Vince Young Is Auctioning His Possessions Because He's In So Much Debt
Jewelry, furniture, and artwork were documented for valuation. Young will be able to keep up to $60,000 worth of his possessions as exemptions but the rest will be publicly auctioned.
According to New York firm Pro Player Funding, Young took out a loan in 2011 during the NFL lockout. Young then defaulted on that loan and the firm obtained the judgement against Young in July 2012.
Young claims he is a victim to fraudulent financial advising and has sued his former agent and financial planner in the past. Ronnie Peoples, the former financial planner, has sworn under oath that Young took the loan to finance a $300,000 birthday party.
Young signed a contract that included $25.7 million guaranteed when he was drafted third overall by the Tennessee Titans in 2006. A BCS champion with Texas, Young struggled in the pros and has not played a down since 2011.
The fact that Young took the loan during the lockout suggests he might have run out of money during the extended offseason, something many players experienced. Pro Player Funding gave out high risk loans accompanied by 18-36 percent interest to several NFL players during the lockout and many have struggled to pay the money back.