The San Jose Mercury News referenced the retired athlete’s personal finance book, “New Money: Staying Rich,” to reveal the athlete’s confession that his mother wanted the $1 million she says he owed her for raising him after he was drafted in the NFL.
“Soon after the draft, she told me that I owed her a million dollars for raising me for the past 18 years. Well, that was news to me,” Buchanon wrote.
The revelation comes years after Buchanon received a reported $12 million when he signed with the Oakland Raiders. A 17th overall pick in the draft, Buchanon would ultimately have a long life in the pro’s with playing for Houston Texans, Tampa Bay Buccaneers, Detroit Lions, and Washington Redskins before retiring in 2011.
For the situation with his mother, “New Money: Staying Rich” acknowledged that Buchanon calculated that his mother was essentially charging him $55,555.55 a year to raise him.
“The fact that I have written this paragraph enrages me, merely because I’m entertaining the thought that her argument had any logic at all,” he said, while recalling how he made good with his mother by buying her a house instead of paying her the $1 million.
The only thing was the residence was too big.
“When I told my mother she would have to take care of the maintenance after I paid off the mortgage on her house, she told me she would not be able to afford the upkeep on a house that big. In fact, she made it seem like it was my fault for picking out a house that big,” wrote Buchanon. “In part, she was right. I bought her a house with my luxury taste and no real wisdom behind it. It was an uneducated purchase.”
Mother Buchanon’s will continued to dominate as her son mentioned having to negotiate further to get her into a smaller house.
When Buchanon tried to get his mother to downsize to a smaller house, he had to negotiate further.
“I offered to buy her a comfortable house in my name for her to live in. This way she wouldn’t have to take out any loans or put my little sister and brothers in a situation where the roof over their heads could be taken away. She’d move out of the house that was too big for her and into this new one,” the former football player stated as he detailed which direction his mother ultimate chose to go in. “Instead, she opted for $15,000 cash. She told me that if the new house didn’t have space for two living room sets, she didn’t want it.”