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Former NBA star Antoine Walker, who won the 2006 NBA Championship with the Miami Heat, has been forced to sell his championship ring as part of a bankruptcy settlement.
Walker, 35, sold his ring for $21,500 to a man named Andres Garcia, gossip website TMZ reports. A judge needs to approve the deal before any money changes hands, according to TMZ.
But once Walker is paid for his ring, he won't be allowed to keep the proceeds for himself. Instead, the money will go toward paying off Walker's debts -- estimated at about $12.7 million, the report says.
Antoine Walker filed for bankruptcy in 2010, claiming $12.7 million in debts and only $4.3 million in assets, according to Yahoo! Sports. That's despite Walker having raked in more than $110 million in salary over his 12-year pro basketball career.
Walker's "lavish lifestyle, a series of disastrous real estate deals, sizeable gambling losses and well-intentioned largesse" led to his financial downfall, a Sports Illustrated columnist said, according to Yahoo! Sports.
To get back on his feet, Walker filed for Chapter 7 bankruptcy protection. Also known as liquidation, Chapter 7 allows Walker's assets to be sold and divvied up to pay off his creditors. But it also comes with drawbacks, such as the loss of property and a lower credit score.
Walker's Miami Heat 2006 NBA Championship ring -- which is cast in 10K white gold, with the words "World Champions" spelled out in diamond chips, according to a similar ring for sale on an online auction website -- was part of Walker's ongoing Chapter 7 liquidation.
The same year Antoine Walker filed for Chapter 7 bankruptcy, he began playing for the Idaho Stampede of the NBA's Development League. He now shares a modest $915/mo apartment with a teammate, Yahoo! reports.