What Is Michael Vick’s Net Worth and Salary?
A retired American professional football player, Michael Vick has a net worth estimated at $16 million. Known particularly for his time with the Atlanta Falcons and the Philadelphia Eagles, Vick was chosen as the first overall pick in the 2001 NFL Draft after a stellar college football career.
During his tenure with the Falcons, Vick played the quarterback position with a slightly unconventional style, prioritizing rushing plays over passing. This unique approach led him to break numerous records throughout his career, including becoming the first NFL quarterback to rush for over 1,000 yards in a single season. Ultimately, he finished his career with an impressive total of 6,109 rushing yards.
Nevertheless, Vick’s football journey was tainted by controversy after it was revealed that he was involved in a dog-fighting ring. This led to a 21-month prison sentence, damaging his reputation significantly. The Eagles provided him with a second chance, allowing him to continue playing in the NFL, where he performed at an even higher level. Vick officially retired in 2017 after stints with the New York Jets and the Pittsburgh Steelers.
Early Life
Born on June 26, 1980, in Newport News, Virginia, Michael Dwayne Vick grew up in a neighborhood plagued by crime. Recognizing sports as his best opportunity to escape poverty, he excelled as a football player in high school and continued to shine after enrolling at Virginia Tech.
Legal Issues
Prior to the dog-fighting scandal, Vick faced various legal challenges. In 2004, he was arrested for marijuana distribution, and in 2005, a lawsuit was filed against him by a woman claiming he had transmitted an STD, which was later settled out of court. Vick also faced a $10,000 fine in 2006 for an incident involving obscenity towards fans.
As reports began to emerge in 2007 regarding his potential involvement in dog fighting, a search warrant led to the investigation of Vick’s property, where evidence of illegal activities was discovered. It was later revealed that the situation involved drugs and gambling and that the dogs were subjected to abuse, torture, and even execution. Public outrage ensued, resulting in felony indictments for Vick and his associates, with Michael admitting to financing the operation and personally participating in the euthanization of several dogs.
Compounding the situation, Vick tested positive for marijuana during this period, violating his release conditions which led to house arrest. In the lead-up to his sentencing, he contributed $1 million towards the care of the surviving dogs. Ultimately, in 2008, he pleaded guilty to a felony charge of dog fighting, receiving a 3-year prison sentence, though he was released early in 2009.
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Bankruptcy
At the time Michael entered prison, he was compelled to file for bankruptcy. He had accumulated approximately $18 million in debt owed to various creditors. During his incarceration, he earned just 12 cents an hour while mopping floors at Leavenworth prison. Upon his release, his net worth was in the negative. To sustain himself, he even took on a job as a construction worker.
During the height of his NFL career, Vick enlisted the services of Michael Smith, a financial planner. This turned out to be an unfortunate choice. Smith had assured Vick that he would attain a net worth of $100 million by 2010, but instead, he ended the decade with over $20 million in debt.
On October 2, 2012, court documents indicated that Vick had utilized 95% of his income from 2008-2012, roughly $30 million, to cover taxes, creditors, lawyers, and accountants. When he opted for bankruptcy, he had a significant decision to make:
A) He could apply for Chapter 7 bankruptcy protection, thereby escaping all his debts.
Or
B) He could choose Chapter 11, committing to repay every dollar of his debt. Michael selected Chapter 11.
Vick pursued option B, intentionally deciding to keep his debts active to work towards repaying them.
By 2014, court documents showed that Michael had managed to reduce 87% of his debt. By late 2015, he was entirely debt-free. To accomplish this, he opted to live on $300,000 each year, dedicating every additional dollar to his creditors. After settling his debts, he continued to live on the $300,000, saving any remaining money. It appeared he had acquired a crucial lesson after years marked by poor financial decisions, unwise investments, and numerous lawsuits.
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Return to the NFL and Contracts
After his legal issues, Vick’s initial $130 million contract with the Atlanta Falcons was rendered void.
By 2006, he was earning an annual income exceeding $25 million from salary and endorsements, positioning him among the top-earning athletes globally. Michael made his comeback to the NFL in late 2009 and was honored as the Comeback Player of the Year in 2010. On August 28, 2011, he signed a contract with the Philadelphia Eagles worth 6 years and $100 million, which comprised $40 million in guaranteed funds, resulting in an annual salary of $16.5 million. At that point, Vick became only the third athlete in professional sports history, after Derek Jeter and Shaquille O’Neal, to sign multiple contracts exceeding $100 million. In 2014, he agreed to a 1-year contract worth $5 million with the Jets.
Throughout his NFL career, Michael Vick generated over $115.9 million solely from his salary.
Real Estate
In 2008, reports indicated that Michael Vick and his wife sold a property in Davie, Florida, for $1.4 million. The buyer was none other than Lawrence T. Guy, a defensive tackle for the New England Patriots at the time. Vick’s previous property, which covered 6,295 square feet, was situated on a 21,250-square-foot lot. Michael had initially acquired the lakefront estate in 2013 for $1.32 million. This five-bedroom residence boasted a home theater, a pool, and a coffee bar. Fans of Michael Vick might recall glimpsing this home during an episode of “Baller Wives.”
In an effort to alleviate his debts, Michael listed his home in Duluth, Georgia, for sale around 2009, with an initial asking price of $3.2 million. By 2018, Vick increased the price to $4.5 million for the same property.
In 2020, Michael and his wife put another property in Florida on the market for $2.4 million. Situated in Plantation, this spacious 9,280-square-foot residence boasts six bedrooms, a media room, a guest house, a custom pool, an outdoor kitchen, and a basketball court. The couple had originally acquired the property for $2.38 million in 2018. Given these figures, it appears that Michael was aiming to just break even on this real estate transaction.