scottie Pippen’s top ten dunks below:
Scottie Pippen’s Financial Advisor Scandal
It has been claimed over the years that Scottie has run into financial issues at various stages after retiring. Some media sites have even gone so far as to assert that Pippen was bankrupt not long after leaving the NBA.
Our sources claim that those assertions are significantly overstated or even outright lies. That is not to suggest that Scottie hasn’t encountered some financial snags.
The biggest speed bump was caused by Robert Lunn, a former financial advisor. In 2016, Pippen filed a lawsuit against Lunn, alleging that the advisor had wasted $20 million of his funds.
Lunn had been highly recommended by the Bulls. Pippen discovered that the advisor had stolen his savings and committed bank fraud less than a year after hiring Lunn.
According to reports, Lunn provided a friend with a murky past of more than $7 million to invest in real estate. The property developer quickly filed for bankruptcy and took the funds with him.
Pippen reportedly received advice from Lunn to spend $4 million on a Gulfstream private jet. It turned out that the jet was broken, and it would cost an additional $1 million to get it airworthy.
On several counts of fraud, including forging Pippen’s signature on a $1.4 million loan that Lunn used to settle personal debts, Lunn received a three-year jail term in March 2016.
For $2.225 million, Scottie and Larsa Pippen acquired a 10,000-square-foot house in Highland Park, a lakefront Chicago neighborhood, on 2.6 acres. For $3.1 million, Scottie listed it on the market in 2016. Having been on the market for three years, he reduced the price to $1.899 million.
The property, which was constructed in 2003, features six bedrooms, five and a half baths, a home cinema, a sauna, a game room, a brick wine cellar, and an indoor basketball court that was specially made and has a picture of Scottie Pippen’s Chicago Bulls jersey inscribed on the floor.
Prior to this, Pippen possessed a mansion in South Florida that fluctuated in value from $16 million in 2010 to the present. The house was formerly made available as a lavish rental for $40,000 a month.
One of Fort Lauderdale’s most upscale districts, Harbor Beach, is where the mansion in the Venetian style is situated. It has views of a canal that extends directly into the ocean. The house has lakefront views, a pool, a basketball court, a gourmet kitchen, a game room, and a movie room. It was built in 2003.
In September 2021, Scottie eventually sold this house for $10.54 million.
Scottie Pippen’s net worth is lower than expected due to a combination of factors, including poor financial advice, child support payments, and signing a long-term contract with the Chicago Bulls that limited his earning potential.
His financial advisor’s fraud resulted in a loss of over $20 million. Despite this, Pippen is still considered one of the greatest basketball players of all time.
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