Luther Elliss: Foreclosure sacks former Detroit Lions defensive lineman
Nine-year National Football League (NFL) veteran, Luther Elliss, is on the verge of losing his Detroit, Mich.,-area home in Oakland Township to foreclosure, according to The Detroit News. Elliss — who was paid almost $11.6 million from 2000-04 as a member of the Detroit Lions — has a $1.6 million loan on the home. Unfortunately, he’s [...]
Nine-year National Football League (NFL) veteran, Luther Elliss, is on the verge of losing his Detroit, Mich.,-area home in Oakland Township to foreclosure, according to The Detroit News.
Elliss — who was paid almost $11.6 million from 2000-04 as a member of the Detroit Lions — has a $1.6 million loan on the home. Unfortunately, he’s now upside-down on the loan because, according to recent estimates, it would sell for just about half as much today ($800,000) if listed on the market.
Accordingly, he has had to file for Chapter 7 bankruptcy protection, listing $4.4 million in liabilities against $1.38 million in assets.
The two-time Pro Bowl selection (1999 and 2000) was apparently warned earlier in his career that financial distress was a very real possibility:
“The Lions did a good job, they put on financial programs that we had to attend talking about investing and saving money, gave statistics on how many of us would be broke. Guys were saying, ‘It’s not going to be me, I’m too smart for that.’ And here I am, one of those guys.”
Elliss reportedly invested his fortune into several business ventures that eventually went belly up, including a manufacturing company called Trinity Armor.
He — along with his wife and their 11 children — plan to walk away from the Oakland Township home and start over. Elliss currently earns a $347,410 annual pension from the NFL, which will hopefully keep the family afloat during this difficult time.
To check out other celebrity-type foreclosures, including the field where Elliss spent most of his playing days inside the Silverdome, click here.
