Michael Vick Net Worth (Money & Salary)

What Is Michael Vick’s Net Worth and Salary?

Currently, Michael Vick, a retired American professional football player, has a net worth of $16 million. He is widely recognized for his time with the Atlanta Falcons and the Philadelphia Eagles. Following a remarkable college football career, he was selected as the first overall pick in the 2001 NFL Draft by the Falcons.

While with the Falcons, Vick played the quarterback position in an unconventional style, favoring rushing plays over passing. This unique approach allowed him to set multiple records throughout his career, including becoming the first NFL quarterback to rush for over 1,000 yards in a single season. He concluded his career with an astounding 6,109 rushing yards, which remains a record.

Despite his promising career, Vick faced significant controversy due to his connection with a dog-fighting ring, which led to a 21-month prison sentence, damaging his public image. After his release, he was offered another chance by the Eagles, where he elevated his performance further. Vick officially retired in 2017 after playing for the New York Jets and the Pittsburgh Steelers.

Early Life

Michael Dwayne Vick was born on June 26, 1980, in Newport News, Virginia. Growing up in a neighborhood plagued by crime, Vick saw sports as his primary escape from poverty. He excelled in football during his high school years and continued to shine after joining Virginia Tech.

Legal Issues

Before the dog-fighting scandal, Vick had already encountered various legal problems. In 2004, he faced arrest for marijuana distribution, and in 2005, a woman sued him, alleging he had transmitted an STD, leading to an out-of-court settlement. Additionally, in 2006, he received a $10,000 fine for giving the middle finger to booing fans.

By 2007, allegations began to surface regarding Vick’s involvement in organizing dog fights. Following the issuance of a search warrant, authorities uncovered evidence of illegal dog fighting on his property. As investigations deepened, it became evident that drug use and gambling were also involved, along with reports of the dogs being abused, tortured, and, in some cases, killed. Public outrage quickly followed, leading to felony indictments against Vick and his associates. He later admitted to financing the operation and expressed involvement in the execution of 6 to 8 dogs.

Compounding his troubles, Vick tested positive for marijuana during this crisis, violating the conditions of his release, and subsequently faced house arrest. In the lead-up to his sentencing, he made a $1 million donation to assist many of the surviving dogs. Ultimately, in 2008, he pled guilty to a felony dog-fighting charge, resulting in a 3-year prison sentence, but he was released early in 2009.

Bankruptcy

At the time of his imprisonment, Michael was compelled to file for bankruptcy, owing approximately $18 million to various creditors. During this challenging period, he earned just 12 cents per hour mopping floors at Leavenworth prison.

Upon his release from prison, he found himself with a negative net worth. In order to survive financially, he took a job in construction.

During the height of his NFL career, Vick enlisted the help of Michael Smith, a financial planner, which turned out to be a poor choice. Despite Smith’s assurance that Vick would amass a net worth of $100 million by 2010, he actually ended the decade burdened with over $20 million in debt.

On October 2, 2012, court filings disclosed that Vick had utilized 95% of his income from 2008 to 2012, totaling around $30 million, to cover taxes, creditors, attorneys, and accountants. When he opted for bankruptcy, he faced a critical decision:

A) File for Chapter 7 bankruptcy protection and eliminate all debts.

Or

B) File for Chapter 11 and commit to repaying every penny owed. Michael chose to file for Chapter 11.

Vick selected option B, actively deciding to maintain his debts so he could repay them.

Documents from 2014 indicated that by then, Michael had reduced his debt by 87%. By the end of 2015, he became completely debt-free. To accomplish this, he opted to live on $300,000 per year, directing all remaining funds to his creditors. After settling his debts, he continued with the same annual budget, saving any surplus funds. His experiences with poor financial choices, disastrous investments, and legal battles had seemingly imparted a significant lesson.

Return to the NFL and Contracts

Vick’s initial $130 million contract with the Atlanta Falcons was rendered void due to his legal issues.

By 2006, his annual earnings from salary and endorsements had exceeded $25 million, positioning him among the highest-paid athletes in the world. Michael made his NFL comeback in late 2009 and earned the title of Comeback Player of the Year in 2010. On Monday, August 28, 2011, he secured a 6-year contract worth $100 million with the Philadelphia Eagles. This contract featured $40 million in guaranteed payments and resulted in an annual salary of $16.5 million. At that moment, Vick became only the third professional athlete, alongside Derek Jeter and Shaquille O’Neal, to ink more than one contract exceeding $100 million. In 2014, he signed a 1-year contract for $5 million with the Jets.

Throughout his NFL tenure, Michael Vick earned upwards of $115.9 million in salary alone.

Real Estate

In 2008, it was reported that Michael Vick and his spouse sold a Davie, Florida property for $1.4 million. The buyer was Lawrence T. Guy, who was playing as a defensive tackle for the New England Patriots at that time. Originally acquired for $1.32 million in 2013, the 6,295-square-foot lakefront home sits on a 21,250-square-foot lot and includes five bedrooms, a home theater, a pool, and a coffee bar. Fans of Michael Vick might recall this property featured in an episode of “Baller Wives.”

In around 2009, Michael put his home in Duluth, Georgia, on the market with an initial asking price of $3.2 million to assist in settling his debts. By 2018, he had raised the asking price to $4.5 million.

In 2020, he and his wife listed another Florida home for $2.4 million. Situated in Plantation, this 9,280-square-foot residence boasts six bedrooms, a media room, a guest house, a custom pool, an outdoor kitchen, and a basketball court. Originally purchased for $2.38 million in 2018, it seems Michael aimed for at least a break-even scenario with this real estate transaction.