When star quarterback Russell Wilson departed the Denver Broncos during the offseason, he lost money on an expensive asset. In March, Wilson inked a contract with the Pittsburgh Steelers, just before free agency opened.
Russell Wilson’s home in the Denver area had to be sold.
When the Broncos decided to sideline the nine-time Pro Bowl quarterback in the final two weeks of the regular season, it was believed that Wilson would be released this summer. This winter, Wilson listed his house for sale in preparation of his release.
Wilson’s housing investment was a $3.5 million loss.
Wilson lost $3.5 throughout the course of his roughly two-year investment in his Denver-area property, according to Courtney Geers of the Denver Business Journal:
“The recently released quarterback lost millions selling the home he owned for less than two years.
Russell Wilson appears to be making a quick departure from Denver and will lose $3.5 million as he goes.
The Broncos’ recently released quarterback has sold his Cherry Hills Village home for $21.5 million, according to property records recorded on March 20. That’s compared to the record $25 million he and his wife, singer-songwriter Ciara, paid for the home at 10 Cherry Hills Park Drive on April 1, 2022.”
Given how the price of homes increased in the preceding few years due to the sharp increase in interest rates, that’s somewhat of an absurd result.
He’s not getting paid nearly as much by the Pittsburgh Steelers as he lost.
Wilson won’t be able to make up the loss with his new Steelers salary. Wilson agreed to a veteran minimum one-year contract worth $1.21 million with the Steelers. Fortunately for Wilson, the Super Bowl champion will receive $39 million from the Broncos in the ensuing season to toss footballs to George Pickens in 2024. That will more than make up for Wilson’s loses resulting from the relocation.
After losing so much money in Colorado, one has to wonder if Wilson is thinking about purchasing an opulent house close to Pittsburgh.