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Boris Becker: Riches to Rags

IndianMoney.com Research Team | Posted On Friday, June 28,2019, 10:49 AM

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Boris Becker: Riches to Rags

 

 

Boris Franz Becker, a 51-year-old former World No.1 professional tennis player from Germany, is now bankrupt after enjoying a glorious tennis career. It is hard to believe, but this is true! How did this happen? The whole World wants to know. How could such a rich man, lose all his wealth?

In the year 2017, Boris Becker, who enjoyed a successful tennis career and won 6 grand slam titles, 49 singles titles and 15 doubles titles was declared bankrupt. Reports say he sought immunity from the Central African Republic, which is one of the poorest countries in the World. Boris Becker claims he has been appointed as a diplomat by the Central African Republic, which grants him diplomatic immunity. Boris Becker the youngest Wimbledon champion ever, is auctioning medals, cups, watches and photographs to clear his dues.

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Boris Becker: Riches to Rags

How Did Boris Becker Become Bankrupt?

  • Boris became bankrupt because of poor financial planning and a lavish lifestyle. His net worth was once estimated to be £160 million (Money from match winnings and sponsorship deals). When he divorced his wife Barbara, she got an out-of-court settlement of £12 Million.
  • Boris Becker agreed to pay a generous amount to a Russian model who gave birth to his daughter, Anna.
  • As per claims in the German media, the legend lost millions of pounds because of undesirable investments in the Nigerian oil industry. He finally reached a stage where he was not able to pay off debts and was declared insolvent.
  • He enjoyed a luxurious lifestyle when he was young and at the peak of his career. He had several expensive homes and fast cars and he also had a great passion for expensive art and taste for fine dining at the best of restaurants across the world. In 2001, the tennis star was accused of tax evasion and in 2002, the star was declared guilty of it. The Boris Becker Business Tower venture in Dubai in 2011 did fetch the desired income.

Boris Becker to Auction his Souvenirs and Trophies to Clear his Debts

Boris Becker had finally decided to auction his trophies and souvenirs to clear off his huge debts. This is an online auction in association with British firm Wyles Hardy. According to sources, the tennis player is planning to auction 82 items, including his photographs, medals, watches and cups. The auction is expected to close on 11th July 2019.

Learning From the Mistakes of Boris Becker

Famous sports personalities or celebrities lead lavish lives. They buy expensive things as they earn huge income. Soon they land in debt. The same holds true even for commoners. If you enjoy a lavish lifestyle, make sure it doesn’t affect creditworthiness. Tax planning is very important for people with high net worth to avoid facing financial difficulties like tennis star Boris Becker.

The rich usually prefer investing in various projects, just like Boris Becker did. The investments made be it in major or minor projects, must be managed properly to get the desired result. When a particular investment or project is not doing well, it needs immediate attention to minimize losses. The famous tennis player had failed to manage personal finances and he did not get the desired return from his investments. Even common people who make either a small or major investment, must be careful to avoid facing financial difficulty or losses in the future.

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