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BankrollMob Poker News

mar
13

Is Jerry Yang Broke?

Tags: 2007 wsop main event, broke, irs, Jerry Yang, tax, wsop champion.
Posted on Wednesday, March 13, 2013 by "T".

Jerry Yang won his ticket to the 2007 World Series of Poker Main Event Main Event through a $225 satellite and bested a field of 6,358 entries for an increadible $8.25 million first prize. Now, almost 6 years later, it seems like the money is gone since his gold bracelet (and other jewellery belonging to him) is listed on U.S. Department of the Treasury's Auction site. 

The property has been seized to secure the payment of taxes, including a federal tax lien for $571,894.54. This means that Yang has failed to pay a tax debt. You can find all tax liens here.

The auction of Yang's property will be held by The Internal Revenue Service (IRS) of the United States on April 4, 2013 at Revenue Service, Watt Avenue, Sacramento, California, but mail-in bids are accepted as well. The minimum bid starts at $6,389.40.

Desciption of Property: Corum bracelet and Corum watch won at the 2007 World Series of Poker Main Event; Corum ladies watch; Wittnauer watches; Movado watches; Rockwell Timekeeper; Raymond Weil watch; Gold herring- bone necklace and bracelet; White gold bracelet with blue sapphires and diamonds; bracelet with "Mom" inscription; 14K man's gold bracelet with "WSOP Champ;" Man's gold necklace with an "A's of Hearts" pendent with white embedded diamonds (10K); silver breast plate "Hmong" cultural jewelry.

Click here for pictures and more info.


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19 comments for "Is Jerry Yang Broke?"

 darksol113/13/2013 10:56:40 AM GMT
what a life...I wise I dont have one like that
 lukasb3/13/2013 12:12:57 PM GMT
Maybe he's not broke... maybe he just shipped everything to the Cayman islands to avoid paying that precise tax and the item being auctioned were the only thing the tax feds could put their hands on lol.
 pochui3/13/2013 12:36:38 PM GMT
Q: Is Jerry Yang broke?
A: Ask Jerry Yang.

"Traditionally, most of Australia's imports come from overseas."
--Keppel Enderbery
 ayaraled3/13/2013 12:47:58 PM GMT
thats too big to be broke in 6 years....how did he spend that big amount of money....
 Fakiry3/13/2013 1:49:10 PM GMT
Another story of bad management returns to the books, this is always so sad to read, like if he didn't deserved that huge opportunity that was given him, like someone telling him "here's a big box full of money, more than you will need during your life, it will also last for your family, take good care of it and relax and enjoy moderately". Of course, that, if things aren't done moderately, no money is enough, and that was what happened here.
 demodawggy3/13/2013 1:50:03 PM GMT
Well you know what they say.....: 'A fool and his money are easily parted'....

How could you blow THAT amount of money so mindlessly,....especially on CRAP like JEWELLERY.... Idiot...

The FIRST thing I would have done is pay the damn taxes and get it OUT of the way....
 RoninHarper3/13/2013 1:57:43 PM GMT
G'day mates

Well I am saddened to read this news item. I always hate to see when people win big and then for whatever reason lose it all. People in general do not know how to hold on to large amounts of money. The best thing people can do when then make it big is immediately seek investment advice and get the money making them money safely.
Most of us never do. I had what I though was all the cash in the world once and lost it all. I know how easy it is to go through a lot of money quickly.
It is a shame it happened to him. I hope he can recover.

Ronin
 bullettooth13/13/2013 2:08:21 PM GMT
He might not have flittered it all away as i think i remember that he does a lot for charity and a lot of that main event money went to a certain charity (i can't remember which one now).
So hopefully it's just a tax problem that he has failed to sort out. But you would think he would just pay it if he had the money
 demodawggy3/13/2013 2:16:20 PM GMT
Well if he gave it all to charity,....I'll retract my 'Idiot' statement....

If that's the case,....then he could write off everything he gave and drastically reduce his tax bill....
 bullettooth13/13/2013 2:17:34 PM GMT
Yeah i have just read that he gave 10% of his winnings to various charities and in 2011 he gave $2m to the make-a-wish foundation and the Ronald McDonald house. He also organised various charity poker tournaments that has raised over $800,000 for kids playgrounds and youth clubs and stuff. So he is a pretty generous guy.
 Terroreffekt3/13/2013 7:19:07 PM GMT
Hello people,

wow amazing
for me it had gone wrong. Every time I have called with such a sheet all-in, I lost. There was also a lot of luck there, but it was granted him when he has come to this, and as the chip leader at the table. I wish you all as lucky as Yang and see us at our table Blink
 Kyaerenaes3/13/2013 11:21:23 PM GMT
I don't think he's broke. He seems like a wise and clever person to me. It's too small amount of time, to let such cash just go.
 Doarulle3/14/2013 2:39:23 AM GMT
that's nice Big Smile if i'll win over than million i'll get off from poker... why still play? even 4 fun... and play just satelites for main event like WSOP EPT ant other... i'll never understand this kind of human...
 rogan110003/14/2013 6:50:22 AM GMT
move to Monaco on time
 Sorin8883/14/2013 7:29:45 AM GMT
A variety of amounts are stated in the document, including a Federal tax claim for $571,894.

Indeed, while this figure is listed twice, it's not clear whether it's a relisting of the same debt or two debts of the same amount.

The auction will take place on April 4 and the minimum value for all the items has been set at $6,389.
 Macubaas3/14/2013 6:13:32 PM GMT
In US this tax thing is waaaay too complicated, here in Europe the organizer of the event takes the tax so you basically only get the net amount.

Not sure if he is broke or not, maybe he didn't knew he needed to pay that tax. I'm sure more details will be out soon.
 kjngpoker3/14/2013 7:13:12 PM GMT
Posted by pochui:
Q: Is Jerry Yang broke?
A: Ask Jerry Yang.

"Traditionally, most of Australia's imports come from overseas."
--Keppel Enderbery

hahahhahahaha
 Greenmohave3/14/2013 7:44:09 PM GMT
If he is he didn't manage his winnings very well and attempted to live above his means.
I actually think there's a lot more to all this, but we'll never know. I'm sure he's not working a regular job nor does he worry about where his next meal is coming from.
 bullettooth13/15/2013 12:03:10 AM GMT
Posted by Greenmohave:
If he is he didn't manage his winnings very well and attempted to live above his means.

Look at my posts Green. I don't think this guy suffers from trying to live the big life. He seems like a genuine down to earth guy to me.
A lot of people say he's not that good a poker player tho and he only won the ME because of luck and a very hot run. He's only earned about $150,000 in live mtt cashes since that ME.
There is obviously more to this story. I guess we'll just have to see what happens in the next few days or weeks.

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