Drew and the Bling.

[MilwaukeeBoilerFan]

http://www.nola.com/saints/index.ssf/2018/04/drew_brees_jewelry_lawsuit_ite.html#incart_river_index

Drew got hammered on the radio sports talk (Czaban) this a.m. categorizing him along with other NFL ballers that lose money faster than they earn it. Czaban acknowledges Drew is smart, but made a very bad investment and was surprised he did it. Can't say that I disagree. Stay away from the bling thing.

 

[JohnnyDoeBoiler]

http://www.nola.com/saints/index.ssf/2018/04/drew_brees_jewelry_lawsuit_ite.html#incart_river_index

Drew got hammered on the radio sports talk (Czaban) this a.m. categorizing him along with other NFL ballers that lose money faster than they earn it. Czaban acknowledges Drew is smart, but made a very bad investment and was surprised he did it. Can't say that I disagree. Stay away from the bling thing.

Did you know that Drew owns every Jimmy John's in the NOLA area? I'd say that's likely a pretty good investment that probably has returned more than the $8.05 million he is behind here. I think Shaq likely had a few bad investments throughout his playing days and even after...but he appears to be doing just fine now as his net worth has now ballooned up to $400 million thanks in large part to a string of great investments (car washes, Five Guys burgers, fitness centers, nightclubs, and real estate companies).

I think Drew will be just fine considering he made $24.5 million last year in salary alone...not including his endorsement deals that are likely north of $12 million per year.

 

[KentuckyBoiler]

There is such a huge markup on jewelry, especially custom pieces. He might have trusted this jeweler when he got his appraisal of what this worth. He might have had to get a second appraisal for insurance reasons and that is when he found out about the difference. He should have gotten a second appraisal when it was originally purchased.

I saw some people saying he has a cash flow problem and that is the reason for this lawsuit. I feel that claim is total BS. I don’t see Drew being a free spending celebrity/athlete like others can be.

 

[boilermaker75]

He could always sell the jewelry and harvest the tax loss.

Although Brittany may have something to say about that!

 

[nat100]

There is such a huge markup on jewelry, especially custom pieces. He might have trusted this jeweler when he got his appraisal of what this worth. He might have had to get a second appraisal for insurance reasons and that is when he found out about the difference. He should have gotten a second appraisal when it was originally purchased.

I saw some people saying he has a cash flow problem and that is the reason for this lawsuit. I feel that claim is total BS. I don’t see Drew being a free spending celebrity/athlete like others can be.

Net worth and cash flow are two different things. He may have a lot of his cash locked up in illiquid investments.

 

[KentuckyBoiler]

I realize that. However, as a fellow Krannert graduate like Drew, I don’t see him being like that with what Krannert teaches. However, I don’t know him personally, maybe he does have it all tied up.

 

[JohnnyDoeBoiler]

I realize that. However, as a fellow Krannert graduate like Drew, I don’t see him being like that with what Krannert teaches. However, I don’t know him personally, maybe he does have it all tied up.

I'd find it hard to believe the Saints organization wouldn't float him a 'loan' if cash flow as a problem. Hell, Keady was constantly getting paid a month in advance because of that problem due to he and his wife having some extravagant spending tendencies.

 

[cinboiler]

http://www.nola.com/saints/index.ssf/2018/04/drew_brees_jewelry_lawsuit_ite.html#incart_river_index

Drew got hammered on the radio sports talk (Czaban) this a.m. categorizing him along with other NFL ballers that lose money faster than they earn it. Czaban acknowledges Drew is smart, but made a very bad investment and was surprised he did it. Can't say that I disagree. Stay away from the bling thing.

There is such a huge markup on jewelry, especially custom pieces. He might have trusted this jeweler when he got his appraisal of what this worth. He might have had to get a second appraisal for insurance reasons and that is when he found out about the difference. He should have gotten a second appraisal when it was originally purchased.

I saw some people saying he has a cash flow problem and that is the reason for this lawsuit. I feel that claim is total BS. I don’t see Drew being a free spending celebrity/athlete like others can be.

 

[cinboiler]

Unfortunately sounds like drew has invested 15 million in jewelry that is not worth 15 million. After obtaining other appraisals finds this out and confronts the so called friend/jeweler. Guy tells him tough luck. I do not think he will be able to collect, but hopefully will bring to light the scam. If he did it to Drew, he has done it to others.

 

[SKYDOG]

Good luck when investing in jewelry. Most will give an appraisal, but when you want to convert the jewelry to cash expect to get about ten cents on the dollar from the jeweler. Only way to try and get a fair shake is on eBay or something of the sort.