As Tiger’s income declines, his expenses continue to rise. Forbes has the scoop, but here are the juicy details on Tiger’s broke ass.
First, his income:
- According to the PGA Tour website, Tiger’s 2011 winnings so far total $571,363. Those are like pennies compared to the $10.9 million, $5.8 million, and $10.5 million he earned in 2007, 2008, and 2009, respectively. In 2010, that dropped to $1.3 million.
- As for endorsements, he lost Gillette, Accenture, Tag Heuer, and Gatorade. And Nike slashed his deal by 50%. With only 3 sponsors remaining, his likely endorsement revenue in 2011 will be only $20 million.
Now his expenses:
- There’s the reported $100 million divorce settlement, which has to hurt the finances.
- Last August, Woods took out a $54.5 million mortgage on his home in Jupiter Island, Florida. Woods must pay off the mortgage by January 2016, giving him only five and a half years to shed the debt. He’s therefore paying more than $10 million each year, including his $431,042 in annual property taxes.
- Then there are his home improvements. In 2010 he spent $6 million improving his property. And then there’s the construction he paid on his mom’s home in 2010 for $2.6 million.
In summary: Woods is a normal American and spending beyond his means.