Thursday, February 9, 2012

Sanchez-Vicario Owes $1.5m In Taxes

Sanchez-Vicario Owes $1.5m In Taxes, Tennis Star Arantxa Sanchez Vicario Owes $1.5m In Taxes. Tennis star Arantxa Sanchez-Vicario owes $1.5m in taxes, and in her autobiography that was published Tuesday, “Vamos! Memorias de una Vida, una Lucha y una Mujer” (Let’s Go! Memories of a Life, a Fight and a Woman), she spoke of how her $60 million in earnings from her tennis career was allegedly squandered by her parents and she is now left bankrupt.

The 40-year-old Spaniard, who had won the French Open three times (1989, 1994, 1998), the U.S. Open in 1994, and was once ranked No. 1 in the world, spoke of how her father, Emilio, was in charge of managing her finances.

My father has enjoyed full authority to decide on and to manage my wealth … I was given a monthly sum the use of which I informed him about. It never occurred to me to ask him questions. I never doubted that my father would manage my assets in the most efficient and beneficial way.

They left me with nothing, I have debts with the finance ministry, and my property is much less than, for example, that of my brother Javier, who earned much less during his career than I did. Can I accept such abuse and keep quiet? I am not going to do that.

Sanchez Vicario is estranged from her parents and two brothers, Emilio and Javier, who were also former tennis players.

What did her parents have to say about Sanchez Vicario’s accusations? Her mother, Marisa, wrote an open letter to the Spanish media saying that she and her husband are stunned by their daughter’s claims. Marisa went on to say that “under no circumstances is Arantxa broke“. She added that Emilio is suffering from Alzheimer’s, intestinal cancer and has a weak heart and that Arantxa has not visited or is in the least bit concerned over her father’s condition.

The whole story is quite sad, really, but is one that is played out in the sports and celebrity world more often than not. Parents who are seemingly in charge of their child’s new found wealth, with no experience in doing so whatsoever, and unfortunately somewhere along the way, the finances are not handled correctly and the child is left with next to nothing. Who’s telling the truth here? Weigh in with your thoughts below.