bornadog
10-11-2013, 03:42 PM
How AFL star Brendan Fevola lost his fortune because of gambling (http://www.heraldsun.com.au/news/how-afl-star-brendan-fevola-lost-his-fortune-because-of-gambling/story-fni0fiyv-1226756572809)
BRENDAN Fevola was once footy's most bankable star - his dead eye in front of goals earned him about $6 million throughout his AFL career and his larger-than-life personality ensured a juicy contract with The Footy Show.
He was kitted out by sportswear giant Nike, owned swanky Melbourne restaurant Fellini and there were always luxury cars or holiday apartments at his disposal.
Even after his AFL career imploded, he could cash-in on his profile with gigs on Dancing with the Stars and a steady stream of paid TV and magazine interviews.
But now, according to his own bankruptcy filing one of the few substantial things left to his name is his retirement savings.
The 32-year-old was made bankrupt in October and he now attests to having $5000 in a Commonwealth Bank account. There is no real estate, no shares, no car, nor jewellery in his name.
Much of Fevola's fortune was gambled away. He admitted to losing about $1 million on the punt including one day-long losing spree tallying $365,000.
Fevola was paid-out about $1 million when sensationally sacked by the Brisbane Lions in 2011 after a scandalous 12 months, which included the Lara Bingle nude photo scandal and a stint in rehab after a New Year's Day arrest.
But has the man once fined $10,000 by his former club Carlton for urinating on a restaurant window really drained his whole fortune down the gutter?
His superannuation fund has an extraordinarily healthy balance of $165,000, his bankruptcy declaration said. He also gave his 50 per cent stake in a $750,000 home near Melbourne to his wife Alex in December last year.
His bankruptcy trustee, Mark Pearce of Pearce and Heers, will examine transactions before Fevola's bankruptcy to see if anything can be recovered for creditors.
Bankrupts must lodge a report with the Australian Financial Security Authority. Fevola's so far lists creditors totalling $74,162.50 - none are bookies, but he owes $13,000 on an NAB credit card and $3162.50 to the taxman.
One "Brisbane (unknown)" creditor owed $13,000 appears to be builder Lou Menniti, who helped tip Fevola into bankruptcy by suing him in Brisbane's Federal Circuit Court.
Mr Menniti had lent money to Fevola to help with his children's private school fees.
Another creditor is named "Irish (unknown)". Court documents show Irishman Paul Murray had joined that legal action as a supporting creditor, stating Fevola owed him Euro31,611.93 ($A45,517.81).
The debt came in a separate 2010 Irish court ruling based on "personal injuries" - Fevola had infamously been captured on security camera putting Mr Murray, a barman, in a headlock in an Irish pub.
Fevola now writes he was renting a home in Victoria. He filled in "N/A" when asked his occupation.
He had a family trust, linked to a licence-marketing services company, with no assets but paying him a $33,760 distribution in 2012.
Fevola has been in discussions with Mr Pearce, his trustee, about making arrangements to repay all creditors. Fevola did not want to comment last week. "It's not really a story," he said.
BRENDAN Fevola was once footy's most bankable star - his dead eye in front of goals earned him about $6 million throughout his AFL career and his larger-than-life personality ensured a juicy contract with The Footy Show.
He was kitted out by sportswear giant Nike, owned swanky Melbourne restaurant Fellini and there were always luxury cars or holiday apartments at his disposal.
Even after his AFL career imploded, he could cash-in on his profile with gigs on Dancing with the Stars and a steady stream of paid TV and magazine interviews.
But now, according to his own bankruptcy filing one of the few substantial things left to his name is his retirement savings.
The 32-year-old was made bankrupt in October and he now attests to having $5000 in a Commonwealth Bank account. There is no real estate, no shares, no car, nor jewellery in his name.
Much of Fevola's fortune was gambled away. He admitted to losing about $1 million on the punt including one day-long losing spree tallying $365,000.
Fevola was paid-out about $1 million when sensationally sacked by the Brisbane Lions in 2011 after a scandalous 12 months, which included the Lara Bingle nude photo scandal and a stint in rehab after a New Year's Day arrest.
But has the man once fined $10,000 by his former club Carlton for urinating on a restaurant window really drained his whole fortune down the gutter?
His superannuation fund has an extraordinarily healthy balance of $165,000, his bankruptcy declaration said. He also gave his 50 per cent stake in a $750,000 home near Melbourne to his wife Alex in December last year.
His bankruptcy trustee, Mark Pearce of Pearce and Heers, will examine transactions before Fevola's bankruptcy to see if anything can be recovered for creditors.
Bankrupts must lodge a report with the Australian Financial Security Authority. Fevola's so far lists creditors totalling $74,162.50 - none are bookies, but he owes $13,000 on an NAB credit card and $3162.50 to the taxman.
One "Brisbane (unknown)" creditor owed $13,000 appears to be builder Lou Menniti, who helped tip Fevola into bankruptcy by suing him in Brisbane's Federal Circuit Court.
Mr Menniti had lent money to Fevola to help with his children's private school fees.
Another creditor is named "Irish (unknown)". Court documents show Irishman Paul Murray had joined that legal action as a supporting creditor, stating Fevola owed him Euro31,611.93 ($A45,517.81).
The debt came in a separate 2010 Irish court ruling based on "personal injuries" - Fevola had infamously been captured on security camera putting Mr Murray, a barman, in a headlock in an Irish pub.
Fevola now writes he was renting a home in Victoria. He filled in "N/A" when asked his occupation.
He had a family trust, linked to a licence-marketing services company, with no assets but paying him a $33,760 distribution in 2012.
Fevola has been in discussions with Mr Pearce, his trustee, about making arrangements to repay all creditors. Fevola did not want to comment last week. "It's not really a story," he said.