Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search
 

KamaAina

(78,249 posts)
Wed Sep 17, 2014, 05:11 PM Sep 2014

29-Year-Old Golf Phenom Who Disappeared From The PGA Tour Will Get $10 Million If He Quits Forever

http://finance.yahoo.com/news/29-old-golf-phenom-disappeared-195600040.html

Anthony Kim, the ex-golf phenom who has become golf's greatest mystery since vanishing from the PGA Tour in 2012, is mulling an impossible decision.

According to a new article by Sports Illustrated's Alan Shipnuck, Kim has an insurance policy that covers him in the event of a career ending injury. The policy will pay him $10 million tax-free if he never plays again, one source told Shipnuck. Kim's friend told SI the policy was worth more than $10 million, saying, "He's trying to weigh the risk of coming back. The way he's phrased it to me is, 'If I take one swing on Tour, the policy is voided.'"

Kim hasn't played since he torn his Achilles in the summer of 2012. Before that he dealt with an avalanche of injuries to his forearm, wrist, and thumb that derailed his career after a breakout season in 2008 — where he won two tournaments and earned $4.6 million in prize money....

"Another way of looking at it is that Kim is living the dream: retired at 29, without a care in the world. While his old rivals were grinding in recent weeks trying to make the Ryder Cup team, Kim headed to Belize on a whim. Those in a position to know say Kim is sound financially. He is still under contract with Nike, though company spokesperson Gretchen Wilhelm declined to discuss particulars. In April, Kim put his Xanadu in Dallas on the market for $2.2 million and has been staying with a girlfriend while he assesses his next move. He tools around town in a Rolls-Royce Ghost. It had been flossed out with custom rims, but recently he reinstalled the stock wheels. "He wants to be more incognito," his friend says, without irony. The standing Monday-night card game at a private residence atop the Ritz aside, Kim has increasingly become a recluse. A hostess at So & So's, where Kim is known as an extravagant tipper, says he hasn't been around since the spring. At his favorite strip club, Baby Dolls, the consensus was that Kim hadn't been there in months, and that he was missed. 'He always takes good care of the girls,' says one waitress."


2 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
29-Year-Old Golf Phenom Who Disappeared From The PGA Tour Will Get $10 Million If He Quits Forever (Original Post) KamaAina Sep 2014 OP
Does Not Seem Financially Sound erpowers Sep 2014 #1
Modestly? KamaAina Sep 2014 #2

erpowers

(9,350 posts)
1. Does Not Seem Financially Sound
Wed Sep 17, 2014, 10:36 PM
Sep 2014

His actions do not seem like the actions of a financially sound person. Unless he has money from family members it seems that he does not have that much money left. Maybe he is just smartly down sizing, but it seems he is letting some things go because he can no longer afford them. It could also be that he has matured over the years and just wants to act more grown up. I guess even people with all the money in the world at some point decide to drop the flashy rims and stop going to strip clubs.

I think he should just take the $10 million and move on with his life. I am not trying to act like an investment advisor, but in my opinion that money can go a long way. Without making investments he should be able to live off of that money for the rest of his life if he lives modestly. If he invests the money he will probably be able to live less modestly.

 

KamaAina

(78,249 posts)
2. Modestly?
Wed Sep 17, 2014, 11:27 PM
Sep 2014

The investment income off $10 mil, even at today's low interest rates, would be over $300,000 a year. And I assume the Rolls is paid for.

Latest Discussions»Culture Forums»Sports»29-Year-Old Golf Phenom W...