Former Raiders' QB is losing his home to foreclosure.

[R8RFAN]

http://www.nbcbayarea.com/news/sports/Own-JaMarcus-Russells-Oakland-Mansion--117358698.html?dr

JaMarcus Russell's return to greatness isn't going as well as planned.

The former No. 1 pick of the Oakland Raiders, famous for wearing mink coats and taxing a heavy toll on the team's bench, needs to find a job soon.

Foreclosure proceedings have started on Russell's Oakland mansion, according to TMZ. If the former LSU star can't come up with $195,512.05 in backed mortgage payments in the next three months, his house will be auctioned off.

Russell purchased the house in 2007 for $3 million before he even signed his contract with the Raiders.

[BigMeatballDave]

What a moron. He had the cash. Why didnt he just buy it outright?

[LiveSteam]

What a stupid

[DJ's left nut]

What a moron. He had the cash. Why didnt he just buy it outright?

Had to save it to buy a G5.

And Purple Drank isn't cheap.

[R8RFAN]

he will be on outside the lines in a couple years broke and in a ditch and on his way or in prison.... watch and see

[BigMeatballDave]

Purple Drank? Never heard of that before.

[R8RFAN]

Purple Drank? Never heard of that before.

Codeine Syrup

[Skyy God]

Purple Drank? Never heard of that before.

Let me guess.... you're white, 40-50, and live under a rock? ;)

[Bowser]

Jesus, what a waste.

[Mr. Laz]

Nice ROFL

[kepp]

How much guaranteed $$ did he get? How do you go through it that quick?

[R8RFAN]

How much guaranteed $$ did he get? How do you go through it that quick?

30 some million guaranteed

[blaise]

He says he was the victim of fraud. He was promised a McMansion, but discovered it wasn't made out of hamburgers.

[RealSNR]

I remember an interview ESPN did when Russell and Bowe got drafted in the first round. The story angle was championship QB-WR duo at LSU now split up in the NFL between two intense rivals. So they asked Jabadfat who was going to have the better career and he (not jokingly, in a totally serious tone) said something like, "Oh come on. I'm obviously going to have an amazing career with the Raiders and pound Dwayne's Chiefs every year"

[BigMeatballDave]

Let me guess.... you're white, 40-50, and live under a rock? ;):thumb: I am white and 40. Not quite under a rock. Not familiar with street pharmacology.

[Rain Man]

How much guaranteed $$ did he get? How do you go through it that quick?

That big ol' ugly necklace probably took half of it. As pathetic as it is to see this implosion, you have to laugh at how bad that necklace was, and how expensive it probably was.

http://friendsoftheprogram.net/wp-content/uploads/2010/02/jr.bmp

This is the only picture I can find, and I'm not sure that's the same necklace. I thought he had one that actually had a cartoon diamond #2 overthrowing a football.

[PunkinDrublic]

I'm suprised Oakland has mansions.

[REDHOTGTO]

what a moron, i cant feel sorry for a dumbass like this , give me 30mil and come back in 5 yrs, see how much i got then !

[blaise]

After conquering the word of NFL busts, he's turning his attention to real estate busts.

[morphius]

That big ol' ugly necklace probably took half of it. As pathetic as it is to see this implosion, you have to laugh at how bad that necklace was, and how expensive it probably was.

http://friendsoftheprogram.net/wp-content/uploads/2010/02/jr.bmp

This is the only picture I can find, and I'm not sure that's the same necklace. I thought he had one that actually had a cartoon diamond #2 overthrowing a football.
And after spending all that money on it, he went off and made it worthless, because nobody is going to want to buy anything with his name on it.

[ModSocks]

I remember an interview ESPN did when Russell and Bowe got drafted in the first round. The story angle was championship QB-WR duo at LSU now split up in the NFL between two intense rivals. So they asked Jabadfat who was going to have the better career and he (not jokingly, in a totally serious tone) said something like, "Oh come on. I'm obviously going to have an amazing career with the Raiders and pound Dwayne's Chiefs every year"

The fact that they're friends is scary. The thought of Bowe throwing away his money while hanging out with a moron like Jamarcus....ughhh......

[Frazod]

I'm suprised Oakland has mansions.

Perhaps it's just the top two floors of a project high rise.

[Lzen]

Let me guess.... you're white, 40-50, and live under a rock? ;)

Hold on, bro. I'm white and not quite 40 but I love Dave Chappelle.

[ModSocks]

Im excited about his comeback. Hopefully the Donkies pick him up in the offseason.

[WebGem]

lol @ you guys acting like he has no money at all

[DaneMcCloud]

What a moron. He had the cash. Why didnt he just buy it outright?

Buying a home with cash is a terrible waste of money.

A good money manager can easily double $3 million dollars in 10 years, something that is very unlikely to happen with a home purchase.

If all he owes is $192k, I don't understand why the home hasn't been put on the market and sold. Even with home prices in Bay area shrinking over the past few years, he should be able to sell it for a few million or better yet, rent it for $10-20k per month.

[threebag]

He says he was the victim of fraud. He was promised a McMansion, but discovered it wasn't made out of hamburgers.

http://t1.gstatic.com/images?q=tbn:ANd9GcRn88FwPeCLuPNmT4C3SM82qrmqMhNnEXe68Pfuz_6EuLzcHb7g

FUCKING HAMBURGLAR!!!

http://t3.gstatic.com/images?q=tbn:ANd9GcRz8eLLZ-VLUDudBq_VKK47ww3DYz1nYJfDhi599nuTlVqjMzbp

[RealSNR]

Buying a home with cash is a terrible waste of money.

A good money manager can easily double $3 million dollars in 10 years, something that is very unlikely to happen with a home purchase.

If all he owes is $192k, I don't understand why the home hasn't been put on the market and sold. Even with home prices in Bay area shrinking over the past few years, he should easily walk away with $2 million.That's what a smart person would do, yeah? That's not really how Jalardjelly rolls

[beach tribe]

After watching him play, I just cannot figure out in the hell he was drafted #1 overall.

Leaf was a head case. Couch was awesome in college, but didn't pan out, but how in the hell did JR come to be the top pick.

Dude couldn't hit a RB in the flats. He is bar none the worst QB I have ever seen take the field. That includes ALL QBs. Not just high round busts. My jaw would just hang in disbelief when I watched him play. It was just that unbelievably bad.
I never watched him play in college, and haven't looked at his #s.
If it would have been anyone other than the Raiders, who undoubtedly just saw that he had a cannon, but didn't realize that the cannon didn't have any rifling inside, would he have been the #1 overall? Would he have gone top 10?
I'm totally ignorant as to how he was so highly touted. Just know that what I saw on the field was, again, unbelievable.



Not to mention the Faid signed him to an $80 mil contract LMAO. Wow. Just Wow.

['Hamas' Jenkins]

30 mill guaranteed. Lop 40% off the top. That gives him 18. take another 5% for agent fees of the full total, that's 1.5.

$16.5 million and the guy pissed it all away.

The NFLPA really should mandate that all their players have semi-regular meetings with financial advisers that are union-approved so that these guys know what and where their damned money is going.

[Over-Head]

http://www.nbcbayarea.com/news/sports/Own-JaMarcus-Russells-Oakland-Mansion--117358698.html?dr

JaMarcus Russell's return to greatness isn't going as well as planned.

The former No. 1 pick of the Oakland Raiders, famous for wearing mink coats and taxing a heavy toll on the team's bench, needs to find a job soon.

Foreclosure proceedings have started on Russell's Oakland mansion, according to TMZ. If the former LSU star can't come up with $195,512.05 in backed mortgage payments in the next three months, his house will be auctioned off.

Russell purchased the house in 2007 for $3 million before he even signed his contract with the Raiders.
ROFLROFLROFL

[WebGem]

If all he owes is $192k, I don't understand why the home hasn't been put on the market and sold. Even with home prices in Bay area shrinking over the past few years, he should be able to sell it for a few million or better yet, rent it for $10-20k per month.

It said 192k in backed mortgage payments. That may be the amount to bring it current. He could owe a lot more than that.

[Phobia]

I remember an interview ESPN did when Russell and Bowe got drafted in the first round. The story angle was championship QB-WR duo at LSU now split up in the NFL between two intense rivals. So they asked Jabadfat who was going to have the better career and he (not jokingly, in a totally serious tone) said something like, "Oh come on. I'm obviously going to have an amazing career with the Raiders and pound Dwayne's Chiefs every year"

The difference is Bowe bought a somewhat modest house in Lee's Summit for less than half a mill.

[Over-Head]

After watching him play, I just cannot figure out in the hell he was drafted #1 overall.

I'm totally ignorant as to how he was so highly touted.
Just know that what I saw on the field was, again, unbelievable.



.


like this:

http://www.youtube.com/watch?v=ai6mS2ONzU4&NR=1

http://www.youtube.com/watch?v=saLKcfFiCJ0&feature=related

http://www.youtube.com/watch?v=mx1iaBhEujY&feature=fvwrel

Thats how. Al loves the deep ball, always did, always will.
hey he fooled everyone, even his agent.
Oh it was 60 mill not 80 ;)

[HoneyBadger]

I'm suprised Oakland has mansions.

Also known as jails.

[beach tribe]

like this:

http://www.youtube.com/watch?v=ai6mS2ONzU4&NR=1

http://www.youtube.com/watch?v=saLKcfFiCJ0&feature=related

http://www.youtube.com/watch?v=mx1iaBhEujY&feature=fvwrel

Thats how. Al loves the deep ball, always did, always will.
hey he fooled everyone, even his agent.
Oh it was 60 mill not 80 ;)

I knew about the arm, but he really looks good in the longer highlight video too. How do you go from that, to overthrowing a swing pass by 10 yards? Mind Boggling.
I think it was the huge payday, confidence issue, a 2cent brain, and a "1st of the month" work ethic

[Over-Head]

I knew about the arm, but he really looks good in the longer highlight video too. How do you go from that, to overthrowing a swing pass by 10 yards? Mind Boggling.
I think it was the huge payday, confidence issue, a 2cent brain, and a "1st of the month" work ethicPersonally, I think he either figured in hs mind, he was that good, or
B) Pulled the greatest caper of all time in pro sports. The boy actually managed to "almost" steal 30 Million dollars with obviously NO intention of ever earning it.
Now granted even Montana in his prine couldn't have made that Raiders team anything but 8-8, but still.
Theres 1 story they gave JR a DVD of "new plays", asked him to look at em and tell his view at teh next meeting. The DVD was blank. When asked he said , yeah I looked at em.:doh!:

Only problem with his scheam, it ended before he got the rest of his cash

[DaneMcCloud]

It said 192k in backed mortgage payments. That may be the amount to bring it current. He could owe a lot more than that.

Right, but he should be able to put it on the market today and pay his remaining balance.

Why lose equity?

[DJ's left nut]

Buying a home with cash is a terrible waste of money.

A good money manager can easily double $3 million dollars in 10 years, something that is very unlikely to happen with a home purchase.

If all he owes is $192k, I don't understand why the home hasn't been put on the market and sold. Even with home prices in Bay area shrinking over the past few years, he should be able to sell it for a few million or better yet, rent it for $10-20k per month.

Dave Ramsey thinks your and idiot.

(For the record, I think Dave Ramsey is a fuckstick snake-oil salesman that dupes the stupid, but that's just me...)

[Over-Head]

Right, but he should be able to put it on the market today and pay his remaining balance.

Why lose equity? Come on Dane, do you honestly think the man understands "equity"

[Saul Good]

Right, but he should be able to put it on the market today and pay his remaining balance.

Why lose equity?

He's probably upside down in it. Think about what has happened to housing prices since then.

[BigMeatballDave]

Buying a home with cash is a terrible waste of money.

It is? Admittedly, I'm very ignorant on this stuff. I just figured you save a ton on interest.

[WV]

Your thread title is flawed.....JM was never a QB. You should put that in "".

[R8RFAN]

I knew about the arm, but he really looks good in the longer highlight video too. How do you go from that, to overthrowing a swing pass by 10 yards? Mind Boggling.
I think it was the huge payday, confidence issue, a 2cent brain, and a "1st of the month" work ethic

I think he was on the Purple Drank during games

[R8RFAN]

It is? Admittedly, I'm very ignorant on this stuff. I just figured you save a ton on interest.

You do, buy it cash if you got the money, if you don't then finance it.

[RNR]

Glad to hear it! F$ck that shit bag~

[DaneMcCloud]

He's probably upside down in it. Think about what has happened to housing prices since then.

Maybe. It would depend on where his property is in the Bay area, the size, etc.

Most properties valued at $1.5 or more before the crash were barely affected in SoCal. As a matter of fact, many properties in that range have actually increased in value.

But I do believe housing dropped a few percentage points on the East Bay since 2008.

[DaneMcCloud]

It is? Admittedly, I'm very ignorant on this stuff. I just figured you save a ton on interest.

It really depends.

If you're talking about a home that was purchased for $200k or less that hasn't lost any value and is gaining equity each year, depending on your yearly income, it could be advantageous to pay it off sooner than the note (say 15 years versus 30 or 10 years versus 15).

But, if you're someone either earning millions of dollars or that has received millions of dollars through an advance, buyout, or whatever, the rules are drastically different.

If someone were to give you $15 million dollars tomorrow, spending $3 million outright on a home that may decrease in value is not a wise investment. You're far better off putting 20% down ($600k) and investing the other $2.4 million.

A modest 8% can be earned through stock diversification (I personally earned 28% in 2010, so 8% is way low), so you're looking at simple interest of $192k per year, which should more than cover the expense of mortgage, property tax, insurance, etc.

And, you're going to continue to earn money on that $2.4 million that you didn't spend to purchase your home outright. And you'd still need to pay property tax, insurance, utilities, etc., all of which (and more) could be covered by investing that money.

[WV]

It really depends.

If you're talking about a home that was purchased for $200k or less that hasn't lost any value and is gaining equity each year, depending on your yearly income, it could be advantageous to pay it off sooner than the note (say 15 years versus 30 or 10 years versus 15).

But, if you're someone either earning millions of dollars or that has received millions of dollars through an advance, buyout, or whatever, the rules are drastically different.

If someone were to give you $15 million dollars tomorrow, spending $3 million outright on a home that may decrease in value is not a wise investment. You're far better off putting 20% down ($600k) and investing the other $2.4 million.

A modest 8% can be earned through stock diversification (I personally earned 28% in 2010, so 8% is way low), so you're looking at simple interest of $192k per year, which should more than cover the expense of mortgage, property tax, insurance, etc.

And, you're going to continue to earn money on that $2.4 million that you didn't spend to purchase your home outright. And you'd still need to pay property tax, insurance, utilities, etc., all of which (and more) could be covered by investing that money.

Not too mention when you have that much money you need every tax right off you can get.

[Ugly Duck]

It said 192k in backed mortgage payments. That may be the amount to bring it current. He could owe a lot more than that.

He bought at the real estate peak & now owes way more than he can sell it for. Lived in it for a while, let the payments back up & then walked away. Kinda used it as a high-priced rental... gave 'em a down-payment & then just partied on bathing in cough syrup & eating diamonds for breakfast.

http://www.modresdes.com/wp-content/uploads/2010/03/margarido-house-in-oakland-california.jpg

[Chief Pote]

Let me guess.... you're white, 40-50, and live under a rock? ;)

<iframe title="YouTube video player" width="480" height="390" src="http://www.youtube.com/embed/v17lMr0j2D8" frameborder="0" allowfullscreen></iframe>

[ClevelandBronco]

Not too mention when you have that much money you need every tax right off you can get.

Close, but having that much money isn't the problem. You're not taxed on money you have.

[Three7s]

If he had any common sense at all, he would've taken that 30 mil from his signing bonus, bought a modest house, and stored the bulk of it away in a high-yield investment account. Even with his complete bust status, he would have never had to work a day in his life.

Of course, he's a retard that needs his purple drank, hamburgers, and gambling money.