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.
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.
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.
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.
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
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.
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
that's nice 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...
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.
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.