Gilbert Arenas signed an infamous $111 million contract with the Washington Wizards and it’s finally about to expire. The former NBA baller says he will be so poor, he won’t be able to afford private school for his kids.
Arenas signed the six-year guaranteed contract back in 2008, but the Wizards used the amnesty agreement to stretch out the payments over eight years. According to new court filings in his family law case, obtained by TMZ Sports, Arenas will get his last installment on October 31st.
The problem according to Arenas is, he’ll only earn $169,895 per year in investment income, not enough to live the lifestyle he’s used to, so he says he’ll have to make some serious cuts. One of the items on the chopping block is the private school where he sends his kids, which cost $91,600 per year.
“I anticipate that the children will need to transfer to public schools in 2017 and beyond.”
Arenas, reportedly made more than $160 million during his NBA career, not including the millions more in endorsements.
Back in 2013, he spoke with a TMZ photog about his infamous contract and the extra money he’s making with investments. Where did it all go?
