After Earning $163 Million In The NBA, Gilbert Arenas Couldn't Afford His Children's School Tuition Just Four Years After Retiring

In his prime, Gilbert Arenas was one of the best point guards in the league. He wasn't afraid to take a shot from anywhere on the court, and even with some lackluster seasons toward the end of his career, he still posted per-36-minute averages of 21.2 points, 4 rebounds, 5.4 assists, and 1.6 steals.

But Arenas' on-court brilliance has long been overshadowed by a notorious 2009 incident during his time with the Washington Wizards when he and teammate Javaris Crittenton pulled guns on each other in the locker room during an argument over a gambling debt. The altercation led to a season-long suspension. Though he returned to the NBA, he was never the same.

Arenas played his final NBA season with the Memphis Grizzlies in 2012. Afterward, he signed a one-year, $700,000 contract with the Shanghai Sharks of the Chinese Basketball Association. That marked the end of his professional basketball career.

Over the course of 13 years in the NBA, Arenas earned $163 million in salary, plus millions more from endorsements—most notably with Adidas, which released multiple signature sneakers under his name. Including his CBA paycheck, his total career earnings approached $164 million.

And yet, just four years after his final game, Arenas claimed he could no longer afford to send his children to private school.

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Tuition Bills Add Up

From 2002 to 2014, Gilbert was in a relationship with Laura Govan. They met while he was playing for the Warriors and she was working in the Sacramento Kings' PR department. Laura and her sister, Gloria Govan, would later gain fame as cast members on the VH1 reality series "Basketball Wives." Gloria was previously in a relationship with Matt Barnes and, in 2021, married Derek Fisher. When Laura began appearing on the show, Arenas filed a lawsuit against her and the producers, alleging trademark infringement, false advertising, and unauthorized use of his likeness. He eventually dropped the suit in 2012.

Gilbert and Laura never married, but they did have four children. All of whom went to private school, apparently.

In 2016 court filings tied to a custody dispute, Arenas revealed that he might need to withdraw his children from private school and enroll them in public school "in 2017 and beyond" due to financial strain. At the time, the annual combined cost of their private school tuition was $91,600, and Arenas stated he was earning only about $170,000 per year, mostly from investment income.

This was a stunning admission considering the fortune he had amassed during his playing days. Recall that Gilbert made $163 million in the NBA. Would it be safe to assume he made $40 million from endorsements? Mainly from Adidas? I think so. And therefore, his gross career earnings were around $200 million. Half goes to taxes. That brings it to $100 million. Slice off another $20 million for agents, lawyers, and other fees. That still leaves $80 million in net career earnings.

Surely that should have been more than enough to last a generation or two? Even with an expensive ex-girlfriend and four kids in private school?

And yet, somehow in 2016 – just four years after he left the NBA – Gilbert was pleading for help.

Financial Lawsuit & Living Large

So how did a man who made more than $160 million and perhaps as much as $200 million end up in such dire financial straits?

Part of the blame lies with his financial advisors. In 2015, Gilbert filed a $40 million lawsuit against the company that had been overseeing his finances. The lawsuit accused the company of gross mismanagement and "intentional disregard," claiming they failed to properly monitor his accounts, allowing unauthorized individuals, including his former assistant, to siphon off large sums of money.

That assistant was eventually convicted of stealing $2.1 million from Arenas' accounts.

According to the lawsuit, the company not only failed to stop the fraud but also charged Arenas $2.25 million in management fees for what he called a disastrous financial performance. He sought damages, reimbursement of fees, interest, and attorney costs, alleging reckless investment decisions and a lack of oversight that contributed to his financial freefall.

But Arenas also played a significant role in his own financial collapse. His lavish spending was infamous throughout the league. In 2007, he reportedly spent $1 million on his own birthday party, a blowout affair that included custom entertainment, high-end catering, and a massive guest list. Around the same time, he transformed his 13,250-square-foot Virginia mansion into a personal playground, installing not just one, but multiple custom-built shark tanks in the house—one of which was located in the living room. The home also featured a massive swimming pool with a grotto, full arcade, and a personal recording studio. Gilbert bought this home for $2.875 million in 2003 and sold it in 2014 for just $1 million.

He had a penchant for collecting high-end cars and was known to own a fleet of luxury vehicles, including multiple Bentleys, Ferraris, and Lamborghinis. According to one interview, he once bought an entire supply of sneakers from a Foot Locker store just so he could always have a fresh pair of shoes on hand. He also famously tipped a stripper $40,000 in one night, reportedly by dumping a duffel bag of cash onto the stage. Even his at-home recreation was over-the-top—Arenas once admitted to dropping $80,000 on a single home poker game, a hobby that would later take on far more serious legal implications.

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A New Legal Nightmare

And now, Arenas is back in the headlines—for all the wrong reasons.

Earlier today, Federal prosecutors in Los Angeles charged Arenas and five others with conspiracy and operating an illegal high-stakes poker ring out of a rented Encino mansion. According to the indictment, Arenas rented out his Encino mansion—dubbed "The Gable House"—between 2021 and 2022 to host high-stakes underground poker games. Prosecutors allege he provided gambling equipment, collected rent from game organizers, and falsely denied involvement when federal agents seized cash from his bedroom.

The games reportedly included luxury chefs, valets, security guards, and hired women offering drinks, massages, and, in some cases, "companionship" to players. Arenas was indicted alongside several others, including individuals with alleged ties to an Israeli transnational crime organization. One of his co-defendants has also been charged in a separate sham-marriage scheme to obtain U.S. residency.

Arenas has pleaded not guilty.