This Is How Dennis Rodman Lost All Of His Money
Known to fans for his skills as a basketball player and his quirky persona off of the court, Dennis Rodman racked up quite the reputation for being passionate, wild, talented, and eclectic all at once. The former athlete earned a spot in the NBA Hall of Fame and carried the Chicago Bulls to victory, alongside other famous names in the game like Michael Jordan and Scottie Pippen in the '90s.
"The Worm" was known for hobbies that were, at the time, considered by some to be outlandish and controversial, but are now more widely accepted as gender identities are understood as fluid. In the '90s, Rodman dressed in drag and even put on a wedding dress to promote his autobiography, Bad As I Wanna Be. He dyed his hair often, once going for a multicolored rainbow look. In his personal life, Rodman linked up with celebs like Madonna and actress Carmen Electra (who Rodman married in Vegas and filed for an annulment nine days later).
His unique brand, combined with his undeniable talent as a rebounder, earned him millions over the course of his career on the court. The former champion earned approximately $27 million at his peak, according to Spotrac.com. But now, Celebrity Net Worth and other sites estimate his net worth to be only around $500,000. At one point, the man didn't have enough to pay child support, claiming he was "sick and broke."
So, what led to the downfall of this once-wealthy athlete? Let's take a closer look.
Dennis Rodman fell for a conwoman's financial scam
Perhaps one of the biggest money-sucks was through no fault of his own — other than trusting someone else with his wealth. According to Sports Illustrated, Dennis Rodman was among many athletes who were scammed by a woman posing to be a financial advisor. Peggy Ann Fulford, the woman in question, gained the trust of wealthy clients by boasting fake degrees from Harvard and success on Wall Street. She eventually met Rodman through a mutual friend in the 2000s, and Rodman came to trust her with his finances. The two were so close at one point that he even thanked her in his 2011 Hall of Fame speech as "family" who was "taking care" of him.
The entire fiasco was marred by red flags, with Rodman at one point wondering why his electricity was cut off in a Florida condo that Fulford bought. In another incident, Rodman's expenses were brought up in a child support hearing, which included a hefty Victoria's Secret charge, after he failed to pay up. "I've never even been to Victoria's Secret," Rodman later told a friend. Rodman's former assistant noticed he had fallen behind on life insurance payments.
Throughout it all, Fulford claimed Rodman's financial troubles were due to his own spending habits and used that reasoning to take total control of his accounts. All of that went up in smoke when Fulford was sentenced to 10 years in prison in 2018 for interstate transportation of stolen property.
Dennis Rodman's various fines and legal troubles
That's not to say that the basketball champion hasn't had some hefty expenses of his own over the years. According to the Los Angeles Times, Dennis Rodman owed $860,376 in child and spousal support in 2012. He also allegedly spent significant dollars on strip clubs and alcohol, but much of that information is according to Peggy Ann Fulford — making it unclear how much Rodman actually spent himself and what was lost in the scam.
Per FanBuzz, Rodman had other run-ins with the law that cost him, including paying up $2,000 for drunk driving and in another incident, being arrested alongside his then-wife for a domestic disturbance call. Other significant expenses included $200,000 that he had to pay after kicking a referee; $20,000 that he was fined after leaving his team to wrestle Hulk Hogan during the 1998 Finals of the NBA Playoffs; an additional $20,000 after picking a fight with yet another ref; and $68,000 after skipping preseason camp in 1992.
Rodman's legacy is one filled with polarizing moments, yet he's still considered one of the greatest in the Chicago Bulls' history. In ESPN's The Last Dance, Michael Jordan said (via CBS Sports), "Dennis is one of the smartest guys I played with." But now knowing about all those financial ups and downs in his personal life, it's no wonder that Rodman has been left without much in his bank to call his own — at least compared to other multimillion-dollar athletes.