Contrary to popular belief, Art Schlichter’s net worth is lower than fans believe. He blew up his earnings in a bizarre gambling spree.
Art’s life has been marred by controversies and scandals, having been arrested multiple times.
Once a legend of the game, Art Schlichter’s name is going down the drain due to his mischievousness.
He was born on April 25, 1960, in Bloomingburg, Ohio, and is also a former football quarterback.
The quarterback used to play in the National Football League (NFL) for four seasons with the Colts.
During Art’s early days, he did not limit himself to playing just football. He was a standout football and basketball player at Miami Trace High School.
As for his collegiate career, Art decided to commit to the Ohio State University. Many saw him as a successor to the then-coach of Ohio State University.
This was, however, just wishful thinking, as Art had already started testing the waters in the gambling world. This habit would later become the primary cause of his downfall.
Art Schlichter Net Worth 2024
Many fans assume that Art Schlichter’s net worth might be massive. During his glory days, he used to play the role of quarterback.
Quarterbacks are some of the highest-paid athletes, not just in football but also in the overall sports industry.
However, this is not the case, as Art has lost a significant amount of his wealth thanks to his gambling habits and abuse of drugs.
In addition to wagering away a $350,000 signing bonus, Art accumulated $700,000 in gambling debt in 1982.
Following this, he lost an additional $489,000 betting on basketball. His losses accumulated till he was unable to recover.
Later, his circumstances worsened when he lost an additional $1.5 million that he received as a loan in the expectation of recovering enough to pay off all of his debt completely.
After the loans were under investigation, he received a sentence to prison for stealing and fraud.
He ultimately lost all of his fortune and was indicted with federal crimes, of which he was convicted guilty. These allegations included wire fraud, false tax returns, and bank fraud.
If it’s any bonus, in a 2007 interview with ESPN’s Outside the Lines, he claimed that he had stolen $1.5 million or more over the years.
Schlichter Arrested Over Drug Charges
Art Schlichter was arrested on fresh narcotics charges, specifically possession of cocaine.
The event occurred in North Linden when Schlichter was discovered in a disabled vehicle near the junction of East Hudson Street and Hamilton Avenue.
A trooper with the Ohio State Highway Patrol performed a probable reason search and discovered drug paraphernalia in the automobile.
Schlichter admitted to having a crack pipe and referred to little white rocks found in a silver paper fold as “crack rocks.”
This arrest occurred while Schlichter was serving probation for a previous drug charge in 2022.
He may face 11 months in prison and a two-year probation extension if he violates his probation.
Schlichter, a former outstanding quarterback at Ohio State, has a history of legal issues.
These include federal accusations relating to a ticket scheme and past gambling-related convictions.
Despite his promising football career, which includes being picked by the Baltimore Colts in the 1982 NFL Draft, Schlichter’s life has been marred by legal and personal difficulties.
These include difficulties such as problems with addiction and multiple brushes with police authorities.