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03.20.

Elvis Presley’s first original record of That’s All Right (Mama) estimated to fetch $91,000

The record after being released in the market, sold over 20,000 copies and the genre of ‘Rock n Roll’ was finally a reality, with Elvis Presley becoming the virtual godfather of that genre of music. Now, the promotion sticker attached to the record has Elvis’s surname spelt as Pressley along with this band members’ names, Scott and Bill on the Memphis Recording Service label. It is noted that the record was last traded at the 1998 Bonham’s auction event for $27,000, where the current owner bought it. Now it is stated to be back on the market for a price estimate of $91,000.

celebrity, drugs, expensive, wasted money

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03.14.

Drake Makes It Rain With $50K – And It’s A Tax Write Off!!!

What would you do on a Saturday night if you were 25 years old and sitting on $25 million? Would you hit up a movie? Maybe go mini-golfing? If you’re Canadian rapper/actor Drake, you withdraw $50,000 cash from your bank and make it rain at a Charlotte, North Carolina strip club! In case you were wondering, $50,000 is 0.2% of Drake’s net worth. That’s the equivalent of a person who is worth $100,000 throwing away $200. But here’s what the average person can’t do: When Drake throws away $50 grand at a club, not only does he get to look like a total badass, but as an entertainer he also gets to write the whole night off on his taxes! Next month, when Drake’s accountant files his 2012 tax return with the I.R.S., he has a justifiable argument for making every dollar he dumped on a stripper in 2012, a tax write off. He simply needs to classify these expenditures as an “Advertising or Publicity” expense. Basically the same as buying a radio commercial or a billboard advertisement, except a lot more fun because you’re surrounded by strippers. Technically speaking, if Drake wants to get the write off, he would need to provide a receipt and prove that the expense is directly related to his business… But I’m sure he has accountants who handle details like that.

cash, celebrity, expensive, wasted money

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03.13.

Allen Iverson Broke – Squandered $160 Million Fortune

Recently, banks in Georgia and Colorado have foreclosed on homes belonging to former NBA great Allen Iverson. This comes just a few months after a judge in Georgia ordered Iverson to pay a local jeweler $860,000 as part of an outstanding bill. Unfortunately, the story how Iverson blew through a $160 million fortune is both shocking and sad. And $160 million doesn’t even ilude the $30 – $50 million he earned through endorsements. How did this happen?

Iverson’s fall from such incredible highs to financial destitution is shocking but becoming more and more common for professional athletes and other celebrities. Not that long ago, we learned that pop star Whitney Houston was flat broke at the time of her death and was living off hand outs as small as $500 just to get by, day to day. Whitney blew through a $150 million fortune on drugs, houses, entourages and more. A few months back we also discovered that former NFL star Terrell Owenshad no income and was bankrupt after earning $70 million during his career. Terrell blew through his money by having four ex girlfriends with children all living in mansions and demanding massive monthly financial support.

Allen Iverson’s financial woes follow a familiar pattern. He traveled with a massive entourage, sometimes numbering more than 50 people! He showered his friends and family with extravagant presents, jewelry, houses, cars, boats, vacations etc.. Allen also had a fondness for gambling. On several occasions he would drop over $1 million in a single evening of gambling in Atlantic City. Furthermore, Allen’s high school sweetheart, with whom he shared five children, filed for divorce and demanded hefty monthly support.

cash, celebrity, wasted money

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03.02.

Groupon CEO Andrew Mason: How To Lose $1 Billion And Get Fired From Your Own Company

Andrew Mason met Groupon’s earliest investor Eric Lefkofsky in 2003 when he was working as a web designer. The two stayed close and five years later Lefkofsky provided $1 million to fund Mason’s first entrepreneurial attempt, a company called “The Point”. The Point, which eventually became Groupon, was an interactive web platform that originally intended to bring groups of like minded people together behind a social cause like hunger or helping the homeless. When this idea proved to be too abstract, Mason and Lefkofsky pivoted to a more commercially friendly application of the same concept: Groupon. Groupon, as we all know, would eventually grow into one of the most talked about and hyped tech companies in recent history. Groupon today has over 11,400 employees worldwide and has sold an estimated six million group coupons. Groupon was so hot at one point that they even turned down an all cash $6 billion buyout offer from Google. That offer would have put $420 million cash in Mason’s pocket and exactly $1 billion in Lefkofsky’s. Turning down $6 billion from Google shocked the world. On the other hand, investors were confident that a company with as much heat and momentum as Groupon had back in 2011 would surely fetch far more in value with an IPO.

So what went wrong? GRPN debuted on the NASDAQ in early November 2011 at $26 per share. Investors and employees rejoiced at their new found fortunes. Mason’s 45,934,504 shares were worth$1.196 billion. Eric Lefkofsky’s 109,364,216 shares were worth a whopping $2.86 billion. Unfortunately for Groupon, the $26 debut share price would be the company’s all time high point. Thanks to a series of embarrassing accounting errors and irregularities, not only did the stock decline but it began a slow death march right around December 23, 2011. Adding fuel to the fire was the unforeseen fact that group daily deals turned out to be somewhat of a fad. Most people have tried Groupon or one of the dozens of imitators, at least once and many were not impressed. Worse, stories of small businesses who lost thousands of dollars offering a Groupon became common. One of Groupon’s biggest challenges was fending off the never ending crop of imitator companies and the need to constantly hunt for new local businesses to offer a deal. In order to successfully meet these challenges, Groupon had to hire thousand of new employees around the world. By comparison, Groupon today has 11,400 employees while Facebook only has 5000. These rising costs shrunk margins at a time when revenue was falling precipitously.

Mason didn’t exactly help his own cause. The 31 year old CEO was known for being a bit of a goofball who perhaps did not take his role as CEO of a major publicly traded company seriously enough. For example, at one point without explanation Mason posted a 9 minute video of himself doing yogo in tighty-whitey underwear on YouTube. As Groupon began to plummet, Mason was named “Worst CEO of the Year” by several CNBC anchors and many investors called for his head. That finally happened yesterday, February 28, 2013, when the Groupon board announced they had fired Andrew Mason. Mason’s severance package is not what you would expect from a big wig corporate CEO. He will walk away with six months salary which unfortunately amounts to just $378.36 because as CEO Mason took an annual salary of $756.72. He will be covered on the company’s health plan for 180 days. Mason has been hit the hardest when it comes to his personal net worth. Over the 16 months Groupon has been public, the value of Mason’s 46 million shares peaked at $1.2 billion. Today, after the company has lost 80% of its value, Mason’s shares are worth $230 million. Hard to feel too bad for a guy who is still worth hundreds of millions of dollars, but it still can’t be fun to lose $1 billion in a matter of months. And who knows what the future holds for Groupon. Its shares were up 11% on the news of Mason’s firing, but is that enough to turn the bloated and potentially doomed company around?

cash, celebrity, expensive, wasted money, website

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