Curt Schilling Conducting Estate Sale to Satisfy Creditors

Curt Schilling, a retired Major League Baseball player, is having an estate sale on Saturday to help pay money owed to his creditors.

The sale is taking place at Schilling’s home in Medfield, Massachusetts, on October 12.  The sale comes because of the collapse and bankruptcy of Schilling’s gaming company, 38 Studios, in 2012.

Schilling has already sold much of the memorabilia from his baseball career.  This auction is for furniture, artwork, and other household items still in Schilling’s possession.

Schilling’s home is also for sale.  Schilling purchased the home for $4.5 million in 2004 from former NFL quarterback Drew Bledsoe.  Schilling originally listed the home for sale in 2008 for $8 million, but the home is still on the market and is now priced at just under $3 million.

The Bloody Sock

Perhaps the most famous item in Schilling’s possession, the bloody sock he wore while pitching and winning Game 2 of the 2004 World Series, is not part of the estate sale on Saturday.

During the baseball playoffs that year, Schilling had a procedure to repair a tendon in his right ankle.  However, while pitching in the World Series, the stitches popped, resulting in the bloody sock.

The sock went to the Baseball Hall of Fame where it was on display.  But when Schilling was sued in late 2012 by creditors, the sock was recalled from the Hall and sold at auction in February 2013 for over $92,000.

Schilling From Baseball to Bankruptcy

Schilling was a pitcher for five major league teams from 1988 through 2007, including the Baltimore Orioles, Houston, Astros, Philadelphia Phillies, Arizona Diamondbacks, and Boston Red Sox.  Schilling was a six-time All Star, won three World Series titles, and was the World Series MVP in 2001.

During his major league career, other players and the media knew Schilling spent many hours of his time off relaxing by playing video games.  Schilling decided to pursue turning his hobby into a post-career business by forming a video game company.

In September 2006, Schilling, along with author R.A. Salvatore, artist Todd McFarlane, and several other friends, founded Green Monster Games.  The company was located in Massachusetts.

In 2007, the company was renamed to 38 Studios, with 38 being the number Schilling wore during his major league career.  In July 2010, the state of Rhode Island approved a $75 million loan to 38 Studios to lure the gaming company to the state along with several hundred jobs as a mean of developing the economy.  38 Studios relocated to Providence, Rhode Island, in the beginning of 2011.

The company released one game in early 2012, which was moderately successful.  However, by May 2012, the company missed making a $1.1 million loan payment to Rhode Island and was unable to make payroll.  By the end of the month, 38 Studios laid off all of its employees and effectively closed its doors.

The state of Rhode Island, the FBI, and other organizations investigated 38 Studios after the failure to determine where all of the money went.  Rhode Island formally sued 38 Studios and its founders, including Schilling, in late 2012.

It is believed that Schilling personally lost over $50 million with the failure of 38 Studios.

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Mark

Mark has been a contributor to legal web sites related to bankruptcy, tax, and criminal law since 2011. He has an Accounting degree from Texas A&M University.