Sunday, August 3, 2014

Olympic Gold Medal up for grabs at USD35K

Many times we hear of poor financial planning from the rich and the recent news have proved once again it's still in existence.

Here is the story extracted out:

In 1993, when he was drafted by the Milwaukee Bucks in the years before rookie-scale contracts, Vin Baker signed a 10-year agreement with the team. That deal included an opt-out after the sixth season, by which time Baker had made nearly $17.3 million. He then signed a seven-year, $86.7 million contract with the Seattle SuperSonics, though he chose to negotiate an opt-out settlement after five years in order to make himself a free agent, strangely negating the final two years of the deal. The smaller contracts Baker played on over his final few seasons put his official career earnings at nearly $100 million.
Half of that career was spent disappointing his teams and various fan bases, as Baker struggled with weight issues and an admitted alcohol problem. Though he made four consecutive All-Star teams from 1995-98, Baker’s confidence tailed off in the 1997-98 season (especially at the free-throw line), and his weight ballooned extensively in the lockout months following that campaign.
Baker was still held in high enough regard in 2000 to be awarded a spot on Team USA’s men’s basketball entry at that year’s Summer Olympics. Though the team isn’t as fondly remembered as other recent Olympic outfits, it still earned a gold medal in the tournament.
According to Grey Flannel auctions, via Sports Illustrated, Baker has decided he doesn’t need his medal any more, and he’s deciding to put it up for auction. From the Gray Flannel description:
The gold-plated silver medal weighs 6.85 oz, is 5mm thick and measures 68mm across. It is attached to a 39” turquoise-blue ribbon embroidered with “SYDNEY 2000” in silver. The medal features a design by Australian designer Wojciech Pietranik; it depicts Nike, the Greek goddess of victory, seated above the stadium and chariot along with “XXVII OLYMPIAD SYDNEY 2000”. This translates to “Games of the 27th Olympiad Sydney 2000”. The artist’s initials “WP” appear at the bottom of the design in relief. The verso of the medal features the Olympic rings along with an image of the Sydney Opera House and an Olympic torch. “BASKETBALL” and “MEN” have been engraved along the perimeter. The medal is in MINT condition and comes in a white leather case.
The minimum bid starts at $35,000, and the auction runs until Aug. 20.
So for those of you wanting to own an olympic medal, all you need is 35K ;)

1 comment:

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