Lawrence Taylor Net Worth: NFL Star's Struggles (2023)
Lawrence Taylor’s Net Worth - $200,000
Lawrence Taylor, affectionately known as “LT” for his initials, was once one of the most successful and celebrated players in the NFL. The renowned linebacker became a household name and made a fortune from his playing contracts, endorsements, and other ventures during his career.
However, after losing an estimated $50 million due to drug and alcohol abuse, financial trouble, and legal issues, the former football star’s net worth now stands at a mere $200 thousand. In this article, we delve into the highs and lows of Lawrence Taylor’s financial journey, exploring the factors that led to his remarkable monetary downfall.
College and NFL Playing Contracts
Lawrence Taylor’s journey to fame and fortune began at the University of North Carolina, where he earned a reputation as an incredibly skilled linebacker. In 1981, he was drafted by the New York Giants, where he played until 1993, and his talent on the field led to several lucrative playing contracts. At an early stage in his professional career, Taylor was offered a $1 million loan from Donald Trump to switch to the now-defunct United States Football League (USFL). However, he returned the loan and signed a six-year, $6.2 million contract with the Giants instead. Moreover, he later negotiated a three-year, $5 million contract in 1990.
Drug and Alcohol Abuse
Despite his immense success on the field, Lawrence Taylor struggled with drug and alcohol addiction throughout his career, which eventually caught up to him post-retirement. In 1988, Taylor tested positive for cocaine use, subsequently being suspended for 30 days. After retiring, his drug usage escalated, and he found himself checked into rehab twice in 1995. In the years that followed, Taylor was arrested twice for attempting to buy cocaine from undercover police officers. These issues undoubtedly led to increased financial drains through treatment costs, legal fees, and damaged public reputation incurring loss of potential income from endorsements and other opportunities.
Financial and Legal Trouble
Several financial and legal troubles also contributed to Lawrence Taylor’s staggering net worth decline. For instance, Taylor lost a significant sum following the collapse of his company, All-Pro Products, after it fell victim to fraudulent stock trading. In 1997, he pleaded guilty to tax evasion and was sentenced to three months of house arrest and five years of probation.
Moreover, in 2011, Taylor pleaded guilty to the third-degree felony of statutory rape and patronizing a prostitute, after being accused of having sex with a 16-year-old girl. As part of his plea deal, he was handed down six years of probation and was required to register as a sex offender. These legal missteps resulted in costly legal fees, settlements, and damage to his reputation, further deteriorating his financial situation.
TV, Professional Wrestling, and Acting Career
Despite his numerous struggles, Lawrence Taylor did find some success in the TV, professional wrestling, and acting industry. After retiring from the NFL, he worked as a sports commentator, participated in reality TV shows, and even made a foray into professional wrestling. In 1995, Taylor faced WWE Hall of Famer Bam Bam Bigelow in the main event of WrestleMania XI, securing a win in his first and only professional wrestling match.
As an actor, Taylor appeared in several movies such as Shaft, Any Given Sunday, The Waterboy, and Mercy Streets. He also guest-starred in television series like The Sopranos and provided voiceover work for the video game, Grand Theft Auto: Vice City. Although these ventures brought in additional income, it was not enough to mitigate the considerable financial losses from his personal woes.
In conclusion, Lawrence Taylor’s financial fall from grace has been as remarkable as his rise to fame in the NFL, marked by a culmination of numerous personal struggles with addiction and legal issues, as well as financial mismanagement. However, his ventures in TV, professional wrestling, and acting serve as a testament to his determination to rebuild his life and reputation.
FAQ
How much money did Lawrence Taylor make?
During his playing career in the NFL, Lawrence Taylor’s annual salary is estimated to have peaked around $6.5 million. Additionally, he earned significant income from various endorsements and post-retirement ventures such as acting and professional wrestling.
How did Lawrence Taylor lose $50 million dollars?
Taylor’s enormous financial losses can be attributed to a combination of factors including drug and alcohol abuse, financial troubles like bad investments, bankruptcy, and legal issues, such as facing charges of statutory rape and drug-related offenses.
What is LT doing now?
Since retiring from the NFL, Lawrence Taylor has ventured into television, professional wrestling, and acting, appearing in movies like Shaft, Any Given Sunday, and The Waterboy. He also participated in reality TV shows and penned an autobiography titled “LT: Over the Edge.”
